LIC New Jeevan Nidhi Plan (Pension plan)

LIC's New Jeevan Nidhi Plan is a Pension Plan.So,I am try To provide some details about this plan.

Death Benefit:
1) If Death occurs with in first 5 years of starting LIC JEEVAN NIDHI, Sum assured along with guaranteed accrued bonus will be paid
2) If Death occurs after 5 years, Sum assured, Guaranteed bonus and vested reversionary bonus*1 and final additional bonus*2.

Maturity Benefit:
1) Pension: Option to purchase pension on maturity
2) Reinvest: Maturity proceed can be reinvested into single premium deferred pension plan.
Back  dating – Allowed within same Financial year.
Revival – A policy may be revived within a period of 5 years from the date of First Unpaid premium and before the date of vesting by payment of Arrears of premium plus Interest and subject to continued insurability.

Surrender-The policy can be surrendered at any time on payment of     at least 3 years’ premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable shall be the higher of Guaranteed Surrendered Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.

LIC’s New Pension Plan LIC JEEVAN NIDHI

*1: Reversionary Bonus shall be added from the 6th policy year onwards till the end of the deferment period and at such rates as may be declared by the Corporation.
*2:Final Additional Bonus shall be payable either on vesting or on earlier death at the rates declared by the Corporation.