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LIC New Jeevan Nidhi Pension Plan 818 Premium Calculator

LIC New Jeevan Nidhi Pension Plan 818 Premium Calculator - LIC New Jeevan Nidhi Pension Plan 818 is another regular premium pension or retirement plan. In this plan, a premium needs to be paid till the end of the accumulation period. In the plant at the end of the accumulation period, the maturity comprising of the sum assured, increment bonus and the final additional bonus will be converted into pension.

 

 

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After the end of the accumulation period of the LIC's New Jeevan Nidhi Plan, the vesting period starts in which pension will be paid out in regular intervals till the end of life for the life insured. After the expiry of the life insured, the sum will be paid to the nominee.

In LIC New Jeevan Nidhi Pension Plan 818 there are two types of paying premium.

Single Premium: Buying Premium with lump sum amount at once.
Regular Premium: Paying Premium at different intervals such as Yearly, Half-Yearly, quarterly or monthly (through ECS only) or through SSS mode over the term of policy.

LIC New Jeevan Nidhi Pension Plan 818 - Entry age:

Minimum age: 20 years
Maximum age: 60 years(under single premium)
Maximum age: 58 years(under regular premium)

LIC New Jeevan Nidhi Pension Plan 818 - Vesting age (Receiving Pension)

Minimum age: 55 years
Maximum age: 65 years

LIC New Jeevan Nidhi Pension Plan 818 - Minimum Sum Assured:

Rs.1,00,000 (for regular premium)
Rs.1,50,000 (for single premium)

Maximum Sum assured: No limit

Premium Paying Modes: Single, Monthly(SSS, ECS), Quarterly, Half-Yearly, Yearly

LIC New Jeevan Nidhi Pension Plan 818 - Deferment Period

5 to 35 years (Under Single Premium)
7 to 35 years (Under Regular Premium)

Service Tax: 3.09% service tax is applicable

Grace Period: If the Premium is not paid within the time then a delay of 30 days for Yearly, Half-Yearly and Quarterly modes and 15 days for monthly mode is extended to pay the premium amount which is grace period.

Buying Procedure of LIC New Jeevan Nidhi Pension Plan 818:

  • Application form/Proposal form along with photo
  • Address proof
  • Age proof
  • Medical reports(if required)

Claim Procedure of LIC New Jeevan Nidhi Pension Plan 818:

  • NEFT form
  • Discharge form
  • Cancel check or Bank Pass book xerox
  • Policy bond
  • Death certificate

Additional Information of LIC New Jeevan Nidhi Pension Plan 818:

Vesting Period: At the time of retirement or starts receiving the pension.

Deferment Period: Period between the subscription date of an insurance cum pension policy and the time at which the first installment of pension is received is called as deferment period.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.

Loan facility: Loan facilities are not available under LIC New Jeevan Nidhi policy.

Policy Revival: If the premium is not paid by you within the grace period then the policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from date of first Unpaid premium.

House Loan Surety: House loan surety is available under this LIC New Jeevan Nidhi policy.

LIC New Jeevan Nidhi Pension Plan 818 - Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then 80% of premium for what he had paid will be returned to his assignees and nominees.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.

Riders: Riders are available under this LIC New Jeevan Nidhi policy. Availability of Accidental Death and Disability Benefit rider

Backdating interest: The policy cannot be backdated within the same financial year.

Locking Period: If you are not satisfied with this policy you may return the policy within 15 days from date of receipt of the policy. After 15 days you are not eligible for cancelling the policy upto 3 years.

LIC New Jeevan Nidhi Pension Plan 818 - Risk coverage: Risk coverage will be provided till the end of term policy.

LIC New Jeevan Nidhi Pension Plan 818 - Income Tax Reduction: Available for premiums paid and for Maturity returns.

Surrender Value: There is a Guaranteed Surrender Value in this plan