LIC New Jeevan Nidhi is one of the Pension Plans provided by Life Insurance Corporation of India. Claim settlement ratio for this insurance company is 98.00%. This policy cannot be bought online. To buy this plan, life insured has to be at least 20 years old as on his last birthday. Maximum entry age for this plan is: 60 years. Vesting age or maturity age for this plan is 55 years. Information on LIC New Jeevan Nidhi policy term and returns can be found on details.
Insurance premium is an amount that is paid to the insurance provider at regular or limited intervals or at once. Regular payment means that one pays premium (money you pay in exchange of life cover) throughout the policy term. Limited pay means that one pays premium only for a limited number for years say 3 to 5 years whereas single pay means that you pay premium at once. After maturity of some of the insurance plans, these premiums are returned to you along with additional bonus as policy gains. LIC New Jeevan Nidhi Premium and gains are ways of investment for the life insured person. Payment options for LIC New Jeevan Nidhi premium include: Regular Pay.
LIC New Jeevan Nidhi gains are the benefits that are available under the insurance policy. You cannot avail loan under this plan. If one is unable to pay premiums, some companies allow surrender of policy. The amount of money that you get back after you surrender your policy is known as surrender value. LIC New Jeevan Nidhi does not assure guaranteed surrender value. Compare LIC New Jeevan Nidhi and MET Pension (Par) to know the difference between gains of these plans. Tax benefit is not applicable for this plan. When a policy has tax benefit, it means that the premiums you pay for that policy are eligible for deduction in tax returns and so is a part of the money you get at the end of policy term. Maturity benefit is provided by Life Insurance Corporation of India. This plan assures death benefit.
Provisions of LIC New Jeevan Nidhi include riders i.e. special clauses to consider the cases where the policy holder will not be able to pay premium. For example in case the life insured suffers disability due to some accident or in case of demise of the policy holder due to some accident. Special circumstances like the are covered in riders. In such conditions, these riders provide an option for you to surrender the policy and get back the money that you have paid in terms of premiums. Accidental Death is not applicable for this plan. Critical Illness cannot be availed under this policy. This insurance plan does not assure Term Rider. Permanent Disability is not applicable for this plan. Riders can sometimes be bought by paying additional premium.
LIC New Jeevan Nidhi Terms and Conditions include grace period, free look period, etc. Grace period is the period where in the policy can be reinstated by paying the unpaid premiums. Grace Period available for this plan is of 30 Days. Free look period is the period where in you can return the policy if you are not satisfied with the terms and conditions of LIC New Jeevan Nidhi. Free look period available for this plan is of 15 Days.
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