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LIC's New Jeevan Nidhi-818

LIC's New Jeevan Nidhi Plan is a conventional with-profits pension plan which provides for death cover during the deferment period and offers annuity on survival to the date of vesting.

Benefits:

(a) Death Benefit:

Death during first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee/legal heir at the then prevailing immediate annuity rates.

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Death after first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition, vested Simple Reversionary Bonuses and Final Additional Bonus, if any, shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee/legal heir at the then prevailing immediate annuity rates.

(b) Participation in profits:

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The policy shall participate in profits from the 6th policy year onwards till the end of the deferment period and at such rates as may be declared by the Corporation provide the policy is kept in force for full Sum Assured.

Final Additional Bonus, if any, may also be declared under the policy depending upon the experience of the Corporation and shall be payable either on vesting or on earlier death provided the policy has run for certain minimum term.

(b) Optional Benefit:

LIC's Accidental Death and Disability Benefit Rider: LICs Accidental Death and Disability Benefit Rider is available as an optional rider by payment of additional premium. In case of accidental death, the Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the basic plan. In case of accidental permanent disability arising due to accident (within 180 days from the date of accident), an amount equal to the Accident Benefit Sum Assured will be paid in equal monthly installments spread over 10 years and future premiums for Accident Benefit Sum Assured as well as premiums for the portion of Basic Sum Assured which is equal to Accident Benefit Sum Assured under the policy, shall be waived.

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