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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.
Life Cover:
- Death during first five policy years: 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.
- Death after first five policy years:
  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
Benefit on Vesting:
An amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, vested Simple eversionary Bonuses and Final Additional Bonus, if any, shall be made available to the Life Assured.
The following options shall be available to the Life Assured for utilization of the benefit amount on vesting / surrender.
- To purchase an immediate annuity
  The Life Assured shall have a choice to commute the amount available on vesting to the extent allowed under Income Tax Act. The entire amount available on vesting or the balance amount after commutation, as the case may be, shall be utilized to purchase immediate annuity
  
  OR
- To purchase a new Single Premium deferred pension product from LIC
  Under this option the entire proceeds available on vesting may be utilized to purchase a new single premium deferred pension product provided the policyholder satisfies the eligibility criteria for purchasing single premium deferred pension product.