LIC’s JEEVAN NIDHI PLAN (PLAN No. 169) - Clarification
This is further to our circular Ref: Actl /PD /1979 /4 dated 27th October, 2004 vide which LIC’s Jeevan Nidhi Plan was introduced.
In this connection we give the following clarifications :
Benefit on death to nominee before annuity vests: The death benefit shall be payable in a lump sum or in the form of an annuity to the nominee.
Critical Illness Rider Option: If Critical Illness Rider is opted for, then an annexure giving definitions of Critical illnesses covered, exclusions, conditions and restrictions applicable therein is to be attached along with the policy document.
Further the minimum age at entry under critical illness rider allowable shall be 18 years completed. For ages 18 & 19 the premium rates of 20 years shall be applicable for both critical illness rider and PWB.
Special Surrender value: The factors as given in Table 1A of the Special Surrender Value booklet will be used for calculating the surrender value under both Regular and Single premium policies. The deferment period under a Jeevan Nidhi policy should be taken as the endowment term while applying Table 1A.
Annuity Options: If the annuity is purchased from LIC, then a rebate of 3% will be available on the purchase price of annuity.
Jeevan Nidhi is a pension plan and therefore all the income and outgo shall be accounted for to the Pension Fund / Jeevan Suraksha Fund.
JEEVAN NIDHI PLAN (PLAN No. 169) - Clarification
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