Life Insurance Corporation of India (LIC) is launching two new products "NEW JEEVAN NIDHI", a deferred pension plan and "FLEXI PLUS" a Unit linked assurance plan. The New Jeevan Nidhi product is a conventional with profit pension plan, which provides for death cover during deferment period and offers annuity on survival to the date of vesting.
Salient features of the Plan are-
• Guaranteed addition @ Rs. 50/- per thousand Sum Assured for first 5 years.
• Participation in profits in the form of Bonus, sixth year onwards.
• Age eligibility 20 to 60 years
• Policy term 5 to 35 years
• Accident Benefit Rider available
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 at he prevailing immediate annuity rates.
Death after first five policy years:
Provided 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 annuity or partly in lump sum and balance in the form of an annuity to the nominee at the then prevailing immediate annuity rates.
Benefits on Vesting:
Provided the policy be in full force, on vesting, an amount equal to the Basic Sum assured along with the accrued Guaranteed Additions, vested Simple Reversionary Bonuses and Final Additional Bonus, if any shall be made available to the Life Assured. The proceeds available on vesting shall be payable as per one of the following options. Option available to Life Assured for utilization of the benefit amount
To purchase an immediate annuity:
To purchase a new Single Premium deferred pension product from LIC, There is a dearth of good deferred pension products in the market and hence the product was developed specially keeping in mind the needs of the people. It is ideal for people who are earning well today and can keep aside funds for securing the future. This will ensure regular income in the form of annuity or at any time in future as opted by the policyholder.
The Flexi Plus plan is a Unit linked Insurance product. This plan not only provides a lump sum benefit on death but also the maturity benefit irrespective of survival of the policyholder. The policyholder can choose the amount of premium he/she desires to pay, depending on which equivalent level of cover will be provided. The plan aims at steady income carrying lower to medium risk.
As the name suggests there is flexibility to choose policy term, mode of payment and fund type. One has facility to make partial withdrawals and switch fund type. The policyholder will have the option to choose from Debt Fund or Mixed Fund. Debt Fund is a low risk option with no investments in equity shares but only in Govt./govt. guaranteed securities/ Corporate debts and short term investment such as money market instruments.
Mixed Fund has 15% to 25% investments in listed equity shares and investment of not less than 45% in Govt. /Govt. guaranteed securities/ corporate debts and short-term investment such as money market instruments. All in all a good investment for protection, security and growth!
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