LIC insurance Jeevan Nidhi. Table-169

w.e.f. 19-11-2004                                            Table -169

** Limit of 50 lakhs for all L.A. with the LIC of India taken together. This benefit will be available for the full deferment period of the policy or 70 years nbd. Of L.A. whichever is earlier. This plan offers the following optional Riders by payment of additional premium:

1.   Accident Benefit Rider

2.   Term Assurance Rider

3.   Critical Illness Rider

Feature: The maturity proceeds are compulsorily used for purchase of annuity. This also provides death cover during the deferment period and so on survival to the date of vesting.This is an Endowment with profit plan where maturity proceeds will be compulsorily invested in a fund to be used for purchase of annuity (Endowment funding under Deferred Annuity Plan).

Benefits:

1. Benefits on Vesting: The S.A. under Basic Plan along with Accrued Guaranteed Additions + Terminal Bonus. If any that may be declared by corporation depending on its experience will be compulsorily converted to annuity. There is an option to commute upto 1/3^rd of S.A. under the Basic Plan together with Accrued G.A. + Bonuses. If commutation exercised then the annuity us payable for the balance amount.
2. Benefit on death before annuity vests: Provided the policy is in full force on death of the Life Assured during the deferment period of the Policy an amount equal to the S.A. under the Basic Plan along with accrued G.A., vested Simple Reversionary Bonuses and Terminal Bonuses, if any, shall be payable in a lumpsum to the appointed nominee.
3. Annuity Options: On vesting, Life Assured shall have an option to purchase annuity from LIC of India or from any other Life Insurance Company. If the Life Assured desires to purchase the annuity form other company, he/she shall be required to inform the same to LIC of India in writing three months before the date of vesting. If purchased from LIC, then the type of annuity and annuity rate will be that applicable at the time of vesting.
4. IT Rebate: 100% of premium paid with max. limit of Rs. 10,000 p.a. is allowed u/s 80CCC.

1. • Paid-up Value: On policy being paid-up all the optional/rider benefits will not apply. The Paid-up Value along with accrued G.A. and vested Simple Reversionary Bonuses, if any, will remain attached to the reduced paid – up policy.
   • The Gtd. Surrender Value: Before the Annuity vests the policy can be surrendered for cash after the policy is kept in force by payment of premiums for at least three years. The Gtd. Surrender Value available under this plan for all modes will be equal to 30% (in case of Single premium it will be 90%) of the total premiums paid excluding first year and all extra premiums and premiums paid for optional / rider benefits. The cash value of any existing accrued Gtd. Additions and vested simple reversionary Bonuses, if any, will be allowed. Surrender Value will not be available on Term Assurance Rider option, Accident Rider option, Accident Benefit and Critical Illness Rider option premiums.
   • Special Surrender Value: The Factors for calculation of Special Surrender Value will be the same as under Endowment Plan Table 14 (for term equivalent to the deferment period).
   • The Cooling –off period: If a Policyholder is not satisfied with the “Term and Conditions” of the policy, he/ she may return the policy within 15 days from the date of receipt of the policy.
   • Premium waiver Benefit Option: This may be opted in case of the following:

1. If Critical Illness Rider has been opted for and
2. The S.A. under the basic plan is equal to the Critical Illness Rider S.A.

In case, the Life Assurance is diagnosed with any of the Critical Illness covered under the policy, the total future premiums (i.e. premium for S.A. under basic plan & premiums for riders opted for) in respect of the policy shall be waived provided the policy is in force.

• Term Assurance Rider S.A.: Provided policy is in force if opted for, an amount equal to Term Assurance Rider S.A. shall be payable on Death during the deferment period.
• Critical Illness Rider (C.I.R.) S.A.: Sub. to the terms & conditions of CIR provided the policy is in force an amount equal to the CIR S.A. shall be payable in case of diagnosis of a defined categories of Critical Illness during the deferment period of the plan sub. to the terms & conditions of CIR provided the policy is in force.

For the purpose of SUC & underwriting (Spl. Reports, Fin. U/R etc.) the S.A. under Basic Plan, Term Assurance Rider S.A. and Critical Illness Rider S.A. taken together shall be considered. Subject to Rs.4 per 1000 S.A. under Basic Plan, the cost of medical exam will be borne by Corporation



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