LIC introduced its new plan featuring protection and saving combinations for its customers. The customers can choose different pension options at specific intervals of time. This plan is also equipped with death cover benefits.
LIC’s total policies sold are of Rs.21.4 million in the year 2018-19. There are over 290 million LIC policyholders. It is a group of 245 insurance companies and provident societies. The Life Corporation of India was founded in 1956 and its headquarters is situated in Mumbai.
Following we are providing all the necessary information on LIC plan 818 features and benefits.
Table of Contents
Key features
- Guaranteed Addition for the first five years of the policy term
- Single premium and regular premium options to choose from
- Riders options availability
- Simple reversionary bonuses and Final Addition bonus available on 6th year to the end of the policy term
- Loan facility is unavailable under this plan
Benefits
The following are all the main benefits of LIC Jeevan Nidhi Plan 818 which policyholder will get after insured.
- Basic sum assured Guaranteed Additions of Rs.50 per thousand from the starting five years of the policy.
- Participation in profits for a Simple Reversionary Bonus from the 6th year of the policy term. Rates will be determined by the corporation.
- A combination of Simple Reversionary, Guaranteed Additions, Sum assured along with the Final Additional Bonus will be the granted sub payable.
- Tax benefits under Section 80CCC and Section 10(10D) Income Tax Act 1961.
- Grace period facility for 15 days and 30 days of monthly premium payment mode and other modes of premium payment respectively.
- Death benefits:-
- Death in the course of the first 5 years of policy term: Basic sum assured with Guaranteed Addition will be paid in the form of an annuity to the nominee. This could be in the form of a lump sum or annuity or partly in a lump sum in the form of an annuity.
2. Death after the course of the first 5 years of policy term: Basic sum assured along with Guaranteed Addition, Simple reversionary and Final Additional Bonus will be paid to the nominee. It could be paid either in a lump sum or in an annuity or partly in annuity and a lump sum.
- Benefit on vesting shall be payable as the basic sum assured including Guaranteed Addition, Simple Reversionary and Final Additional bonus to the policyholder.
Eligibility
| Sum Assured | Minimum- Regular: Rs.1,00,000 Single: Rs.1,50,000 Maximum- No limit |
| Entry Age | Minimum- 20 years Maximum- 58 years (Regular premium) 60 years (Single premium) |
| Vesting Age | Minimum- 55 years Maximum- 65 years |
| Policy Period | For Single Premium- 5 to 35 years For Regular Premium- 7 to 35 years |
| Annual Premium | Will depend on age, premium payment term and sum assured |
| Premium Payment Term | Single payment or according to the policy term |
Exclusions
- If the policyholder was insured with a single premium payment plan then, in that case, 90% of the premium paid shall be payable if the policyholder commits suicide within 12 months from the time of policy implemented.
- In case of the regular premium payment plan, 80% of the premium paid or the surrender value whichever is higher will be paid to the nominee if the policyholder commits suicide within 12 months from the date of commencement of risks or revival respectively.
Final words
LIC Jeevan Nidhi Plan 818 provides death cover in course of the deferment and gives annuity on survival till the time of vesting. It is a non-linked insurance pension plan. This plan is well designed for individuals who want financial support as a pension after their retirement.
Life Insurance Corporation of India is a well-established company in the sector of insurance and investment. They provide traditionally with profits including kind of policies. Their plans range from low income to high-level individuals.
Their policies come with no risk as LIC focus more on social welfare due to its governmental foundation. We have provided all the essential information on LIC Jeevan Nidhi Plan 818. For more details visit your nearest LIC office branch. All the information provided for this plan has sourced from the Life Corporation of India’s official website.
For more information on Jeevan Shiromani plan 847 visit your nearest Life Corporation of India office branch or you can contact the LIC Customer Care Number by dialing the number..
I’m Shiv Kumar, a graduate with a passion for finance, marketing, and technology. My journey into finance started with a desire to understand money management and investing.
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