In this plan, a premium needs to be paid till the end of the accumulation period. In the plant at the end of the accumulation period, the maturity comprising of the sum assured, increment bonus and the final additional bonus will be converted into pension. After the end of the accumulation period of the LIC's New Jeevan Nidhi Plan, the vesting period starts in which pension will be paid out in regular intervals till the end of life for the life insured.
After the expiry of the life insured, the sum will be paid to the nominee. Buying Premium with lump sum amount at once. If the Premium is not paid within the time then a delay of 30 days for Yearly, Half-Yearly and Quarterly modes and 15 days for monthly mode is extended to pay the premium amount which is grace period.
At the time of retirement or starts receiving the pension.
Period between the subscription date of an insurance cum pension policy and the time at which the first installment of pension is received is called as deferment period. Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement starts either from 2 years of taking the policy or from achieving 8 years old which is earlier.
If the premium is not paid by you within the grace period then the policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from date of first Unpaid premium. Availability of Accidental Death and Disability Benefit rider.
The policy cannot be backdated within the same financial year. If you are not satisfied with this policy you may return the policy within 15 days from date of receipt of the policy. After 15 days you are not eligible for cancelling the policy upto 3 years.
Risk coverage will be provided till the end of term policy. Available for premiums paid and for Maturity returns. There is a Guaranteed Surrender Value in this plan.
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