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Visit form.jotform.me/form/31262722086450!New Jeevan Nidhi (Table No.812)
LIC’s New Jeevan Nidhi is a deferred pension plan. Plan no 812 is a conventional plan with deferred annuity. The plan is open for the age between 20 years to 60 years old individual. 
Features at glance: Insurance Cover upto Date of Vesting Option To purchase an Immediate Annuity OR Single Premium Deferred Pension Plan Guaranteed Additions for the first 5 years With Profit: New Jeevan nidhi (Table no.812) is a with profit pension plan, after 6th policy year Vested Bonus and Final Additional Bonus benefits will be given (if any). Flexible Premium: You may opt for single premium option or go for regular premium i.e Yearly, Half-yearly, Quarterly or Monthly (through ECS/SSS). Accident Benefit Rider Regular premium policy holders can avail the Accident Benefit Rider. Eligibility conditions and restriction for New Jeevan Nidhi: Eligibility conditions Description Minimum Maximum Entry Age 20 60 Vesting Age 35 55 Policy Term 5 35 Sum Assured Rs.1,50,000 (Single premium) Rs.1,00,000 (Regular Premium) No limit Death Benefit: Death within first 5 years: Nominee will receive Basic Sum Assured + Accrued Guaranteed Additions. Death on or after 6th year: Nominee will receive Basic Sum Assured + Accrued Guaranteed Additions + Vested Bonuses & Final Additional Bonus (if any). The death benefit will be given to the nominee as lump sum OR In the form of Annuity OR Partly in lump sum and balance in the form of Annuity at the then prevailing Immediate annuity rates. Benefit on Vesting: Basic Sum Assured Accrued Guaranteed Additions Vested Simple Reversionary Bonuses & Final Additional Bonus (if any) Guaranteed Additions: Payable for the first five years @ Rs.50/- per thousand Basic Sum Assured for each completed year. Participation in profits: Simple Reversionary Bonus will be added from the 6th policy year onward till the end of the deferment period. Bonus will be announced by LIC every year. Final Additional Bonus will be given either on vesting or on earlier death at the rates announced by LIC. Accident Benefit Rider: Death due to Accident: Accident Benefit Sum Assured will be payable as lump sum along with the death benefit under the Basic plan. Disability due to Accident: All Future Premiums are waived and An amount equal to the Accident Benefit Sum Assured will be paid in monthly installments spread over 10 years. Eligibility Condition for Accident Benefit Rider: Age at Entry: 20-60 years Sum Assured: 25,000 to max 50 lakh overall limit incl. all policies. Back dating: allowed within same financial year Revival: In case, you missed few years premium, you will still have the option to revive the policy within 5 years from the date of First Unpaid premium and before the date of vesting by payment of Arrears of premium plus Interest and subject to continued insurability. Surrender: Don’t want to continue the policy? No problem. You can surrender the policy at any time on payment of at least 3 years’ premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable would be the higher of Guaranteed Surrendered Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.
New Jeevan Nidhi (Table No.812)
LIC’s New Jeevan Nidhi is a deferred pension plan. Plan no 812 is a conventional plan with deferred annuity. The plan is open for the age between 20 years to 60 years old individual.
Features at glance:
Insurance Cover upto Date of Vesting
Option To purchase an Immediate Annuity OR
Single Premium Deferred Pension Plan
Guaranteed Additions for the first 5 years
With Profit:
New Jeevan nidhi (Table no.812) is a with profit pension plan, after 6th policy year Vested Bonus and Final Additional Bonus benefits will be given (if any).
Flexible Premium:
You may opt for single premium option or go for regular premium i.e Yearly, Half-yearly, Quarterly or Monthly (through ECS/SSS).
Accident Benefit Rider
Regular premium policy holders can avail the Accident Benefit Rider.
Eligibility conditions and restriction for New Jeevan Nidhi:
Eligibility conditions Description Minimum Maximum
Entry Age 20 60
Vesting Age 35 55
Policy Term 5 35
Sum Assured Rs.1,50,000 (Single premium)
Rs.1,00,000 (Regular Premium) No limit
Death Benefit:
Death within first 5 years: Nominee will receive Basic Sum Assured + Accrued Guaranteed Additions.
Death on or after 6th year: Nominee will receive Basic Sum Assured + Accrued Guaranteed Additions + Vested Bonuses & Final Additional Bonus (if any).
The death benefit will be given to the nominee as lump sum OR In the form of Annuity OR Partly in lump sum and balance in the form of Annuity at the then prevailing Immediate annuity rates.
Benefit on Vesting:
Basic Sum Assured
Accrued Guaranteed Additions
Vested Simple Reversionary Bonuses & Final Additional Bonus (if any)
Guaranteed Additions:
Payable for the first five years @ Rs.50/- per thousand Basic Sum Assured for each completed year.
Participation in profits:
Simple Reversionary Bonus will be added from the 6th policy year onward till the end of the deferment period. Bonus will be announced by LIC every year.
Final Additional Bonus will be given either on vesting or on earlier death at the rates announced by LIC.
Accident Benefit Rider:
Death due to Accident: Accident Benefit Sum Assured will be payable as lump sum along with the death benefit under the Basic plan.
Disability due to Accident: All Future Premiums are waived and An amount equal to the Accident Benefit Sum Assured will be paid in monthly installments spread over 10 years.
Eligibility Condition for Accident Benefit Rider:
Age at Entry: 20-60 years
Sum Assured: 25,000 to max 50 lakh overall limit incl. all policies.
Back dating: allowed within same financial year
Revival: In case, you missed few years premium, you will still have the option to revive the policy within 5 years from the date of First Unpaid premium and before the date of vesting by payment of Arrears of premium plus Interest and subject to continued insurability.
Surrender: Don’t want to continue the policy? No problem. You can surrender the policy at any time on payment of at least 3 years’ premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable would be the higher of Guaranteed Surrendered Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.
Glossary
Accident: An event or occurrence causing damage/injury to an entity, and is unforeseen and unintended.Age limits: Stipulated minimum and maximum ages below and above which the company will not accept applications or may not renew policies.Agent: An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.Annuity: It is a scheme where certain amount is paid at yearly/half yearly/quarterly/monthly intervals.Annuitant: Annuitant is the person who receives certain amounts at yearly/half yearly/quarterly/monthly intervals.Assignee: Assignee is the person to whom the benefits under a life policy are assigned.Assignor: Assignor is the person who holds the right/title under the policy and who can make a valid assignment.Beneficiary: The person(s) or entity(ies) (e.g. corporation, trust, etc.) named in the policy as the recipient of insurance proceeds upon the death of the insured.Bonus: Bonus is the amount added to the basic sum assured under a with-profit life insurance policy.Claim Amount: It is the amount payable by the insurer under a policy on a claim arisingCoverage: The scope of protection provided under a contract of insurance; any of several risks covered by a policy.Dating Back: Dating Back or Back Dating is an option to the life assured to get the advantage of lower age wherein the policy is commenced from a date earlier than the date of signing of proposal form. However backdating is limited to one year.Deferred Annuity: An annuity plan where the first annuity payment becomes payable after a chosen period that exceeds one year.Deferment date: It is the date on which the deferment period ends.Deferment period: Deferment period is the period from the date of commencement of the policy to the date of commencement of risk on the child's life under a Children's Deferred Endowment Assurance policy.EPDB: Extended Permanent Disability BenefitExclusions: Specific conditions or circumstances for which the policy will not provide benefits.Family insurance: A life insurance policy providing insurance on all or several family members in one contract, generally whole life insurance on the principal breadwinner and small amounts of term insurance on the other spouse and children, including those born after the policyFemale lives: Category I: Women with income earned by
CategoryII: Women with unearned income attracting payment on income tax or women holding sizeable personal properties/investments yielding income attracting assessment for income tax.First Class Life: An Individual is categorised as First Class Life if is eligible to have insurance coverage at normal rates of premium.First Unpaid Premium (FUP): First unpaid premium refers to the first default in paying premium by the policy holder. On payment of the due premium a receipt is issued and this receipt indicates the date of next due. If this due premium is not paid that date becomes the date of FUP.Guaranteed Insurance Sum (GIS): Guaranteed Insurance Sum is equal to purchase price paid for a pension along with final Jeevan Akshay Bonus.Gross Insurance Value Element (GIVE): Gross Insurance value element is the amount payable on death of a policy holder under a Jeevan Dhara Policy.Guaranteed Addition: Guaranteed additions are calculated at a rate per every thousand of sum assured. They are added to the basic sum assured and are payable on admittance of claim. This benefit is allowed only for each year for which premiums are paid.Insurability: All conditions pertaining to individuals that affect their health, susceptibility to injury and life expectancy; an individual's risk profile.Insured: The person whose life is covered by a policy of insurance.Life Assured: Life Assured refers to the person whose life is being insured.Last Birth Day (l.b.d): Age at last BirthdayLien: In some cases extra risk is expected to decrease over a period of time. In such cases proposal is considered and accepted with lien. Lien operates through out the period, on a decreasing basis. In the event of death during the lien period full sum assured is not payable.Eg: If 25% decreasing lien is imposed for 5 years. It is understood that in first year risk cover (sum assured payable) is only upto 75%, second year-80%, third year-85%, fourth year 90%, fifth year 95%, and from sixth year onwards lien is not operative.Loyalty Additions: Under certain life policies loyalty additions are given as an additional benefit to the policy holder. The rate of addition depends on the LIC's performance and is allowed only if the policy is in full force.Moral Hazard: Moral Hazard is said to exist in the case where we notice the absence of a genuine need for a life insurance or when a proposal for insurance is submitted by an individual beyond his means.Near Birth Day (n.b.d): Age on nearest birthdayNominee: Nominee is the person who is nominated to receive the amount under a policy and to give a valid discharge to the insurer on settlement of claim under a life insurance policy.Non-Standard Life: Any individual, who cannot be granted a policy under normal rates of premiums but can be granted with an extra premium over normal rates of premium, is considered as a Non-Standard Life.Paidup Value: Paidup value is the reduced amount of sum assured paid by the insurer in case of discontinuation of the payment of premiums after paying the full premiums for the first three years.PDB: Permanent Disability BenefitPremium: Premium is the amount paid to secure an insurance policy.Proposal Form: It is a form, which is to be completed for securing an insurance policy.Proposer: Proposer is a person who proposes the insurance policy.Premium Waiver Benefit (PWB): Premium waiver benefits are the benefits which can be availed under children's policies, wherein the future premiums payable upto vesting date are waived in the event of death of the proposer.Sum Assured: Sum assured is the amount that an insurer agrees to pay on the occurance of an event.Surrender Value: Surrender value is the amount payable to the policyholder on his surrendering his right under a policy and terminating the contract of insurance.Target Pension: Target pension is the amount of pension which one wishes to receive under a pension policy.Term: Term is the period for which insurance coverage is given.Vesting Date: This is the date from which the life assured ie., child becomes the absolute owner of the policy.Vesting Bonus: It is the bonus, which the insurer declares after evaluating its assets and liabilities, and that is added to the sum assured under a policy.Waiting Period: It is the period starting from date of commencement of a policy to the date of commencement of risk under a Jeevan Kishore Policy. | |
Glossary
Accident: An event or occurrence causing damage/injury to an entity, and is unforeseen and unintended.Age limits: Stipulated minimum and maximum ages below and above which the company will not accept applications or may not renew policies.Agent: An insurance company representative licensed by the state who solicits, negotiates or effects contracts of insurance, and provides service to the policyholder for the insurer.Annuity: It is a scheme where certain amount is paid at yearly/half yearly/quarterly/monthly intervals.Annuitant: Annuitant is the person who receives certain amounts at yearly/half yearly/quarterly/monthly intervals.Assignee: Assignee is the person to whom the benefits under a life policy are assigned.Assignor: Assignor is the person who holds the right/title under the policy and who can make a valid assignment.Beneficiary: The person(s) or entity(ies) (e.g. corporation, trust, etc.) named in the policy as the recipient of insurance proceeds upon the death of the insured.Bonus: Bonus is the amount added to the basic sum assured under a with-profit life insurance policy.Claim Amount: It is the amount payable by the insurer under a policy on a claim arisingCoverage: The scope of protection provided under a contract of insurance; any of several risks covered by a policy.Dating Back: Dating Back or Back Dating is an option to the life assured to get the advantage of lower age wherein the policy is commenced from a date earlier than the date of signing of proposal form. However backdating is limited to one year.Deferred Annuity: An annuity plan where the first annuity payment becomes payable after a chosen period that exceeds one year.Deferment date: It is the date on which the deferment period ends.Deferment period: Deferment period is the period from the date of commencement of the policy to the date of commencement of risk on the child's life under a Children's Deferred Endowment Assurance policy.EPDB: Extended Permanent Disability BenefitExclusions: Specific conditions or circumstances for which the policy will not provide benefits.Family insurance: A life insurance policy providing insurance on all or several family members in one contract, generally whole life insurance on the principal breadwinner and small amounts of term insurance on the other spouse and children, including those born after the policyFemale lives: Category I: Women with income earned by
CategoryII: Women with unearned income attracting payment on income tax or women holding sizeable personal properties/investments yielding income attracting assessment for income tax.First Class Life: An Individual is categorised as First Class Life if is eligible to have insurance coverage at normal rates of premium.First Unpaid Premium (FUP): First unpaid premium refers to the first default in paying premium by the policy holder. On payment of the due premium a receipt is issued and this receipt indicates the date of next due. If this due premium is not paid that date becomes the date of FUP.Guaranteed Insurance Sum (GIS): Guaranteed Insurance Sum is equal to purchase price paid for a pension along with final Jeevan Akshay Bonus.Gross Insurance Value Element (GIVE): Gross Insurance value element is the amount payable on death of a policy holder under a Jeevan Dhara Policy.Guaranteed Addition: Guaranteed additions are calculated at a rate per every thousand of sum assured. They are added to the basic sum assured and are payable on admittance of claim. This benefit is allowed only for each year for which premiums are paid.Insurability: All conditions pertaining to individuals that affect their health, susceptibility to injury and life expectancy; an individual's risk profile.Insured: The person whose life is covered by a policy of insurance.Life Assured: Life Assured refers to the person whose life is being insured.Last Birth Day (l.b.d): Age at last BirthdayLien: In some cases extra risk is expected to decrease over a period of time. In such cases proposal is considered and accepted with lien. Lien operates through out the period, on a decreasing basis. In the event of death during the lien period full sum assured is not payable.Eg: If 25% decreasing lien is imposed for 5 years. It is understood that in first year risk cover (sum assured payable) is only upto 75%, second year-80%, third year-85%, fourth year 90%, fifth year 95%, and from sixth year onwards lien is not operative.Loyalty Additions: Under certain life policies loyalty additions are given as an additional benefit to the policy holder. The rate of addition depends on the LIC's performance and is allowed only if the policy is in full force.Moral Hazard: Moral Hazard is said to exist in the case where we notice the absence of a genuine need for a life insurance or when a proposal for insurance is submitted by an individual beyond his means.Near Birth Day (n.b.d): Age on nearest birthdayNominee: Nominee is the person who is nominated to receive the amount under a policy and to give a valid discharge to the insurer on settlement of claim under a life insurance policy.Non-Standard Life: Any individual, who cannot be granted a policy under normal rates of premiums but can be granted with an extra premium over normal rates of premium, is considered as a Non-Standard Life.Paidup Value: Paidup value is the reduced amount of sum assured paid by the insurer in case of discontinuation of the payment of premiums after paying the full premiums for the first three years.PDB: Permanent Disability BenefitPremium: Premium is the amount paid to secure an insurance policy.Proposal Form: It is a form, which is to be completed for securing an insurance policy.Proposer: Proposer is a person who proposes the insurance policy.Premium Waiver Benefit (PWB): Premium waiver benefits are the benefits which can be availed under children's policies, wherein the future premiums payable upto vesting date are waived in the event of death of the proposer.Sum Assured: Sum assured is the amount that an insurer agrees to pay on the occurance of an event.Surrender Value: Surrender value is the amount payable to the policyholder on his surrendering his right under a policy and terminating the contract of insurance.Target Pension: Target pension is the amount of pension which one wishes to receive under a pension policy.Term: Term is the period for which insurance coverage is given.Vesting Date: This is the date from which the life assured ie., child becomes the absolute owner of the policy.Vesting Bonus: It is the bonus, which the insurer declares after evaluating its assets and liabilities, and that is added to the sum assured under a policy.Waiting Period: It is the period starting from date of commencement of a policy to the date of commencement of risk under a Jeevan Kishore Policy. |
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Life Insurance Claims
What are the situations when claims under life insurance arise? A Life Insurance Policy results into claim in the following situations:
The processing of claims by maturity is normally undertaken by Divisional Office of LIC about two months before the date of maturity. The Corporation sends Maturity Intimation along with the discharge forms to the policyholder informing him about the requirements for the settlement of claim. The steps that a policyholder should follow to expedite the realisation of his claim are as under:
On receipt of the maturity intimation, the policyholder should send the original policy document along with the last receipt of insurance premium paid. The policy document needs to be submitted in original unless it is in custody of LIC as security for loan.
The form of Discharge (Form 3825) should then be properly filled, signed and sent to the Office of LIC from which it was issued. The signature must be on a revenue stamp and must be attested by a witness. In case the policy or any Deed of Assignment or Re-assignment is lost by the policyholder, he has to submit an indemnity bond along with a reliable surety of sound financial standing acceptable to LIC. The indemnity bond has to be in a particular format (Form 3815). In such a case the claim is settled in the absence of the policy document. What is the procedure to be followed in case of claim by death of the policyholder? The following are the main steps for receiving claims:
The first requirement of the Corporation in the case of death claim is that an "intimation of death"’ should be sent to the branch office of the LIC from where the policy was issued. The intimation needs to be sent by the person who is entitled to get the proceeds of the policy. It may be:
The letter of intimation of death should contain the following information:
Soon after the receipt of the intimation of the death, the branch office sends the necessary claim forms along with instructions regarding the procedure to be followed by the claimant.
The proof of death required to be submitted is a certificate by Municipal Death Registry or by a Public Record Office which maintains the records of births and deaths in the locality. Besides this some other statements or certificates are also required to be given in the prescribed Claim forms:
The claimant should submit age proof of the policyholder to LIC in case it has not already been submitted. L.I.C. accepts following documents as valid age proofs: (i) Horoscope of the assured (ii) Certificate relating to the baptism ceremony among Christians (iii) Birth certificate from the Municipal Corporation (iv) High School Certificate (v) Service book. When the policy is validly assigned, or a nominee has been designated in the policy, no further proof of title is necessary. In any other case, the certificate of title is necessary. In such a case the corporation would require legal evidence of title such as Succession Certificate or Letters of Administration or Letters of Probate or a Will. After completing all the above formalities, the insurance company issues a discharge form for completion, which is to be signed by the person entitled to receive policy money. That is, it should be signed by:
In due course, LIC sends the cheque for the amount due to the person entitled to receive the same. Early death claims: If death occurs in less than three years from the date of the policy, following requirements must be complied with :
Non early claims: If death occurs exactly or after 3 years from the date of the policy the following requirements must be complied with: 1) Policy Document 2) Discharge Form 3801 3) Legal Evidence of Title 4) Death Certificate 5) Claim Form No. 3783A 6) Assignment / Re-assignment Deed, if any (if policy not assigned /nominated) 7) Age Proof Document (if age has not been admitted earlier) Double accident benefit: When death take place due to accident (solely, directly independently or other intervening causes the claim must be lodged with LIC to get the Double Accident Benefit within 120 days from the date of death. Claim will be admitted after acceptance and verification of the Death Report (Postmortem Report / Spot Panchanama / Inquest Panchanama / Eyewitness Statement) by LIC & upon clearance by the concerned SDM. | |
Life Insurance Claims
What are the situations when claims under life
insurance arise?
A Life Insurance Policy results into claim in the following situations:
The processing of claims by maturity is normally undertaken by
Divisional Office of LIC about two months before the date of maturity. The Corporation
sends Maturity Intimation along with the discharge forms to the policyholder informing him
about the requirements for the settlement of claim. The steps that a policyholder should
follow to expedite the realisation of his claim are as under:
On receipt of the maturity intimation, the policyholder should send the
original policy document along with the last receipt of insurance premium paid. The policy
document needs to be submitted in original unless it is in custody of LIC as security for
loan.
The form of Discharge (Form 3825) should then be properly filled,
signed and sent to the Office of LIC from which it was issued. The signature must be on a
revenue stamp and must be attested by a witness.
In case the policy or any Deed of Assignment or Re-assignment is lost
by the policyholder, he has to submit an indemnity bond along with a reliable surety of
sound financial standing acceptable to LIC. The indemnity bond has to be in a particular
format (Form 3815). In such a case the claim is settled in the absence of the policy
document.
What is the procedure to be followed in case of
claim by death of the policyholder?
The following are the main steps for receiving claims:
The first requirement of the Corporation in the case of death claim is
that an "intimation of death"’ should be sent to the branch office of the
LIC from where the policy was issued.
The intimation needs to be sent by the person who is entitled to get
the proceeds of the policy. It may be:
The letter of intimation of death should contain the following
information:
Soon after the receipt of the intimation of the death, the branch
office sends the necessary claim forms along with instructions regarding the procedure to
be followed by the claimant.
The proof of death required to be submitted is a certificate by
Municipal Death Registry or by a Public Record Office which maintains the records of
births and deaths in the locality. Besides this some other statements or certificates are
also required to be given in the prescribed Claim forms:
The claimant should submit age proof of the policyholder to LIC in
case it has not already been submitted.
L.I.C. accepts following documents as valid age proofs:
(i) Horoscope of the assured
(ii) Certificate relating to the baptism ceremony among Christians
(iii) Birth certificate from the Municipal Corporation
(iv) High School Certificate
(v) Service book.
When the policy is validly assigned, or a nominee has been
designated in the policy, no further proof of title is necessary. In any other case, the
certificate of title is necessary. In such a case the corporation would require legal
evidence of title such as Succession Certificate or Letters of Administration or Letters
of Probate or a Will.
After completing all the above formalities, the insurance company
issues a discharge form for completion, which is to be signed by the person entitled to
receive policy money. That is, it should be signed by:
In due course, LIC sends the cheque for the amount due to the person
entitled to receive the same.
Early death claims:
If death occurs in less than three years from the date of the policy, following
requirements must be complied with :
Non early claims:
If death occurs exactly or after 3 years from the date of the policy the following
requirements must be complied with: 1) Policy Document 2) Discharge Form 3801 3) Legal Evidence of Title 4) Death Certificate 5) Claim Form No. 3783A 6) Assignment / Re-assignment Deed, if any (if policy not assigned /nominated) 7) Age Proof Document (if age has not been admitted earlier)
Double accident benefit:
When death take place due to accident (solely, directly independently or other
intervening causes the claim must be lodged with LIC to get the Double Accident Benefit
within 120 days from the date of death. Claim will be admitted after acceptance and
verification of the Death Report (Postmortem Report / Spot Panchanama / Inquest Panchanama
/ Eyewitness Statement) by LIC & upon clearance by the concerned SDM. |
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Jeevan Saathi
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