LIC Jeevan Nischay Review
Jeevan Nischay (Table No. 199) is a single premium closed ended plan which is newly launched by the Life Insurance Corporation (LIC) of India. The plan is available only to the existing insurance policy holders of LIC. The primary aim of the policy is to tap the maturity benefits provided under an older plan.
Eligibility:
Minimum entry age is 18 years. Maximum entry age is 50. The term of this policy is either 5,7 or 10 years. Although the main eligibility is that of having a pre-existing policy with LIC already.
Key Points to Remember:
LIC Jeevan Nischay allows you to choose the premium amount. It offers you an assured maturity amount based on the premium amount, your age and the term selected. The minimum single premium of this plan is Rs. 10,000 and the maximum single premium is Rs. 10, 00,000. The plan offers incentives if premiums are Rs 25,000 and above.
Just like any other policy, Jeevan Nischay too have the cooling off period of 15 days where you can surrender the policy if you are not satisfied with it after going through all the terms of it. On death in the first year of the policy LIC will pay 5 times the single premium will be paid.
Benefits of the LIC Jeevan Nischay:
- Offers guaranteed maturity benefits.
- Offers death benefit, maturity benefit and loyalty addition benefit.
- Offers loan facility under this plan after the completion of one policy year
- Offers you the flexible to return the policy within 15 days, if you are not satisfied with the terms and conditions of the policy.
- Offers the amount equal to five times the single premium if the policy holder expires during the first policy year.
- Offers you the flexibility to choose the policy term as five, seven or 10 years based on your need.
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