LIC Jeevan Nischay (Plan No. 199) Launched
LIC Jeevan Nischay is a single premium assurance plan with Loyalty Addition. This plan will be offered without any medical examination, only to the existing policyholders of the Corporation whose previous policies have been accepted at standard rates and have at least one policy in force. Further, the policyholders who have only an annuity or pension plan without risk cover shall not be eligible for this plan.
Life Insurance Corporation of India, the gigantic organization in the field of Insurance today launched its new close ended plan named, “LIC Jeevan Nischay”. LIC Jeevan Nischay (Plan No. 199) being a close-ended plan, will be open for sale from 29th October, 2009 till 31st March 2010 and will be offered only to the existing policyholders of LIC only.
BENEFITS:
a) Death Benefits
On death during the first policy year: 5 times single premium excluding extra premium if any.
On death during the policy term after the first policy year: Maturity Sum Assured.
On death during the last policy year: Maturity Sum Assured with Loyalty Addition.
b) Maturity Benefits:
On maturity the Maturity Sum Assured with Loyalty Addition will be payable.
ELIGIBILITY CONDITIONS:
Age Limits: 18yrs to 50yrs of age.
Minimum Single Premium: Rs 10,000/-
Maximum Single Premium: Rs 10,00,000/-
Policy Term: 5, 7 and 10 years
SURRENDER VALUE:
Guaranteed Surrender Value will be available under this plan, after completion of one year of policy.
LOAN:
Loan facility is available under this plan after completion of one policy year.
TAX BENEFIT:
Tax benefit under the Income Tax Act of 1961, the premium paid is eligible for deduction under Section 80C, and the amount received as a death or maturity benefit is considered under Section 10(10D).
For any more details of the plan feel free to post a “Comment below” and I will try to solve your queries as soon as possible.
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HI, I WAS INVESTED RS. 10000/- FOR 5 YEARS, HOW MUCH RETURN I WILL GET AFTER 5 YEARS.
Sir/Mam
Please feel free to contact your LIC Agent or visit your nearest Branch or customer zone for exact Surrender value of your policy. Please do not forget to take your policy no along while going.
Thanks and regards
Punit
HI, I WAS INVESTED RS. 10000 FOR 5 YEARS, HOW MUCH RETURN I WILL GET AFTER 5 YEARS. PLS TELL ME…..
Sir/Mam
Please feel free to contact your LIC Agent or visit your nearest Branch or customer zone for exact Surrender value of your policy. Please do not forget to take your policy no along while going.
Thanks and regards
Punit
i put rs24000 in 2009 for jivan nischay what amount will be received after 10 years
sir/madam my lic jivan nischye policy no -116284853 issued on 28 dec 2009 if i want to surrender after 3 complete years return amount will be
i hv invested an amount of rs 20000/- in 2010 and what is the amount i am going to get at the time of maturity & when can i expect the maturity amount.
I want to invest Rs.75000 in LIC Jeevan Nischay for 5 years. How much return I will get after 5 years.
Rgds
(T.K.Madhumoorti)
Please take a note. This was a short ended plan and has been closed now. It is no more available for purchase.
I want to invest Rs.1,00,000 in Jeevan Nischay policy table 199 for a period of 10 yrs. How musch do I get after 10 yrs.
Thanking you
hiiii
i want to put money on jeevan nischay at rs 25000
Thanks for detailed description on the vital topic. I do believe to avail Tax deduction from total income as allowable in Income Tax Act, investment u/s 80c is a pivot investment avenues &/or contributions.
Nilesh – You will get Rs. 30000/-.
Mr. Punt, As you said LIC Market plus-1 is having 5 year lock in period
which is wronge, it is 3 year. So please do not mis guide people
How much amount tax benefit will get u/s 80C if i invest Rs.30000/- in LIC Jeevan Nischay.
hai i am lic policy holder.if i put 1.00.000. on plan no 199.after 5 years what is end amount.my age is 38.
if any medical or accident benefit id there.
@ash
Its doing pretty well but not to the extent that Market Plus has performed. Market Plus has performed outstandingly. Hopefully what I feel is that the portfolio of companies in Money Plus is not too good. But again its not correct to predict the performance of Money Plus in just two or three years.
Money Plus actually is meant for long term and no doubt it can give better returns on long term.
hi punit,
how is the performance of money plus policy.
Punit, Thanks for your quick reply. I bought this policy on 12/02/2008. I paid 2 annual premiums. There is a Premium Stoppage for this policy as shown if I can pay next premium. Premium Stoppage:
If payment of premiums ceases after at least three years’ premiums have been paid , a free paid-up policy for a reduced Sum Assured will be automatically secured provided the reduced sum assured, exclusive of any attached bonus, is not less than Rs. 250/-. The reduced sum assured will become payable on the event as stipulated in the policy. If I use Premium Stoppage after 3 years while paying first 3 year premium (1,82,750.00 each), what would be the sum assured amount?
@Kotesh it would be difficult to comment on this issue without checking the status of the policy. BTW when was it bought?? I mean which year, for how long and what is the mode of payment.
One thing is sure that you directly cannot convert it into Jeevan Nischay but you can stop this policy and invest the funds that you get into Jeevan Nischay.The best thing would be to visit your nearest L.I.C office and check the surrender value of that policy.
But as per me stopping this policy is not a good idea. Jeevan Anand is one of the finest plan of L.I.C and which no other company can offer and mind me it serves the exact and complete need of insurance.
Punit,
I have a Jeevan Anand Policy for 16 year term with sum assured 25,00,000.00. I do not want to continue this policy and willing to convert this to Jeevan Nischay if poosible. Please let me know what my options are in this cass. Thanks
@ ash the guaranteed maturity value will be something around Rs 1,99,506 for 5 years term, Rs 2,28,560 for 7 yrs and Rs 2,79,402 after 10 yrs. This is the amount without adding any Loyalty addition.
Hey BTW friends the great news is that as per L.I.C’s actuary team is that the Loyalty Addition for this policy is being expected to be around Rs 100 per thousand or more than that. This actually is an excellent return on the policy amount almost more than what we had expected.
Hi Punit! If i plan to invest 1.5 lakh in jeevan nischay policy for a term of 5,7,10 years (my age being 31), could you kindly advise how much “guaranteed” returns can i expect at the maturity? Appreciate if u cud include loyalty amount also (I am not sure how does this get calculated)
Hi Punit
if i invest 15000/-in this plan then how much ammount i will return after maturity of 5,7,10 with loalty addition…pls explane me.
If I have deposited 25000 in a single premium for five yrs how much I should expect to get after the maturity of 5 yrs. How much loyality addition is expected after the maturity of jeevan nischay policy. Now my age is 35 years
@sourabh
As I mentioned above every thing depends on your Age and the amount you are investing. Simultaneously it also depends on the term what you choose. If you choose 7 or 10 years term then you can expect the rate of return of 10% or more.
If you are looking for higher returns in short period then U.L.I.P’s like Market plus or Profit plus are the best available options.
how much loyalty addition on 25000 amount of policy plan 199 . lic by its advertisement said that it gives us 10% gareented return but according to u its not 10% its same as bank interest . i know that it cover risk but not give 10% according to u i have already policies of lic and i want to invest in this policy also so please solve my query whether it is better or not
@Prasanna from which state are you?
To become a LIC agent you can freely go and contact your nearest LIC branch and they will be happy to guide you. If you are from Goa feel free to leave your contact number by using the Contact Us link above in this post.
The agents commission depends on various factors like type of policy, premium mode, term and many more factors. Feel free to contact your nearest LIC branch.
To locate your nearest branch visit http://www.licindia.in/
If any body wants to buy LIC Jeevan nischay and other LIC policy like jeevan Anand, Jeevan Saral, moeny back plan, LIC term Insurance, Ulip. Please mail me at lic.jeevan@yahoo.co.in.
hi i wanted to know how to become a LIC agent ? pls tell me how much commission will an agent get for getting a policy?
@ sreenis
There is no risk associated with this cos this policy has guaranteed addition and is not linked to the market. This is not a ULIP policy but is like other general policy of LIC.
hai,i am sreenis already having 5 policies with lic, i would like to go for this policy “Nichay” and would like to know the risks involved ie..investment pattern of this fund by lic in various segments(portfolios),
@Jis
Certainly it can also be used for Income tax exemption depending upon which Income tax slab you fall in. At the same time the Maturity proceeds are also exempted from tax under the section 10(10D)
One more doubt. Is Jeevan Nishchay Policy can claim exception u/s 80C. Any income rate for its return value ?
Sir
I want to ask a question regarding jeevan nischay policy, I am running three policies, one for 150000 and other for 50000 and 100000 money plus how much I can invest in jeevan nischay policy. If I have deposited 50000 in a single premium for five yrs how much I should expect to get after the maturity of 5 yrs. How much loyality addition is expected after the maturity of jeevan nischay policy.
@cbsingh In what regards do ou say policy is not clear?
Policy is fully clear. Every thing is mentioned before hand. Even maturity sum assured comes printed on the policy document.
policy ke bare kuch bhee clear nahi ho pa raha hai
@ D.Krishna its hardly 2%
@Nisith Yes that is very true you are allowed to only invest 1/10th of your total sum assured under previous policies. If you are interested to investing more then best thing you can do is consult your LIC agent. He will be able to help you in this case.
Dear Punit, I am an existing policy holder for LIC. I have 2 Policies which comes to around 1.5 lacks. And now I am going to invest money on “Jeevan Nischay”, Can’t I invest more than 15k here? Coz I have gone through the policy before and I have come to know that someone can’t invest more than (1 / 10) times of your total policy hold.. Please suggest me.
i want know that, what is the agent comission of Jeevan Nischay for lic agent.
@Hitesh
Its very difficult to predict the loyalty addition. Its actually declared at the end of the term.
But still in the worst possible case or the least amount of Loyalty Addition in this policy should be more than Rs 60/- per thousand Maturity Sum Assure. That the least possible assumption I can quote. Practically it certainly would be very higher than that.
How much will be the approx. loyalty addition for Rs. 1 Lacs investment for 5 yr,7Yr & 10 yr
Sorry friends for being a bit late. Was out of town and posting a comment from the cellphone is pain 😀
@Ligy you can expect more than 6.75lacs, 7.55lacs and more than 9lacs respectively. And mind me this is the minimum or approximate figure that I have quoted which will change as per your age and other factors.
BTW to invest 5 lacs you will need to have 50 lac as previous insurance i.e the total S.A
@D.Ramrao & @shyamsundar you can expect more than 10,300 in 5 years; around 15000+ and 17500+ respectively in 7 and 10 years. But again this is not the exact figure.
I am investing Rs. 10,000/- what will be return for 5, 7 & 10 years
Maturity benefits
DOB is 20/06/1982.Plz give me maturity amount if i am paid 10,000/- single amount invest in this policy for 5,7 & 10 years
Can you please tell me the approx maturity amount returns for a Jeevan Nischay single premium of 5 Lac for 5, 7 & 10 years..Thanks in advance.
@harikrishna patel
BTW r u an LIC agent??
You need to fill the 300 no form. Along with it you will need to submit one photo, age proof and any photo identity xerox as per the KYC norms.
which number form is required to fill?
@manish srivastav
Thanks for the query. Most of the details are as mentioned above. Please feel free to post any specific detail if you are looking for.
detail for this plan
@ gagan agarwal
thanks for the querry.
The Maturity amount for 25,000 would be like
For 5 years Rs 33,000 + Loyalty Addition
for 7 years Rs 38,000 + Loyalty Addition
for 10 years Rs 46,000 + Loyalty Addition approximately.
These are not the exact figures as everything would depend on your age and other factors.
please give me by mail maturity amounts if i am paid 25000/- single amount invest in this policy for 5,7 & 10 years both.
@kartik
Thanks for the querry.
Most of the details are mentioned at http://www.punitshet.com/lic-jeevan-nischay-plan-no-199-launched
For all other structures like investment and returns we will need your age n other details.
Feel free to drop your detailed information and if you are from Goa I promise to meet you personally.
please give me details of this plan
@padma
Yes certainly it is very beneficial to every one. And in situation when Bank interest rates are keeping on decreasing this is a great opportunity for everyone.
And since you an existing policyholder of LIC its your right or previlage to get this one too. You can buy this policy on your name and keep as an asset for your children or for your future needs.
The best thing is that you get 5 times insurance cover for the first year without any medical requirements.
This is entirely an Non-Medical General [NMG] policy
i am g.padmavathi,housewife,40yrs age…..i want to know more details about this policy…i already had policy in lic..is it benificial to me…plss suggest mee….
@Ravi Kumar.v
Thanks for the querry. As being an existing customer of L.I.C you have the right to get the policy in without any problems. Most of the details are mentioned above. The premium is a fixed figure, and depends on how much you would like to invest. But again the maximum amount you can invest in Jeevan Nischay depends on your previous insurance that you have.
@R./N.RAI
Thanks for the querry. It is a single premium plan so premium mode is single premium. You will need to invest the entire amount at a time.
If you invest around 50,000/- you will get around
Rs 66,000 + Loyalty Addition at the end of 5 years for 5 years term policy
Rs 75,000 + LA at the end of 7 years for 7 years term policy
Rs 93,000 + LA at the end of 10th year for 10 years policy.
But again the returns will depend on your exact age.
@R./N.RAI & @Ravi Kumar.v if you are from Goa please feel free to leave you contact nos via mail using http://www.goashost.com/contact-us/ and I will contact you personally in no time.
Kindly let me know the exact mode of taking this policy and if 40,000 is invested how much amount will be paid after maturity.
Regards
I am existing policyholder of lic now i would like to take a policy. please give brief information about newly launched policy jeeva nischya (Plan No. 199).
@harbhajan singh
Jeevan Nischay is a single premium plan. So you need to pay only once ie the whole amount is paid as a single premium. You can say that its a sort of fixed deposit 🙂
Instead of 10,000 for 5 years we will take 50,000 as single premium of 5 years as single premium.
After 5 years you will get Rs 65,104 + Loyalty Addition
dob-24/12/1972, we are interested in this plan annualy payment mode 10000/- for 5 years. so pls send to me complete details accordilgly my specfication on my email adrress thanks 09316822393 . jalandhar city