I purchased a Jeevan Nidhi policy from LIC, choosing the deferment age of 50 years for pension. What happens if I die before the age of 50?
In case of Jeevan Nidhi policy of LIC, on the death of the life assured during the deferment period of the policy, that is before the annuity vests (in your case it is the age of 50 years), an amount equal to the sum assured under the basic plan along with the accrued guaranteed additions, simple reversionary bonuses and terminal bonus, if any, will be paid in a lump sum to the appointed nominee. The nominee will also have the option to buy an annuity with the amount payable to him/her.
In case of Jeevan Nidhi policy of LIC, on the death of the life assured during the deferment period of the policy, that is before the annuity vests (in your case it is the age of 50 years), an amount equal to the sum assured under the basic plan along with the accrued guaranteed additions, simple reversionary bonuses and terminal bonus, if any, will be paid in a lump sum to the appointed nominee. The nominee will also have the option to buy an annuity with the amount payable to him/her.
