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  • LIC Jeevan Nidhi Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    LIC's New Jeevan Nidhi Plan is a traditional with-profits pension plan which encompasses savings and protection features.The LIC's New Jeevan Nidhi offers death cover even during the deferment period.


    Eligibility Conditions for LIC's New Jeevan Nidhi Plan

    Minimum entry age 20 years (last birthday)
    Maximum entry age 60 years (last birthday) (single premium) 58 years( regular premium)
    Minimum vesting age 55 years
    Maximum vesting age 65 years

    Key Features of LIC's New Jeevan Nidhi Plan

    The salient features of the New Jeevan Nidhi plan are listed in the table below:

    Plan type Pension plan
    Type of premium Single premium (buying premium with a lump sum amount) Regular premium (premium payment at yearly, quarterly, half-yearly and monthly (ECS) or via SSS mode
    Deferment Period
    • Single Premium: 5 to 35 years
    • Regular Premium: 7 to 35 years
    Premium payment frequency Single, Half-Yearly, Quarterly and Yearly
    Sum Assured

    Minimum: Rs.1 lakh (regular premium)

    Maximum: No limit

    Grace Period

    30 days (Yearly, Half-yearly and Quarterly modes)

    15 days (Monthly mode)

    Service Tax 3.09%
    Freelook Period 15 days. A policy cannot be cancelled after 15 days till for three years
    Loan facility No loan facilities are available under this pension plan
    Surrender Value Guaranteed surrender value is available under this plan
    Renewal A policy will lapse upon non-payment of the premium. A policy can be renewed before two years from the due date of premium which has not been paid

    Benefits/Advantages of LIC's New Jeevan Nidhi plan

    The benefits of this LIC Pension plan are listed below:

    • Tax Benefits: 1/3rd of the maturity proceeds and the premiums paid are tax- exempt.
    • Profits: This plan will reap in profits from the sixth policy year for a simple reversionary bonus (at prevailing rates as decided by the Life Insurance Corporation).
    • Annuity: The amount on vesting can be commuted as permissible under the section 4 of Insurance Act, 1938. The amount post commutation can be used to buy annuity at the prevailing rates
    • Death Benefit: The death benefit during the first five policy years and in the subsequent years are listed in the table below:
    Death - Five policy years Death - After five policy years
    The nominee is paid basic sum assured in addition to guaranteed additions which is either paid as a lump sum amount or in an annuity or partly in annuity or lump sum, subject to payment of all premiums The nominee is paid basic sum assured in addition to guaranteed additions, Final Additional Bonus, simple reversionary bonus is paid either in a lump sum or in an annuity or partly in an annuity and a lump sum, subject to payment of all premiums

    The death benefit paid will not be less than 105% of premiums paid (not including rider premium, taxes and extra premium).

    • Benefit of Vesting: The life assured is paid an amount equivalent to the basic sum assured, vested simple reversionary bonuses, guaranteed additions and Final Additional bonus
    • Guaranteed Additions: Guaranteed additions are provided at the rate of Rs.50 per 1000 sum assured every year for the first five years of the policy
    • Rebates: The rebates offered under regular premium plans are listed below:
    Sum Assured Rebate
    Rs.1 lakh to Rs.2,95,000 No rebate
    Rs.3 lakh and above 2% of sum assured

    The rebates offered under single premium plans are listed below:

    Sum Assured Rebate
    Rs.1 lakh to Rs.2,95,000 No rebate
    Rs.3 lakh and above 5% of sum assured

    How the Plan Works*

    If a 35-year-old individual buys LIC New Jeevan Nidhi policy for a policy term of 25 years for a sum assured of Rs.1 lakh at single premium. He will have to pay a premium of Rs.4121 every year. His maturity proceeds will be Rs.2.06 lakhs and a guaranteed vesting benefit of around Rs.1.25 lakh. He would get sum assured with guaranteed additions, Final Additional bonus and vested simple reversionary bonuses on vesting. He can use the amount to purchase an annuity (from Life Insurance Company), and deferred single premium pension plan. If the benefit is not sufficient to buy an annuity the benefit will be paid as a lump sum. Upon his death under the first five years of the policy, his nominee will receive basic sum assured and guaranteed addition (lump sum or an annuity). In case he dies after five years of taking this policy, his nominee will receive basic sum assured, Simple Reversionary bonus, Guaranteed Addition and Final Additional Bonus (lump sum or in an annuity).

    *The above example is for illustrative purpose only. Customers should contact LIC representatives for details and accurate calculations

    Premium Payment

    The table below shows the premium payment for single premiums under this plan

    Single premiums      
    Entry Age Deferment Period    
           
      10 20 30
    25      
    35   612 456
    45 852    

    The table below shows the premium payment for annual premiums under this plan

    Annual premiums      
    Entry Age Deferment Period    
           
      10 20 30
    25 - - 32.7
    35 - 53.6 -
    45 115.2 - -

    Riders

    Disability benefit rider and accidental death riders are available under this LIC plan upon payment of additional premium. The accident benefit sum assured is paid as a lump sum in addition to the death benefit in case of accidental death. In case of disability due to an accident, an amount equivalent to the sum assured (accident benefit) is paid in EMIs over a period of 10 years while premiums due in the future for both accident benefit sum assured and basic sum assured are waived. The minimum and maximum accident benefit sum assured which can be availed are Rs.1 lakh and Rs.50 lakh respectively. The accident benefit sum assured is available till the vesting age.

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    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    LIC Jeevan Nidhi Plan Reviews

  • Page 1 of 12 1 2 3 4 5
    • LIC Life Insurance
      "Good pension plan"
      0.5 4.0/5 "Great!"
      6 months before, i have purchased the pension plan. I pay the premium of Rs. 6000 per annum. Depends on the age eligibility criteria they have given the plan. I pay the premium through the agent for the first time and after that i pay through the online portal. I chosen LIC because of my mother has taken LIC policy. They have given good returns.
      Was this review helpful? 0
      , vellore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "Okay to have a policy with LIC"
      0.5 4.0/5 "Great!"
      For my family, i have taken the life insurance policy with LIC. Because of the available agents, i never interacted with customer care. The agent is providing very good information about the policy details. I have choosen the coverage value of Rs. 2 lakhs. 2 months back i have got this policy which is pension plan with a tenure period of 25 years. I have to pay the premium for 15 years. I have chosen the annual payment mode with the premium of Rs. 11000.
      Was this review helpful? 0
      , vellore
      Reviewed on Nov 16, 2018
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I am having a life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where it gives the maturity period for 20 years and also for self. It is a good policy to use the name of the policy is PENSION plan it is a good plan to use. I am satisfied with this policy.
      Was this review helpful? 0
      , dindigul
      Reviewed on Oct 18, 2018
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken pension policy from the life insurance corporation of India . Am satisfied with the premium amount which am making the payment . This policy cover good benefits after the policy gets over . Its has good returns after the policy period . Their customer representative explained the policy very well. It has tenure period of 16 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 22, 2018
    • LIC Life Insurance
      "Above average service"
      0.5 3.5/5 "Pretty good"
      I've a life insurance policy with the LIC. I pay a premium of 18000 per year. I make payments through the LIC website. The tenure of the policy is 30 years. My children will be also eligible for pension benefits. The sum assured is 1 Crore.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 02, 2018
    • LIC Life Insurance
      "Good pension plan"
      0.5 5.0/5 "Blown Away!"
      My family members were recommended me about the LIC pension policy. Death coverage and risk coverage is there. I have been using this policy for 4 years. Total tenure of the policy is 16 years. I make the payment through online in their web portals.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2018
    • LIC Life Insurance
      "Pension plan with LIC"
      0.5 4.0/5 "Great!"
      From LIFE INSURANCE CORPORATION OF INDIA i have taken a life insurance policy. Its a pension plan and the yearly premium is 25000 for the maturity period of 25 years. After the maturity i will start getting the pension as monthly installment.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 14, 2018
    • LIC Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I am holding my pension plan with the LIC, it is almost going to complete 20 years and for 20 years 3 years to go. Once i get my money only i come to know completely about the LIC. As of now the customer service is good. My policy is long term policy, I am happy to have my plan with LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 13, 2018
    • LIC Life Insurance
      "Good experience"
      0.5 4.0/5 "Great!"
      I have taken a life insurance policy with LIC. It is a pension plan. I need to pay a premium till the age of 55 years. After which I would start to get the pension. The premium is on a monthly basis. It get deducted on a ECS basis. The services are also good.
      Was this review helpful? 0
      , bilaspur
      Reviewed on Mar 23, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a pension scheme policy which includes 10 policies. I am using the LIC service for last 5 years. The policy was recommended by my friend. The LIC office is near to my policy so I don't face any difficulties. I am paying quarterly 10,350 rupees directly to the office.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 06, 2018
    • LIC Life Insurance
      "Average service"
      0.5 2.0/5 "Expected more"
      I have taken a Life Insurance with LIC.I pay a premium amount of Rs 5000 every quarterly.I get a policy coverage of ten lakhs.The plan name is pension scheme policy.The online site is helpful to make payment and its easy to understand.I closed the policy because i didn't pay my premium they have to refund the the amount however same was not done till date. Its still an ongoing issue........
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 12, 2018
    • LIC Life Insurance
      "Pension benifits with LIC"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from LIFE INSURANCE CORPORATION OF INDIA. Its a life time policy . This is a pension plan,were i get pension from the policy.the premium amount which i am paying yearly is 35000. After the maturity period i get some bonus with the total amount. I make my payment mostly through cheque.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 10, 2018
    • LIC Life Insurance
      "Good Savings"
      0.5 5.0/5 "Blown Away!"
      Before nine months I have taken LIC policy, I make the premium around Rs. 1.20 lakh on yearly. It has the tenure of 16 years, once my policy gets matured they give the sum assured around Rs. 47 lakhs and they provides pension on life time. If some thing happened to me, my dependants will get life cover with pension.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 21, 2017
    • LIC Life Insurance
      "Good Pension scheme"
      0.5 5.0/5 "Blown Away!"
      I have taken pension scheme policy with LIC, I should pay for 20 years then lump sum amount divided into another 20 + years. I have received the LIC bond on time, I paid the premium around Rs. 95,000 on yearly basis. It gives life cover and tax benefits too.
      Was this review helpful? 0
      , vadodara
      Reviewed on Dec 21, 2017
    • LIC Life Insurance
      "Average policy to use"
      0.5 4.0/5 "Great!"
      I have got the LIC life insurance policy around 7years ago. The customer support is good with the LIC. This pension plan has the tenure of 15years. I pay the premium of Rs,3557 every 3 months once. The plan benefits and the policy coverage is good with LIC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 06, 2017
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Apart from being a customer of LIC, I have taken it up as a part time job as well. I would say that this company provides what ever is promised, unlike the private companies who provides an insured amount as per the current market rate. The policy I have would serve my purpose as it gets matured nearing the time of my retirement. It is like a pension plan.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • LIC Life Insurance
      "Trustworthy"
      0.5 5.0/5 "Blown Away!"
      LIC has a lot of policies which is very much beneficial. I have taken a pension plan, since I have taken it at the age of 40, I would have to pay a premium for the next 15 years. It is a economical one and the benefits are decent too. The maturity is worthed.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 26, 2017
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I am using LIC for two years, every time I receive notification of premium I used to make the payment by visiting their office immediately and they provides the receipt copy. I am paying premium of Rs. 2700 on quarterly payment it has the tenure of 15 years. They offered me all the coverage including the plan benefits of Rs. 6 lakhs, After 20 years I will be getting pension amount Rs. 3000 to 4000 based on the range.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 05, 2017
    • LIC Life Insurance
      "Good Pension Scheme"
      0.5 5.0/5 "Blown Away!"
      I have taken the pension plan with LIC, now my age is 27 so I used to make the premium Rs. 1200 on monthly basis its for 25 years. Its gets complete in the age of 52, After 62 years I would be getting the monthly pension of Rs.15,000. If suppose something happen to me, my nominee get Rs.24 lakhs.
      Was this review helpful? 1
      , chennai
      Reviewed on Apr 03, 2017
    • LIC Life Insurance
      "Most trusted insurance company in India"
      0.5 4.5/5 "Excellent!"
      I have got my two life insurance policies with the LIC of India. One policy is pension based and the other is term insurance. The premium is around 60000 Rupees per annum for both the policies. Total tenure is around twenty years of time for pension plan. Customer service is really good like I used to dealt with an agent and he is really professional, also he took the responsiblity of my policy. There is a concern gap in the market among their competitors and they need to come up with it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 05, 2017
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