LIC's New Jeevan Nidhi Plan

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

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LIC's New Jeevan Nidhi Plan Reviews

Page 1 of 12 1 2 3 4 5
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA but after using for few years i have closed the plan because the premium has to be paid monthly once which is not convenient. The policy gives the coverage for self.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 31, 2019
  • LIC
    LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC before 10 days. The policy is for 30 years and scheme of pension plan scheme. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. I use to provide cheque to an agent.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 06, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    The life insurance policy has been taken with LIFE INSURANCE CORPORATION OF INDIA and the policy has the maturity period of long term of 21 years added on that the premium paying for yearly once, i have purchased PENSION PLAN it give self coverage with good sum assured of pension as a regular income.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 30, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am using the LIFE INSURANCE CORPORATION OF INDIA since from last 10 years and the name of the policy i am using is JEEVAN TARANG where the policy has the benefit of getting pension after the maturity and the maturity period of 20 years. The service is good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 22, 2019
  • LIC Life Insurance
    "Useful savings for a person"
    0.5 5.0/5 "Blown Away!"
    LIC is fine. Since its a big life insurance company of India and its undertaken by Government i have chosen the LIC company. This is a pension policy which will be useful for my future benefits. I have purchased this policy for my children and the premium is paying my children. After 60 years only, i get the benefits from this policy. Its a life assured policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have toot LIC pension plan premium annual they are charging Rs 24000 and maturity 25 years. amount will be detected from salary itself, its is monthly mode payment and customer service is good and responsive. i will recommended to my friends.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 08, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy which is Pension policy taken through LIC agent.This policy i have taken before 5 years and i am paying the premium for yearly mode and so far not faced any issues.This policy is still active and the premium is very nominal and got all the details through the agent ,The premium amount is also nominal not so high .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken directly by myself.Since i am working with LIC company i have taken this policy it is a Pension Plan for the tenure of 25 years and i am paying the premium on monthly basis through auto debit from my account .The policy features ,policy coverage ,plan and benefits are very good .This Insurance company is really doing an extraordinary service it is known by all .I have got all the details through the agent .I have got the policy documents on time .
    Was this review helpful? 0
    , chandigarh
    Reviewed on Jun 02, 2019
  • LIC Life Insurance
    "LIC is a super policy"
    0.5 5.0/5 "Blown Away!"
    Took my life insurance policy from LIC. I have selected the pension policy. Since the LIC is comfortable and the plans are transparent hence i have chosen this LIC. I have bought the policy through agent. I am paying the premium amount of Rs. 6000 three months once. I used to pay the premium for 15 years. 1 before i bought the policy.
    Was this review helpful? 0
    , chennai
    Reviewed on May 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA where the policy has the maturity period of long term also the premium paying on time added on that the executive explained the details of the policy on time at the beginning.
    Was this review helpful? 0
    , thane
    Reviewed on May 11, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am using its since from last many years and i get no issues with this insurance. The policy has the maturity period of long term and the premium paying for yearly once with this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on May 10, 2019
  • LIC Life Insurance
    "Good Pension scheme after retirement"
    0.5 4.0/5 "Great!"
    I have insurance with LIC, I pay the premium of Rs.12,000 on quarterly basis, it has the term of 15 years. Till the maturity I need to pay the premium amount then after the term I would be getting the complete maturity benefits on pension basis.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 02, 2019
  • LIC Life Insurance
    "Can do Better"
    0.5 3.5/5 "Pretty good"
    I generally pay the premium around Rs. 54,500 to jeevan umang policy it has term of 20 years. Actually it has life time cover and after 20 years I get the regular money back as a pension. I feel its not very good policy as others. The LIC agents are good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 27, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION plan with the LIFE INSURANCE CORPORATION OF INDIA where the maturity period of this policy is for long term also the premium paying for monthly once through the ECS from the salary. I am using from last 17 years it gives the coverage for disability, life coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • LIC Life Insurance
    "Good Pension Plan"
    0.5 5.0/5 "Blown Away!"
    I started one policy in the year of 2010, on monthly basis I used the pay the amount of Rs. 2500 I need to pay the premium upto 20 years. Then I get the monthly pension amount upto 2080 its really helpful for the all. Its a good plan which I have availed it.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Apr 11, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 3.0/5 "Satisfactory"
    I am very much fine with LIC, I have multiple policies including pension plan with them which was availed in the year of 2011. It has the tenure period of 30 years. Then I will be getting monthly pension and the sum assured value of Rs.3 lakhs . It would be nice if they improve the customer support and plan feature.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Its Average"
    0.5 3.0/5 "Satisfactory"
    LIC has the good Financial security for certain demise, I took pension plan from their end for the duration of 30 years then I will get the sum assured around Rs. 3 lakhs. They are reliable and it was taken for the tax benefits under 80c section but benefits are less.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 3.0/5 "Satisfactory"
    I have taken pension scheme from LIC on 2011, I am paying the premium of Rs. 2500 on annual basis. It has long tenure period, then I get less benefits from their end. This policy is good for the tax saving purpose and also the financial security is there.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Nice Platform for payment"
    0.5 3.0/5 "Satisfactory"
    LIC has nice payment gateway to make the policy premium, they are also sending the alert and other messages on time for my pension plan. Totally I have five policies, I used to pay Rs. 2500 per annum, the benefits are very less after long term investment.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Trust worthy"
    0.5 3.0/5 "Satisfactory"
    Before eight years, I have activated my pension plan with LIC, it has the duration period of 30 years. I would recommend this policy because they are trusted and reputed. I pay Rs. 2500 as a premium on yearly basis, it has the tenure of 30 years, then I would get the monthly pension amount.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
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