LIC New Jeevan Suraksha – I Plan

Purchasing the right insurance cover is not an one time obligation. You will have to keep assessing and evaluating the risks and opt for policy or cover change whenever necessary. If you measure life insurance in terms of cost, you must also remember that it is the price that covers your life. As more people are becoming aware about the indispensable need to save during their retirement days, retirement solution plans offered by LIC are currently in demand.


LIC New Jeevan Suraksha - I is the apt insurance solution for the young and the middle aged as it offers protection with term rider and also retirement benefits. Also, this plan offers flexibility with regards to pension options and gives the policyholder guaranteed returns at their old age.

Eligibility Criteria for LIC New Jeevan Suraksha - I

The eligibility criteria and other conditions for LIC New Jeevan Suraksha - I is as given below.

Minimum entry age 18 years
Maximum age at entry 70 years
Minimum age at maturity 50 years
Maximum age at maturity 79 years
Minimum Deferment Period 5 years
Maximum Deferment Period 35 years
Minimum Annuity Rs. 250 per month
Minimum Single Premium Under plan without cover Rs. 5000
Vesting Age 50 years to 79 years last birthday

Key Features of LIC New Jeevan Suraksha - I

LIC New Jeevan Suraksha - I is exclusively designed to meet the retirement benefits and protection requirements of all age classes. The flexible retirement pension options and term rider options makes LIC New Jeevan Suraksha - I an ideal solution when it comes to retirement insurance plans. Given below are some of the key advantages of LIC New Jeevan Suraksha - I which makes it one of the most sought after deferred annuity plans in the insurance market.

  • Deferred Annuity Plan

    LIC New Jeevan Suraksha - I is a deferred annuity pension plan meaning that on survival of the policyholder beyond the selected term of the policy, the accumulated sum (bonuses, sum assured and guaranteed additions) will be used to provide back a pension (or annuity) for the policyholder. Also, LIC New Jeevan Suraksha - I offers risk cover during the period of deferment.

  • Premium Payment

    Premium for LIC New Jeevan Suraksha - I can be paid yearly, half - yearly, quarterly or monthly and also through salary deduction. The premium can be paid till earlier death or throughout the policy term. Also, for more flexibility, the policyholder may opt to pay the entire premium in one go as lumpsum.

  • Bonuses

    LIC New Jeevan Suraksha - I is a plan with profit and shares the profits of Corporations’ pension business and annuity plan. LIC New Jeevan Suraksha - I get a fair share of profits as bonuses. At the end of every financial year, per every thousand of sum assured annually, simple reversionary bonuses will be awarded. The bonuses become a guaranteed benefit for the plan as soon as they are declared. Once the policy has run for a given minimum period,

Benefits / Advantages of LIC New Jeevan Suraksha - I

LIC New Jeevan Suraksha - I is an old age pension plan which has been designed keeping in mind the needs of self employed people and employees of private companies who do not get a proper pension allowance after retirement. At the end of the policy period, this policy will pay the policyholder a lump sum and a suitable pension for lifetime if the policyholder opts for it. Here are some of the benefits and advantages of LIC New Jeevan Suraksha - I which makes it one of the best retirement plans in the market.

  • Premium Payment

    The policyholder can choose to pay the premium on a half-yearly, monthly or quarterly basis or a single time payment of lumpsum. Mode rebates varying from 0.5% to 2.6% of total tabular annual premium will be offered on half yearly, quarterly or yearly premiums.

  • Guaranteed Surrender Value

    Surrender of a single premium policy will be allowed after 2 years of commencement. The policyholder will get a guaranteed surrender value of 90% of the single premium. For annual premium plans, the guaranteed surrender value will be equal to 90% of premiums paid not including extra premium, first year premium and all term assurance premiums.

  • Rider Options during Deferment

    During deferment, the policyholder can opt for term rider option. If the policyholder has opted for a term assurance rider, the term assurance sum assured and all premiums compounded at a rate specified by LIC from time to time will be offered to the nominee.

How the LIC New Jeevan Suraksha - I Policy works

LIC New Jeevan Suraksha - I is a deferred annuity plan with bonus. In this scheme, a corpus fund is created to offer pension to the policyholder in his/her old age after the vesting date. the policyholder is a non unit - linked type of pension scheme. In LIC New Jeevan Suraksha - I, the customer must keep paying the premium till vesting date or till the end of policy term. From the vesting date, the policyholder will get a lump sum as well as pension for lifetime as per the riders and plans opted by him. At the start of this deferred annuity plan, the policyholder can choose a National Cash Option. Which along with other accrued bonuses will contribute to the maturity. On vesting, the policyholder will be able to withdraw 25% of the total maturity including bonus and will also get a lump sum amount. The remaining 75% of the amount accrued will be converted to annuity and the policyholder can choose from 5 options.

However, if the policyholder dies before vesting date, all the premiums contributed plus the interest on premium will be paid to the nominee. If the death of the policyholder occurs after vesting date, if any death benefit would be payable or not will be decided based on the pension option.

Premium Payment

Premiums for LIC New Jeevan Suraksha - I are payable on yearly, quarterly, half yearly or monthly basis. Also, the policyholder can opt for payment of premium through salary deduction throughout the policy term or till earlier death. The policyholder may also choose to pay the total premium amount in one go as lump sum (single premium option).Through the payment of nominal additional premium amount, term rider option can be availed. The minimum single premium which can be paid is Rs. 10,000 and minimum amount for annual premium is Rs. 2,500. The premium can be paid online or at any of LIC premium collection centers. 

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

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LIC New Jeevan Suraksha – I Plan Reviews

Page 1 of 12 1 2 3 4 5
  • 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
    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
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    This LIC Policy is a Pension Plan policy yearly premium is Rs. 27000 .This policy tenure is for 30years.This Pension plan premium is pretty high and the benefits are good that is the reason paying the premium and taken the policy as well .I have taken this policy through LIC agent since visited home .
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 01, 2019
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