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  • LIC New Jeevan Suraksha – I Plan

     4.5 / 5.0   by 224 users
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    Plan Benefits

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    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. 

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

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

    LIC New Jeevan Suraksha – I Plan Reviews

  • Page 1 of 12 1 2 3 4 5
    • 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
    • LIC Life Insurance
      "Trustworthy site"
      0.5 4.5/5 "Excellent!"
      Trust worthy and Government organization. I am holding this LIC Policy for the past 4 years. I normally pay the premium close around 12k per quarter. The major benefits are like life insurance cover where we get pension scheme and I had opted through the agent.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 12, 2017
    • LIC Life Insurance
      "The best"
      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 Dec 08, 2016
    • LIC Life Insurance
      "Very good"
      0.5 5.0/5 "Blown Away!"
      LIC policy is really good. I am holding this LIC policy for more than 3 years. The most important about this policy . They will provide some pension amount after retirement. Another plus is. As I am a frequent traveler, as my life is prone to risk this policy is of great help.
      Was this review helpful? 0
      , mangalore
      Reviewed on Nov 29, 2016
    • LIC Life Insurance
      "It is good and its recommendable"
      0.5 5.0/5 "Blown Away!"
      I am holding a LIC Policy named Jeevan anand I had taken this retirement plan. I am holding this LIC for a period of 25 years. Once I close 48 years I will get a premium 22 lakhs and on a monthly basis I will get around 12500 as a pension amount.
      Was this review helpful? 0
      , new delhi
      Reviewed on Oct 11, 2016
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