New Jeevan Dhara 1

New Jeevan Dhara 1 – Pension Plan

LIC New Jeevan Dhara 1 Plan No.148 is suitable for professionals who do not have any pension scheme. Jeevan Dhara 1 allows you to make provision for regular income after your retirement.

Mode of Premiums:
You may pay Premiums yearly, half-yearly, quarterly, monthly, or through Salary deduction. Alternatively, the premium may be paid in one lump sum (single premium).

Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table No.148) qualify for tax relief under Section 88.

Bonuses:
These are with-profit plans and participate in the profits of the LIC’s annuity/pension business. Policies get a share of the profits in the form of bonuses. Simple Revisionary Bonuses are declared per thousand Sum Assured annually at the end of each financial year.  Once declared, they form part of the guaranteed benefits of the plan. Final (Additional) Bonuses may also be payable provided the policy has run for a certain minimum period.

Death Benefit:
On the death of the Life Assured during the term of the policy, the basic premiums paid, excluding any rider premiums or extra premiums, up to the date of death accumulated with interest at such rates as decided by the LIC will be payable to the nominee.

Maturity Benefit:
At maturity, the policyholder can encash up to a maximum of 25% of the maturity proceeds as a tax-free lump sum. The balance should be compulsorily converted to an annuity at the rates applicable at the time of maturity of the policy. The policyholder has the choice of opting for any one of 5 annuity options. The annuity options available are

  • (i) annuity payable for the remainder of life
  • (ii) annuity payable for life with a guaranteed period of 5, 10, 15 or 20 years
  • (iii) Joint life and last survivor annuity to the annuitant and his/ her spouse under which annuity payable to the spouse on the death of the purchaser will be 50% of that payable to the annuitant
  • (iv) Life annuity with a return of purchase price on death of the annuitant
  • (v) Life annuity increasing at a simple rate of 3% per year

Eligibility Conditions and Restrictions for LIC Jeevan Dhara 1

  • Minimum age at entry : 18 years.
  • Maximum age at entry: 65 years
  • Minimum vesting age : 50 years
  • Maximum vesting age : 79 years
  • Minimum deferment period : 2 years
  • Maximum deferment period : 35 years
  • Minimum Notional cash option for regular premium policies:Rs.50,000/-
  • Minimum premium : Rs.2,500/- p.a for regular premium Rs.10,000/- for single premium policies

Supplementary/Extra Benefits:
These are the optional benefits that can be added to your basic plan for extra protection/option.  An additional premium is required to be paid for these benefits.

Surrender Value:
Buying a life insurance contract is a long-term commitment.  However, surrender value is available on the plan on earlier termination of the contract.

Guaranteed Surrender Value:
The policy may be surrendered after it has been in force for 2 years or more but before the vesting date.  The guaranteed surrender value is 90% of the basic premiums paid excluding the first year’s premium.  In the case of a single premium policy, the guaranteed surrender value is allowed after 2 years from the date of commencement of the policy.


Update: New Jeevan Dhara 1 Plan No. 148 Has Been Discontinued.


Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.

17 thoughts on “New Jeevan Dhara 1 – Pension Plan”

  1. PRADEEP KUMAR TAILONG

    Sir,
    IHAVE A POLICY NEW JEEVAN DHARA-1/NEW JEEVAN SURAKSHA PLAN 1(WITH PROFIT) BUT NOW WANT TO CLOSE IT AND ONLY ONE PREMIUM IS LEFT UNDER THEE TABLE OF 147-15 THE ANNUTY DT. OF POLICY WAS 28/03/2002 AND LAST PREMIUM DT.28/03/206 NOW WHAT SHOULD I DO CLOSE THE POLICY AND GET AN AMT BACK AND HOW MUCH AMT IWILL GET BEACUSE ANNUAL PREMIUM IS RS.10456/-

    WITH REGARD

  2. HALADY NAGESH KAMATH

    I have jeevan dhara-1 policy No; 722847996, single premium Rs.10,000=00,commenced on 21/3/2005.Now I am nearing 64
    years. May I know from when & how moch annuity I get?

  3. If a policy holder is bachelor and he wants to nominate his well wisher/friend as a nominee to get the benefit after his death, can he nominate his friend? or a blood relation only can be a nominee?
    Pl. clarify.

  4. Iam 36 year old dental proffesional private practice, i want monthly 30000 pension i kindly request suitable pension plan

  5. Dear Sir,
    Please let me know i want to know which plan provide me to get a pension for Rs. 10,000/- per month as a pension. And please tell me what is the premium to be paid (monthly-Yearly) give details seperately and also how long i have to pay the premium.
    Thanks,
    Bivash

  6. Please let me know i want to know which plan provide me to get a pension for Rs. 20,000/- per month as a pension. And please tell me what is the premium to be paid (monthly-Yearly) give details seperately and also how long i have to pay the premium.
    Thanks,

    Bivash

  7. I am 28 years old . kindly suggest me a pension plan which will provide me atleast Rs. 20,000/- per month after 10 years. Also mention the annual premium amount.

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