LIC New Jeevan Nidhi

New Jeevan Nidhi

LIC New Jeevan Nidhi is a deferred pension plan. Plan no 812 is a conventional plan with a deferred annuity. The plan is open for the age between 20 years to 60 years old individual.

New Jeevan Nidhi Features at glance:

  • Insurance Cover upto Date of Vesting
  • Option To purchase an Immediate Annuity OR
  • Single-Premium Deferred Pension Plan
  • Guaranteed Additions for the first 5 years

With Profit:
New Jeevan Nidhi (Table no.812) is a with-profit pension plan, after the 6th policy year Vested Bonus and Final Additional Bonus benefits will be given (if any).

Flexible-Premium:
You may opt for a single premium option or go for regular premium i.e Yearly, Half-yearly, Quarterly, or Monthly (through ECS/SSS).

Accident Benefit Rider
Regular premium policyholders can avail of the Accident Benefit Rider.

Eligibility conditions and restriction for New Jeevan Nidhi:

DescriptionMinimumMaximum
Entry Age 20  60
Vesting Age 35  55
Policy Term 5 35
Sum Assured Rs.1,50,000 (Single premium)
Rs.1,00,000 (Regular Premium)
 No limit

Death Benefit:

Death within the first 5 years: Nominee will receive Basic Sum Assured + Accrued Guaranteed Additions.
Death on or after 6th year: Nominee will receive Basic Sum Assured + Accrued Guaranteed Additions + Vested Bonuses & Final Additional Bonus (if any).

The death benefit will be given to the nominee as lump sum OR In the form of Annuity OR Partly in a lump sum and balance in the form of Annuity at the then prevailing Immediate annuity rates.

Benefit on Vesting:

  1. Basic Sum Assured
  2. Accrued Guaranteed Additions
  3. Vested Simple Reversionary Bonuses & Final Additional Bonus (if any)

Guaranteed Additions:
Payable for the first five years @ Rs.50/- per thousand Basic Sum Assured for each completed year.

Participation in profits:
Simple Reversionary Bonus will be added from the 6th policy year onward till the end of the deferment period. Bonus will be announced by LIC every year.

Final Additional Bonus will be given either on vesting or on earlier death at the rates announced by LIC.

Accident Benefit Rider:

Death due to Accident: Accident Benefit Sum Assured will be payable as lumpsum along with the death benefit under the Basic plan.
Disability due to Accident: All Future Premiums are waived and An amount equal to the Accident Benefit Sum Assured will be paid in monthly installments spread over 10 years.

Eligibility Condition for Accident Benefit Rider:

  • Age at Entry: 20-60 years
  • Sum Assured: 25,000 to max 50 lakh overall limit incl. all policies.

Backdating: allowed within the same financial year

Revival: In case, you missed a few year’s premium, you will still have the option to revive the policy within 5 years from the date of the First Unpaid premium and before the date of vesting by payment of Arrears of premium plus Interest and subject to continued insurability.

Surrender: Don’t want to continue the policy? No problem. You can surrender the policy at any time on payment of at least 3 years’ premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable would be the higher of Guaranteed Surrender Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.

Benefit Illustration:

DescriptionSingle Premium  Regular Premium  
Age 35 35
Policy Term 25 Years 25 Years
Premium (excl. Service charge Rs.78,667 Rs.4,121
Premium Mode Single Yearly
Sum Assured Rs.1,50,000/- Rs.1,00,000/-
Vesting Age 60 Years 60 Years
Guaranteed Vested Benefit Rs.1,87,500/- Rs.1,25,000/-
Assuming Investment Return @8% Rs.3,50,250/- Rs.2,33,500/-

Refer to Old Jeevan Nidhi if you are looking for an old plan.


Update: LIC New Jeevan Nidhi Plan No.812 Has Been Discontinued.


5 thoughts on “New Jeevan Nidhi”

  1. Dear Sir,
    My age is 41 years ,I want per month,Rs.15000.00 pension, Please suggest me How much premium I’ve to pay & what is the sum assured.

  2. If I takes a policy of 500,000/-

    (a) How much pension I would get monthly basis.
    (b) How Much premium I have to pay yearly for that.
    (c) In between if some accident/death occur what type of benefit company will provided to them.

  3. Don’t want to continue the policy? No problem. You can surrender the policy at any time on payment of at least 3 years’ premiums and after completion of at least 3 policy years but before the date on which annuity vests. The Surrender Value payable would be the higher of Guaranteed Surrendered Value and Special Surrender Value. The Surrender proceeds shall be utilized to purchase an immediate annuity product or a new Single Premium deferred pension product from LIC.

    Pl clarify the last sentence in the above paragraph.
    What if insurer does not want to purchase annuity product or pension plan ?

  4. A person aged 49 years takes this New Jeevan Nidhi for sum assured Rs.50,000=00 for 11 years, and opts for yearly payment,
    1) how much amount will be yrly premium
    2) How much amount total he would get at the vesting age of 60 years,
    3) what would be the additions he would get for the sum assured of Rs. 50K.
    Thanks if my questions are answered.

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