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LIC New Jeevan Nidhi Policy Review

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Lic New Jeevan Nidhi Plan Review

LIC New Jeevan Nidhi policy Review

LIC New Jeevan Nidhi Plan 818 is  a regular premium pension plan. Premium needs to be paid till the end of the accumulation period. In lic jeevan nidhi at the end of the accumulation period, the maturity comprising of the sum assured, increment bonus and the final additional bonus will be converted into pension. After the expiry of the life insured, a lump sum will be paid to the nominee.

You can calculate the Lic Jeevan Nidhi Plan 818 Maturity amount and Premium that has to be paid to get all the benefits available under new jeevan nidhi plan 818 policy by using Lic jeevan nidhi premium calculator and lic new jeevan nidhi maturity calculator. 

In plan:0818 new jeevan nidhi there are two types of paying premium.

  • Single Premium: Buying Premium with lump sum amount at once.
  • Regular Premium: Paying Premium at different intervals such as Yearly, Half-Yearly, quarterly or monthly (through ECS only) or through SSS mode over the term of policy.

Benefits of LIC New Jeevan Nidhi Policy:

Lic jeevan nidhi details are given below

Benefit of Vesting : On vesting an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, vested Simple Reversion bonuses and Final Additional bonus, if any, shall be made available to the Life Assured.

Death Benefit: If in case policyholder dies before vesting period (before pension starting period) then

  •  Within first 5 year policy: The nominee will be provided the Basic Sum Assured + accrued Guaranteed Additions which can be paid in a lump sum or as annuity or a combination of the two, provided all premiums have been paid.
  • After the first 5 years of the policy: The nominee will be provided the Basic Sum Assured + accrued Guaranteed Additions + Simple Reversionary + Final Additional Bonus, if any, which can be paid in a lump sum or as annuity or a combination of the two, provided all premiums have been paid.

Income Tax Benefit: Premiums paid under life insurance policy and 1/3rd of the maturity proceeds are exempted from tax. Pension amount will be taxable.

Guaranteed Additions: Only for first years at rate of 50 per thousand.

After completion of buying premium, the policyholder can take some amount of annuity and get pension from remaining amount.

Terms and Eligibility conditions of LIC New Jeevan Nidhi Policy 

Entry age
  • Minimum age- 20 years
  • Maximum age-60 years(under single premium)
  • Maximum age-58 years(under regular premium)
Vesting age (Receiving Pension)
  • Minimum age- 55 years
  • Maximum age- 65 years
Minimum Sum Assured
  • Rs.1,00,000(for regular premium)
  • Rs.1,50,000(for single premium)
Maximum Sum assured
  • No limit
Premium Paying Modes
  • Single, Monthly(SSS, ECS), Quarterly, Half-Yearly, Yearly
Deferment Period
  • 5 to 35 years (Under Single Premium)
  • 7 to 35 years (Under Regular Premium)
Service Tax
  • 3.09% service tax is applicable
Grace Period
  • If the Premium is not paid within the time then a delay of 30 days for Yearly, Half-Yearly and Quarterly modes and 15 days for monthly mode is extended to pay the premium amount which is grace period.

LIC New Jeevan Nidhi Policy Rebates

Sum Assured Rebate for Regular premium policies:

Sum Assured Rebate
Rs. 1,00,000/- to Rs. 2,95,000/- NIL
Rs. 3,00,000/- and above 2.00 % Basic Sum Assured

Sum Assured Rebate for Regular premium policies:

Sum Assured Rebate
Rs. 1,00,000/- to Rs. 2,95,000/- NIL
Rs. 3,00,000/- and above 5.00 % Basic Sum Assured

Mode Rebate:

Mode Percentage
Yearly    Table premium 2%
Half yearly Table Premium 1%

LIC New Jeevan Nidhi policy Buying Procedure

Documents Required to buy LIC New Jeevan Nidhi Policy are

  • Application form/Proposal form along with photo
  • Address proof
  • Age proof
  • Medical reports(if required)

Claim Procedure of  LIC New Jeevan Nidhi policy

The documents required for claim procedure under LIC New Jeevan Nidhi Policy are given below

  • NEFT form
  • Discharge form
  • Cancel check or Bank Pass book xerox
  • Policy bond
  • Death certificate

LIC New Jeevan Nidhi policy Premium calculator

The required data for calculating either single or regular premium rates in  LIC New Jeevan Nidhi Policy. In Lic jeevan nidhi calculator you need to enter some details, you need to enter the following details in Lic Jeevan Nidhi Pension Plan Calculator.

  • NAME :
  • E-MAIL ID :
  • MOBILE NUMBER :
  • AGE :
  • TERM :
  • SUM ASSURED :

Additional Information of LIC New Jeevan Nidhi Policy

Vesting Period: At the time of retirement or starts receiving the pension.

Deferment Period: Period between the subscription date of an insurance cum pension policy and the time at which the first installment of pension is received is called as deferment period.

Date of Commencement of Risk: In case of children whose age is less than 8 years risk commencement  starts  either from 2 years of taking the policy or  from achieving 8 years old which is earlier.

Loan facility: Loan facilities are not available under LIC New Jeevan Nidhi policy.

Policy Revival: If the premium is not paid by you within the grace period then the  policy will lapse. If you are interested to continue this policy then you can revive your policy on or before 2 years from date of first Unpaid premium.

House Loan Surety: House loan surety is available under this LIC New Jeevan Nidhi policy.

Suicide clause: If the policy holder commits suicide for any of the reasons within 12 months of date of commencement of risk or from date of revival, then 80% of premium for what he had paid will be returned to his assignees and nominees.

Proposal Forms: Proposal Form no. 300 or 340 will be used under this plan.

Riders: Riders are available under this LIC New Jeevan Nidhi policy. Availability of Accidental Death and Disability Benefit rider

Backdating interest: The policy cannot be backdated within the same financial year.

Locking Period: If you are not satisfied with this policy you may return the policy within 15 days from date of receipt of the policy. After 15 days you are not eligible for cancelling the policy upto 3 years.

Risk coverage: Risk coverage will be provided till the end of term policy.

Income Tax Reduction: Available for premiums paid and for Maturity returns.

Click on the link for more information about Income Tax Reductions

Surrender Value: There is a Guaranteed Surrender Value in this plan

For Single Premium: The policy can be surrendered at any time during the deferment period and the Guaranteed Surrender Value would be:

  • Within 3 policy years would be 70% of the Single Premium Paid excluding taxes and extra premium, if any and
  • After 3 policy years would be 90% of the Single Premium Paid excluding taxes and extra premium, if any

For Regular Premium:

  • For deferment period less than 10 years: The policy can be surrendered provided the premiums have been paid for at least two consecutive years.
  • For deferment period 10 years or more: The policy can be surrendered provided the premiums have been paid for at least three consecutive years.
  • The Guaranteed Surrender Value is a percentage of total premiums paid excluding taxes, extra premiums, if any and rider premium and it depends on the deferment period and the policy year in which the policy is surrendered.

Assignments/Nominations: Assignees and nominees are applicable under this plan.

Cooling-off Period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the policy.

Example of LIC New Jeevan Nidhi policy: 

Let us consider a Jeevan nidhi example to know about the policy clearly.

Case 1: If Vamsi Krishna is going to purchase LIC New Jeevan Nidhi policy at Regular Premiums then the following details are as follows

Age : 20 years

Term : 35 years

Sum Assured : Rs.25,00,000

Now, Vamsi krishna is paying premium with and without tax are given in below table

Premium Without Tax With tax
Yearly 60905 62787
Half-Yearly 30116 31740
Quarterly 15563 16043
Monthly 5188 5348

 Case 2: If Vamsi Krishna had decided to purchase LIC New Jeevan Nidhi policy at Single Premium then the following details are as follows

Age : 20 years

Term : 35 years

Sum Assured : Rs.25,00,000

Now, Vamsi krishna is paying premium with and without tax are given in below table

Premium Without Tax With tax
Single Premium 909250 937346

FAQ’s Of  LIC New Jeevan Nidhi policy

What happens if policyholder stops paying premium?

If the premiums are not paid within the grace period, the policy lapses and all benefits will cease. However, the policy can be revived within 2 years from the date of first unpaid premium.

Is additional accidental riders are available under  LIC New Jeevan Nidhi Policy?

Additional benefit riders can be opted by paying extra nominal amount.

For more details please refer the given below official link,

Click here for Lic New Jeevan Nidhi Plan

Related Lic Pension Plans

LIC Jeevan Akshay 6 Policy

LIC Varishtha Pension Bima Yojana Policy

Comments

  1. my age is 26 years.
    i am interested in this plan. so if i am invests 1000 rs per year then after 25 years what i am getting?

    Reply

  2. Payment of Rs 1,00,000/annum for 15 yrs annuity payable by Lic from 60th year for a prson aged 36 now

    Reply

  6. my age is 53 yrs. i want to pay a premium of 20000 pm till at the age of 60yrs. what will be my monthly pension and all other features / benifits under theNew Jeevan Nidhi policy.

    Reply

  7. MOHD SHAMIM SABRI
    my age is 38 years.
    i am interested in this plan. so if i am invests 1000 rs per year then after 15 years what i am getting?

    Reply

  8. are bhai milega kitna koi ye toh bata do har jagah same si hi detail di hui hai.. only how much premium we have to pay .. single premium . yearly premium – OK WE GET IT .. BUT IN RETURN HOW MUCH WE WILL GET????

    take an example: 3,00,000 sum assured
    policy term 30 years

    how much in return we will get ? monthly? all at once or what????

    bring some transparency LIC for god sake

    Reply

  10. I am interested in this plan. so if i am invests 2000 rs per month then after 30 years, what will be my monthly pension?

    Reply

  12. After accommodation period in jeevan nidhi policy holder can get pension from Lici .my question is that whether his/her nominee will get full sum assured after policy holder’s death..? If yes please inform the circular no.

    Reply

  13. Respected sir/ madam,
    I have New Jeevan Nidhi policies No. 884767820-21-22-23-24 and I have paid 6 quarterly premiums amounting to approx. 9.22 Lakh Rupees in past 1.5 years.
    If I have to surrender, when I should surrender? What would be the surrender value if I surrender now, ie after 1.5 years , compared to surrendering after 2 full years in July 2016?

    Reply

  16. under new jeevan nidhi policy all premiums are paid for 21 years. after 65 years pension is starting the 1st or 2nd years completed, suddenly policy holder dies in 3rd year? pension is stopped by LIC ? what about Benifit for Nominee?

    Reply

  17. shall we claim jeevan nidhi – 818 premium over and above Rs. 150000/- i.e. shall we claim jeevan nidhi premium u/s. 80 ccd.

    Reply

  20. Hi,

    i am 40 years old, if i start 10k per month investment up to 10 years what will be the pension set after 10 years.

    rgds

    Reply

    Reply

  21. my age is 25 years.I interested new jeevan nidhi plan.so if I am invest per year 30000 Rs .then after 20 years what I am getting?

    Reply

  22. my age is 55 years &I wants the term of 7years.I need pension rs 12000/per month .WHAT WILL BE REGULAR PREMIUM

    Reply

  23. I am 64 years old male working in private company and want to purchase Jeevan Nidhi Policy please guide me

    Reply

  24. My age is 36 now I am investing monthly 1000, after 60 age how much coming monthly pension I want some details please.

    Reply

  25. ubject: 80 CCD(1B) BENEFITS FOR SENIOR CITIZEN.
    Dear Sir,

    I retired last year 2015 June from BHEL. I bought LIC varishtha Pension Bima Yojana ( LIC Plan is 828.)on 28/07/2015 for Rs.6,66,665.

    I am not coming under NPS scheme as my age is 60.

    Please clarify whether 80 CCD ( 1B ) deduction of taxable income by Rs.50,000.

    My LIC agent , Auditors are having different opinion. assessment year is 2016-17.

    Nothing explicitly written in Policy document which adding to the trouble.

    Kindly clarify on the same as I have to submit my return after paying last amount shortly.

    Regards,

    J.S.Parthasarathi,
    19 Heritage Venkateshwara Nagar,
    Near arunachalm Nagar,
    Porur, Chennai 600116
    Ph: 9445191261 Airtel

    Reply

  26. I want Rs 10000/ month pension at a age of 60 yrs, my age 38yrs now, what will be the monthly premium for the same?

    Reply

  27. I want jeevan Nidhi plan for me my age 29 years term 26 year s.a 3 lacks after age 55 years mughe per month kitni annuity milegi aur death risk cover kya rahega

    Reply

  28. Sir my age 29 yrs I want to buy this policy term of 26 yrs and s.a is 3 lacks after age of 55 मुझे कितनी pension milegi yly monthly hly ओर death risk cover कब तक और कितने रूपए का रहेगा please tell me

    Reply

  29. I want to invest about 50 lacs one time for life long pension. I am 58 and left with 2 years more for retirement. Can you suggest a plan where I can get about 500000/- per month as pension life long and after death the same pension is transfered to my spouse.

    Reply

    • I want to invest about 50 lacs one time for life long pension. I am 58 and left with 2 years more for retirement. Can you suggest a plan where I can get about 50000/- per month as pension life long and after death the same pension is transfered to my spouse.

      Reply

  30. I AM 24 YRS OF AGE. IF I WOULD LIKE TO INVEST RS.12000/- P A IN JEEVAN NIDHI FOR 31 YEARS, HOW MUCH PENSION WILL I GET MONTHLY

    Reply

  35. we need to pension plan and my age is just 43 year.we need to pension Rs.15000/-after 58 years. Plz suggest me which plan is better for me and how much we paid in a year .

    Reply

  36. When pension get start & after 2 years pensioner had dead then her nominee can received the each amount of pensions ?

    Reply

  37. monthly payment is to be raised at least more than the FD rates available and after the guarateed period the total amount is to be returned to the suvivor or nominee

    Reply

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