Life Insurance Corporation (LIC) of India, the country's largest life insurance company, offers four types of pension plans. These are: Pradhan Mantri Vaya Vandana Yojana, LIC New Jeevan Nidhi, LIC Jeevan Akshay- VI and LIC Jeevan Shanti Policy, according to LIC's website - www.licindia.in. The Life Insurance Corporation (LIC)'s New Jeevan Nidhi offers a combination of benefits such as protection and savings. (Also Read: LIC New Jeevan Anand Insurance Policy: Premium, Sum Assured And Other Key Details | LIC Pension Plans: Jeevan Shanti, Jeevan Akshay-VI, Vaya Vandana Yojana Compared Here)
Here is all you need to know about the LIC New Jeevan Nidhi Plan:
LIC's New Jeevan Nidhi Plan (pension plan) can be purchased by any individual between the age group of 20-60 years for a minimum basic sum assured of Rs 1 lakh under the regular premium policy option and Rs 1.5 lakh under the single premium policy option.
(Also Read: LIC Jeevan Shanti Policy: Premium, Pension And Other Details Here)
Individuals purchasing the LIC New Jeevan Nidhi plan get to choose from a range of deferment period options, from five years to 35 years, under the single premium option. Under the regular plan option, the subscriber can pick a deferment period ranging from seven years to 35 years.
(Also Read: LIC Jeevan Pragati Policy: Sum Assured, Premium, Other Details Here)
The minimum age of starting the pension is 55 years and a maximum age of 65 years is permitted, according to LIC.
Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly over the term of policy. Alternatively, a single premium can also be paid, LIC said on its website. (Also Read: LIC Jeevan Labh Policy: Premium, Benefits, Sum Assured And Other Details Here)
Here are some of the sample premium rates for purchasing LIC New Jeevan Nidhi pension plan (exclusive of service tax) per Rs 1,000 per sum assured:
| Annual Premiums | |||
|---|---|---|---|
| Age at entry | Deferment period | ||
| 10 | 20 | 30 | |
| 25 | - | - | 32.75 |
| 35 | - | 53.60 | 34.80 |
| 45 | 115.25 | 57.15 | - |
| licindia.in | |||
| Single Premiums | |||
|---|---|---|---|
| Age at entry | Deferment period | ||
| 10 | 20 | 30 | |
| 25 | - | - | 435.80 |
| 35 | - | 612.00 | 456.15 |
| 45 | 852.55 | 632.80 | - |
| licindia.in | |||
If premiums are not paid within the grace period, the policy will lapse. A lapsed policy can be revived within a period of two consecutive years from the date of first unpaid premium and before the date of vesting by paying all the arrears of premium together with interest, according to the LIC website.
(Also Read: All You Need To Know About LIC Pradhan Mantri Vaya Vandana Yojana)
The LIC New Jeevan Nidhi offers a cover against death during the deferment period and also an annuity on survival. (Also Read: How LIC Aam Aadmi Bima Scheme (AABY) Works: Five Things To Know)
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
