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LIC - New Jeevan Nidhi Pension Plan
Feb 19, 2013 07:02 PM 19390 Views
(Updated Feb 19, 2013 07:28 PM)

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LIC - New Jeevan Nidhi Pension Plan - Protection, Security & Growth.

Pension Plans offered by insurance companies help individuals to plan effectively for their retirement.  But choosing the right pension policy has never been easy. The core function of a pension plan is to get proper pension after retirement. But many people do not know how much returns they will get out of the pension plans when time comes for retirement & further lot of pension products do not give a clear idea on how much the investor will get at the end.

Having a good pension plan will help to ensure the freedom from post retirement financial worries. If one has to dream of a secure future they have to start thinking now. Suitable pension plans provide financial security to the policy holders during their retirement days & helps them maintain their desired lifestyle without any difficulty. It is important to choose a pension plan carefully, keeping in mind of personal requirements, needs and limitations; so that it can cover all the retirement needs perfectly.

Last month LIC launched one more traditional pension product “New Jeevan Nidhi”. It resembles the old pension plan “Jeevan Nidhi” with little changes & comes with single as well as regular premium options. This plan is designed to cover the risk of living too long and hence offers multiple pension alternatives to cover the risk.

Eligibility Criteria

Those between the ages of 20 and no more than 60 years can buy this pension policy. The investor need to at least get a minimum basic sum assured of Rs. 1 lakh & the policy term can be from 5 to 35 years.

New Jeevean Nidhi Pension Policy Benefits.

New Jeevan Nidhi pension policy is good & safe pension plan which is loaded with multiple benefits.

The major difference between LIC's existing conventional pension plans and the New Jeevan Nidhi policy is the guaranteed addition of Rs 50 per thousand sum assured for the first five years. This pension plan gives life cover and in addition to the sum assured there is a Rs. 50 per 1,000 Guaranteed Addition for each completed year in the first five years.  If the person dies within the first five years then he/she will get the sum assured plus the guaranteed additions accrued.

There is flexibility in Premium Payment, both single and regular premium options are available. The payment mode available is yearly, semi-annual, quarterly & monthly.

The Insurance premiums paid up to Rs. 1,00,000 are allowed as a deduction from the taxable income each year under section 80C.

The pension policy covers accident & disability due to accident benefits.

Death Cover during the deferment period, the beneficiary will receive Sum Assured along with Additions and bonuses in lump sum. If policy holders death occurs during the initial 5 years then Basic Sum Assured plus accrued Guaranteed additions is payable.

New Jeevan Nidhi pension Plan does not have any maximum sum assured limit and the minimum sum assured is, for single premium plans, Rs 1’50,000 & Regular Premium Plan is Rs 1,00,000

The policy can be surrendered at any time after completion of at least 3 policy years provided that 3 years premiums have been paid.

The New Jeevan Nidhi, is one of the best pension plan, if a person is working in private service and likely to retire without pension.


The premium charged in this plan is quite high as compared to other plans offered by LIC.

Investor has to compulsorily buy an annuity product from LIC or have to buy another single premium deferred pension product from LIC.

This pension policy is suitable for low risk investors & for those who trust LIC and ready to contribute higher amount without bothering about good returns.

It would be very difficult to achieve one’s retirement goals if the money grows at 4 to 5% rate when inflation is rising around 7 to 8%.

The present high interest rate gives investors a lot of better options where one can invest money for long durations of time and get sure returns.

Useful Tips before taking a policy.

It is always better to decide which plan type suits our needs. Most of the time the insurance agents misguide the investors for vested reasons & even the advertisements will mislead by promising the hidden realities through commercial campaigning. One should carefully read all the policy documents, understand the benefit level, financial stability of plan and the vesting period.

Before investing in New Jeevan Nidhi pension policy it is advisable to check the alternate pension plans from different insurance companies, Aegon Religare Pension Plan, Tata AIG Life Nirvana,  ICICI Pru Forever Life etc & also other pension plans from LIC like LIC Jeevan Suraksha, Jeevan Dhara, Jeevan Akshay etc.

Over all the New Jeevan Nidhi is a good plan for Professionals, Self Employed, Businessmen & Employees in unorganised sector. Good investment for protection, security and growth.

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LIC New Jeevan Nidhi Pension Plan