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New Jeevan Nidhi

Lic new pension plan Jeevan Nidhi

Factors that could affect your retirement

It is similar to the old pension plan “Jeevan Nidhi” with small modifications & comes with one time and also regular premium choices.

lic jeevan nidhi pension policyThis is made to protect the risk of living a long time and therefore provides a number of pension options to cover the risk. Pension Plans available from insurance companies assist people to prepare properly for their retirement life. But deciding upon the proper pension plan policy hasn’t ever been simple. The primary purpose of any retirement plan is to get good monthly pension after retirement. However some people today have no idea how much of earnings they are going to receive from the retirement plans when time comes for retirement & additionally number of pension plans available in market do not give a specific idea on what amount the buyer can get at the end. Getting a very good retirement plan will assist to make sure the freedom from post retirement monetary issues. If you have to think of a safe and secure future you will need to start to take action now. Appropriate pension plans offer monetary protection to the policy owners while in their retirement living days & assists them to keep their preferred lifestyle without having any problems. It is necessary to decide on a pension plan very carefully, bearing in mind of particular requirements, needs and limits; to ensure that it could take care of all the old age needs completely.

New Jeevan Nidhi Plan 812 Policy Benefits:

Benefit on Vesting: On vesting a sum equivalent to the basic Sum Assured together with accumulated assured additions, vested simple reversionary  bonuses and Final Additional bonus, if there are any, will be provided to the policyholder. The choices will be there for the Life Assured for usage of the benefit amount of money are mentioned below.

1. To buy an immediate annuity plan like jeevan akshay: The policyholder shall have an option to commute the total amount offered on vesting to the extent permitted under Income Tax Act. The whole amount offered on vesting or the balance amount after withdrawing the permitted amount, will likely be used to buy immediate annuity for the then existing annuity rates. Commutation shall just be permitted provided the balance amount is adequate to buy a lowest amount of annuity according to the provisions of Insurance Act, 1938. In the event the overall benefit amount is inadequate to buy the minimum amount of annuity, then your said amount will be given as a lump sum to the policy holder.
OR
2. To buy a new one time premium deferred retirement plan from Life Insurance Corporation of India. Under this solution the whole income offered on vesting shall be used to buy a single premium deferred pension product provided the insurance holder meets the eligibility requirements for buying single premium deferred pension plan. The policyholder will need to intimate his / her plan to choose a specific choice available on the date of vesting a minimum of six months before the date of vesting.

Guaranteed Bonus: The policy offers for assured additions @ Rs.50/- per thousand Sum assured for each and every completed year, for the 1st five years.

Jeevan nidhi pension plan benefit illustration:

Age : 33 Years
Sum : Rs. 10,00,000
Premium payment mode : Yearly
Premium Paying Term : 22 Years
Double Accident Benefit  Premium : Rs. 1000
Total yearly premium : Rs. 45942
Assumed Bonus Rate : Rs. 38 per thousand sum assured.

Benefits During The Deferment Period
Year Age Risk Cover Premium Per year Cash Value
Normal Accident
2013 33 1050000 2050000 47362 0
2014 34 1100000 2100000 46652 0
2015 35 1150000 2150000 46652 64575
2016 36 1200000 2200000 46652 92629
2017 37 1250000 2250000 46652 134538
2018 38 1288000 2288000 46652 146886
2019 39 1326000 2326000 46652 183309
2020 40 1364000 2364000 46652 224477
2021 41 1402000 2402000 46652 270814
2022 42 1440000 2440000 46652 323089
2023 43 1478000 2478000 46652 381734
2024 44 1516000 2516000 46652 447659
2025 45 1554000 2554000 46652 521354
2026 46 1592000 2592000 46652 594587
2027 47 1650000 2650000 46652 676907
2028 48 1693000 2693000 46652 769845
2029 49 1736000 2736000 46652 875530
2030 50 1779000 2779000 46652 996053
2031 51 1832000 2832000 46652 1142869
2032 52 1890000 2890000 46652 1308228
2033 53 1958000 2958000 46652 1494522
2034 54 2046000 3046000 46652 1704529
2035 55 0 0 0 0

In the year 2035, the deferment time period will finish and also the policy is going to be due for annuity (pension) payment. In this year, the Notional Cash Option (NCO) benefit on what the pension will likely be determined is projected to be  Rs. 2046000 (depending on presumed Bonus and Final Bonus Rate). The policyholder have an alternative to withdraw 1/3rd of this sum in lum psum which is free from taxes and make the remainder out there for buying annuity from LIC. At the same time, the whole amount can be used for buying the annuity. The tables below show you the total of pension you may get from LIC’s Jeevan Nidhi Plan presently under different pension choices available.

Pension Amount Available With Commutation
Pension Options Available Pension Mode
Monthly Quarterly Half Yearly Yearly
A 9878 29855 60459 123919
B 9821 29684 60118 123237
C 9707 29343 59300 121601
D 9548 28866 58345 119555
E 9366 28320 57254 117099
F 8127 24569 49752 102095
G 7934 23955 48388 98822
H 9332 28184 57049 116827
I 8843 26717 53980 110552
J 8070 24399 49343 101004

 

Pension Amount Available Without Commutation
Pension Options Available Pension Mode
Monthly Quarterly Half Yearly Yearly
A 14816 44782 90689 185879
B 14731 44526 90177 184856
C 14561 44015 88950 182401
D 14322 43298 87518 179332
E 14049 42480 85881 175649
F 12191 36854 74628 153143
G 11901 35933 72582 148233
H 13998 42275 85574 175240
I 13265 40076 80970 165828
J 12106 36598 74014 151506
Pension options available under this plan are as under.

jeevan_akshay_vi_annuity_options

Important Note:

  • Premium including Service Tax @ 3.09% on 1st year and @ 1.545% for following years.
  • The above mentioned illustration is depending on specific presumptions which are likely to change based on Government/Corporation’s policies.
  • The figures shown are in Indian Rupees.