LIC New Jeevan Nidhi Pension Plan 818. This 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.
Benefit on Vesting: On vesting a sum equivalent to the basic Sum Assured together with accumulated assured additions, vested simple revisionary 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.
2. To buy a new one time premium deferred retirement plan LIC New Jeevan Nidhi 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: LIC New Jeevan Nidhi policy offers for assured additions @ Rs.50/- per thousand Sum assured for each and every completed year, for the 1st five years.
Income Tax Benefit : Premium paid are Tax Exempted u/s 80 C
- LIC New Jeevan Nidhi is conventional deferred pension plan by LIC
- Makes it possible for moderate typical savings to create a considerable corpus on maturity.
- Life Coverage to the extent of Sum Assured + accumulated Guaranteed Additions + Bonus + Final Additional Bonus (as applicable)
- On Maturity of the term, Sum Assured + accumulated Guaranteed Additions + Bonus + Final Additional Bonus (as applicable) will be available for buying annuity.
- Options available on maturity: Purchase immediate annuity OR Purchase deferred annuity
- LIC’s Accidental Death and Disability Benefit Rider is available as an optional rider
LIC New Jeevan Nidhi – Eligibility Conditions
|Policy Term||5 Yrs||35 Yrs|
|Sum Assured||Rs. 1 Lakh||No Limit|
|Premium Mode||Yly, Hly, Qly,
Mly, SSS, Sng
LIC New Jeevan Nidhi – 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|
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 New Jeevan Nidhi Plan presently under different pension choices available.
Maximize Retirement Contributions & Tax Deductions.
|Pension Amount Available With Commutation|
|Pension Options Available||LIC New Jeevan Nidhi – Pension Mode|
|Pension Amount Available Without Commutation|
|Pension Options Available||Pension Mode|
Following is the list of options available to choose from at the end of premium paying term. The annuitant can choose any of the options as per his requirement.
Related: LIC jeevan akshay details
This kind of pension plan has two primary stages, the savings stage in which you invest money into the account, and the income phase where the plan is converted into an annuity and pension payments are received.
A deferred annuity through Life Insurance Corporation of India can be a wonderful way to go on your retirement saving.
Get Monthly Pension Income with No Market Risk
Whether you choose to retire very early or work for a longer period, the earlier you start pension planning, the much more likely you will be in financial terms ready for retirement. You should seek advice from your financial advisers or authorized LIC agent if any question about whether the plan is suitable for them.
Receive income even after you stop working
With a life long pension payment, you’ll get a guaranteed and secured flow of income for as long as you live.
How to get pension of Rs. 60,000 per month and Rs. 1.2 Cr for your family by investing Rs. 6,000 per month?
You can compare different plans and get best pension plan online.
1. Check Premiums : Use our pension calculator to see real-time premiums of multiple plans available.
2. Compare Benefits : Compare the benefits, features and premiums of different policies.
3. Select Plan : Only after you are satisfied with all the plan information, you can proceed to buy / book online.
- Premium including Service Tax @ 3.09% on 1st year and @ 1.545% for following years.
- The above mentioned LIC New Jeevan Nidhi illustration is depending on specific presumptions which are likely to change based on Government/Corporation’s policies.
- The figures shown are in Indian Rupees.