Life Insurance Corporation (LIC) of India is the country's largest life insurance company which offers four types of pension plans. Pradhan Mantri Vaya Vandana Yojana, LIC New Jeevan Nidhi, LIC Jeevan Akshay- VI and LIC Jeevan Shanti Policy, as per LIC's website- www.licindia.in
LIC's New Jeevan Nidhi offers a combination of benefits like protection and savings.
Important information of 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.
Individuals purchasing the LIC New Jeevan Nidhi plan will choose from a range of deferment period options, from five years to 35 years, under the single premium option. In the regular plan option, the subscriber can pick a deferment period ranging from seven years to 35 years.
The minimum age of starting the pension is 55 years and a maximum age of 65 years is allowed.
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.
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 |
|||
However, according to the LIC website, the policy will lapse if premiums are not paid within the grace period. 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, The LIC New Jeevan Nidhi offers a cover against death during the deferment period and also an annuity on survival.
