▦ Launch Date: 24 December 2012
▦ Withdrawal Date: 01 December 2013
ℹ Status: This is a closed plan. Calculator is for existing policyholders only.
Calculation Results
LIC New Jeevan Nidhi Plan 812 was a deferred annuity policy created to help individuals build a retirement corpus and receive regular pension income after retirement. It was aimed at people looking for disciplined savings along with life insurance protection. Unlike a conventional endowment policy, this pension-oriented plan combined guaranteed additions with bonuses, making it suitable for medium- and long-term financial planning.
Launch Date and Withdrawal Date
LIC introduced the plan on 24th December 2012. However, LIC New Jeevan Nidhi Plan 812 was withdrawn from new sales on 1st December 2013. Although it is no longer available for fresh purchases, existing policyholders continue to receive the applicable benefits until the vesting date.
Key Features of the Plan
- Deferred Pension Plan: Provides deferred annuity benefits with life cover available up to the vesting date.
- With-Profit Structure: The conventional plan included guaranteed additions and reversionary bonuses.
- Minimum Sum Assured: ₹1,50,000 for Single Premium and ₹1,00,000 for Regular Premium.
- Entry Age: 20 to 60 years for Single Premium policies and up to 58 years for Regular Premium policies.
- Vesting Age: 55 to 65 years.
- Premium Frequency: Premiums could be paid yearly, half-yearly, quarterly, or monthly through ECS/SSS.
- Optional Riders: Accidental Death and Disability Benefit riders were available for additional protection.
Eligibility Criteria
| Eligibility | Minimum | Maximum |
|---|---|---|
| Age at Entry | 20 years | 58 years (regular), 60 years (single) |
| Vesting Age | 55 years | 65 years |
| Basic Sum Assured | ₹1,00,000 (regular); ₹1,50,000 (single) | No limit |
| Policy Term | 5 years | 35 years |
Premium Payment Options
The plan provided two main premium payment choices:
- Single Premium: A one-time payment made at the beginning of the policy.
- Regular Premium: Premiums could be paid yearly, half-yearly, quarterly, or monthly during the policy term through ECS/SSS or salary-based direct debit.
A grace period was available for premium payments. For yearly, half-yearly, and quarterly premiums, the grace period was one calendar month, while monthly premium payments had a 15-day grace period.
Calculator for LIC New Jeevan Nidhi Plan 812
A dedicated LIC New Jeevan Nidhi Plan 812 Calculator can be used to estimate premiums, policy benefits, and pension projections. The calculation considers factors such as entry age, Sum Assured, policy term, premium frequency, and applicable bonus rates. The calculator structure incorporates guaranteed additions, reversionary bonuses, and Final Additional Bonuses according to the plan details.
Where to Find the Calculator
LIC calculators can be found on trusted online platforms. People looking for premium, maturity, and surrender-value estimates can use LIC's website or reputable platforms such as liccalculators.net. These tools are intended to provide calculations based on applicable rates and plan features.
Step-by-Step Guide to Using the Calculator
- Select the Plan: Choose LIC New Jeevan Nidhi Plan 812 from the calculator.
- Enter Age and Sum Assured: Provide your entry age, desired Sum Assured, and premium payment frequency.
- Select Policy Term: Enter the vesting age and required policy duration.
- Check Guaranteed Additions: The calculator adds ₹50 per ₹1,000 of Sum Assured for the first five years.
- Include Bonuses: From the sixth year onward, Simple Reversionary Bonuses are accumulated according to the declared rates.
- View Premium Schedule: Check the premium amount for yearly, half-yearly, quarterly, or monthly payment options.
- Check Maturity Benefits: View the maturity amount, death cover, and estimated pension according to the selected options.
- Export Results: Download the benefit illustration for future reference.
Benefits and Bonus Structure
Guaranteed Additions
The plan provides ₹50 per ₹1,000 of Sum Assured as Guaranteed Additions during each of the first five years.
Reversionary Bonus
From after the fifth policy year, Simple Reversionary Bonuses are announced annually. The bonus depends on LIC's profits and experience.
Final Additional Bonus
A Final Additional Bonus may also be added at maturity or on death, provided LIC declares it.
Maturity and Death Benefits
Maturity Benefit (At Vesting)
If the policyholder survives until the vesting date, the benefits include:
- Sum Assured.
- Guaranteed Additions earned during the first five years.
- Reversionary Bonuses accumulated from the sixth year onward.
- Final Additional Bonus, if declared.
- The entire accumulated amount is required to be used for purchasing an immediate annuity or selecting the applicable deferred pension option.
Death Benefit
The death benefit depends on when death occurs:
- During the first five years: Sum Assured plus applicable Guaranteed Additions.
- After five years: Sum Assured along with all accumulated bonuses and Guaranteed Additions.
If the policyholder dies before the vesting date, the nominee receives the eligible benefits according to the policy terms.
How the Pension Works
Once the policy reaches the vesting date, the policyholder has several options:
- Purchase an immediate annuity through LIC's Jeevan Akshay or a similar plan for regular pension income.
- Withdraw up to 33% of the accumulated corpus as a tax-free commuted amount, with the remaining amount used to purchase a pension. Available pension choices can include life cover and joint-life options.
- Choose from multiple annuity or pension alternatives to suit retirement requirements.
Surrender Value and Policy Termination
The policyholder could surrender the plan after completing 3 years, provided the surrender occurred before the annuity commencement date. The surrender value depended on accumulated Guaranteed Additions and declared bonuses.
Loans were not available under this plan.
Important Exclusions and Riders
- Suicide Exclusion: Suicide within one year from the policy start date results in a limited payout.
- Riders: An Accidental Death and Disability Rider was available for additional protection at an extra premium.
- No Loan Facility: The plan did not provide a loan facility.
- Cooling-Off Period: A 15-day free-look period was available from receipt of the policy for cancellation.
Frequently Asked Questions
What is LIC New Jeevan Nidhi Plan 812?
LIC New Jeevan Nidhi Plan 812 was a pension-oriented policy that helped individuals build savings and receive pension benefits after retirement, along with life insurance protection.
When was the plan launched and withdrawn?
The plan was launched on 24th December 2012 and withdrawn from new sales on 1st December 2013.
Who can buy this plan?
The plan was available to individuals aged 20 to 58 years, with a vesting age ranging from 55 to 65 years.
Can I pay premiums monthly?
Yes. Premiums could be paid yearly, half-yearly, quarterly, or monthly, including payment through ECS or direct debit.
What happens at maturity or vesting?
At vesting, the policyholder receives the Sum Assured, Guaranteed Additions, accumulated bonuses, and Final Additional Bonus if declared. The accumulated amount is then used to purchase an annuity or pension.
Is there any life cover under this plan?
Yes. The plan provides life insurance protection until the vesting date. In the event of death, the nominee receives the applicable benefits accumulated under the policy up to that point.
Conclusion
LIC New Jeevan Nidhi Plan 812 was designed as a retirement-focused solution for Indian savers, bringing together guaranteed additions, annual bonuses, and life insurance protection in one pension-oriented policy. Its calculator made it easier to estimate premiums, maturity benefits, and potential pension income using the applicable plan calculations.
Although the plan is no longer available for new purchases, it remains an important LIC pension product for policyholders who selected it for systematic retirement planning. Calculators can still be useful for tracking applicable benefits and making informed retirement-planning decisions.
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