LIC Jeevan Nidhi Plan

New Jeevan Nidhi is a traditional participating deferred annuity plan of LIC Life insurance company that facilitates savings for regular income after retirement. Life cover is also available under the plan.

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  • Invest 20 Lacs Get ₹ 1.6 Lacs pension for Life

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  • Multiple Annuity Options

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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Key Features

  • It is a participating Deferred Annuity or Pension Plan with Regular and Single premium payment option.
  • There are Guaranteed Additions accruing in every policy year for first five years.
  • Simple reversionary bonuses and Final Additional Bonus accrue form the 6th policy year till the end of term.


  • Guaranteed Additions @ 5% of Sum Assured for each completed policy year is added to the corpus in the first five years of the term.
  • On Vesting, basic Sum Assured + Guaranteed Additions + vested simple reversionary bonus + Final Additional Bonus, if any, is payable to the policyholder.
  • The benefit payable on vesting can be utilized in any of the following ways:
  1. To use the entire corpus to buy an immediate annuity form the company
  2. To use the entire proceed to buy a Single Premium Deferred Annuity from the company
  • On death during the first 5 years of the term, basic Sum Assured + accrued Guaranteed Additions are paid in lump sum or annuity or partly in lumps sum and partly in annuity.
  • On death after the first five years, basic Sum Assured + accrued Guaranteed Additions + vested Simple Reversionary Bonuses and Final Additional Bonus, if any is paid either in lump sum or in annuity or partly in lump sum and partly in annuity.
  • The Death Benefit should be a minimum of 105% of all premiums paid till death.
  • Income tax benefit on the premium paid as per Section 80CCC and on the death benefit under Section 10(10D) of the Income Tax Act.

Product Specification:




Entry Age (Last Birthday)

20 years

Regular Pay – 58 years

Single Pay – 60 years

Vesting Age (Last Birthday)

55 years

65 years

Policy term (years)



Premium Payment Term (years) (PPT)

Single Pay or equal to policy term

Premium paying Frequency

Annual, half-yearly, quarterly, monthly

Yearly Premium

Depends on age, SA and PPT

Sum Assured

Regular Pay – 100,000

Single Pay – 150,000

No limit

Premium Payment Frequency

Monthly, quarterly, half-yearly, yearly

Details about Premium

Premium in Rupees for a male for a Sum Assured of 2 lakhs

Age / Term (years)

Single Pay

Regular Pay




























Policy Details

Grace Period: Grace period of 15 days is allowed for monthly mode and 30 days for other modes for the payment of premium.

Policy Termination or Surrender Benefit: the policy can be surrendered anytime for Single Pay plans where the Surrender Value if surrendered in the first 3 years will be 70% of the premium paid and thereafter it will be 90% of the premium paid.

For Regular Pay plans, the policy can be surrendered after 2 or 3 full years’ premiums have been paid. The Surrender Value will be higher of the Guaranteed Surrender Value or Special Surrender Value. The Guaranteed Surrender Value will be expressed as a % of premiums paid + % of vested bonuses and accrued Guaranteed Additions depending on the year of surrender.

Free Look Period: If you would not be pleased with the coverage, and terms and conditions of the policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.


  • Loan is not available under the plan.
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Additional Features or Riders

  • LIC’s Accidental Death and Disability Benefit Rider is available for a more comprehensive coverage.
  • Rebates in premium for high Sum Assured ranges of 3 lakhs and above.


  • For Single Pay plans, only 90% of the premium paid is refundable if suicide is committed within 12 months of policy inception.
  • For regular pay plans, if suicide is committed within 12 months of commencement, 80% of premiums paid are refundable and if committed within 12 months of revival, higher of 80% of premiums paid or the acquired Surrender Value is refundable.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents.

More Useful Resources

LIC Online Services

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LIC Online Registration

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LIC of India Login Process

LIC Senior Citizen Pension Scheme

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Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
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LIC’s New Jeevan Nidhi Plan Reviews & Ratings

0 / 5 (Based on 3 Reviews)
(Showing Newest 3 reviews)
Hariyana, September 16, 2021
Tax savings
The term plan is beneficial to save the tax amount too. I have saved a lot of tax and got a rebate too under my plan. I am happy and it is a part of investment. I took the plan for the financial safety of me and my family. Thanks team for good plans.
Punjab, September 16, 2021
Time and money saving plans
I have saved a lot of money when I bought the term insurane plan online. I visited the policybazaar and check the premium calculator page. From there I searched for various good plans. I saved a lot of money and time too. I would recommend the policy to my friends and also tell them to buy a plan from policybazaar.
Amritsar, September 16, 2021
Customer experience team
Great to know that the customer care team of Policybazaar is superb and friendly. I opted a term plan from policybazaar and found it the best one. I was facing the issue related to name spelling and connected to policybazaar. The team immediately worked into my case and it was resolved. Thank you so much team Policybazaar.
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