LIC New Jeevan Nidhi Plan 812
Premium & Maturity Calculator
📅 Launch Date: 24 December 2012
📅 Withdrawal Date: 01 December 2013
ℹ️ 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 designed to provide regular pension income after retirement. Targeted at individuals seeking systematic savings with life insurance coverage, it ensured the dual benefit of financial protection and retirement planning. Unlike pure endowment plans, this pension product combined guaranteed additions and bonuses, making it attractive for medium- to long-term savers.
Launch Date and Withdrawal Date
The plan was officially launched on 24th December 2012. LIC withdrew the New Jeevan Nidhi Plan 812 on 1st December 2013, meaning it is no longer available for new purchases, but existing policyholders still enjoy in-force benefits until vesting.
Key Features of the Plan
- Deferred pension (annuity) plan with life cover up to vesting date.
- Conventional with-profit structure featuring guaranteed additions and reversionary bonuses.
- Minimum sum assured: ₹1,50,000 (Single Premium); ₹1,00,000 (Regular Premium).
- Entry age: 20 to 60 years for single premium; up to 58 years for regular premium.
- Vesting age: 55 to 65 years.
- Flexible premium frequencies: Yearly, Half-yearly, Quarterly, Monthly (ECS/SSS).
- Optional riders including accidental death and disability benefit.
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 to 35 years |
Premium Payment Options
The plan offered two payment modes:
- Single premium — One-time payment at the start.
- Regular premium — Yearly, half-yearly, quarterly, or monthly payments throughout the policy term via ECS/SSS or direct debit from salary.
Policyholders enjoyed a grace period for premium payment: one calendar month (yearly/half-yearly/quarterly) or 15 days (monthly).
Calculator for LIC New Jeevan Nidhi Plan 812
A specialized LIC calculator estimates premiums, benefits, and pension projections. It takes into account entry age, sum assured, term, payment frequency, and bonus rates. Such calculators use official LIC guidelines, incorporating guaranteed additions, reversionary bonuses, and final additional bonuses as per plan brochure.
Where to Find the Calculator
LIC calculators are available on trusted websites. For users who want accurate projections, LIC’s own site and reputed platforms such as liccalculators.net provide premium, maturity, and surrender value calculations. These calculators are updated with official rates and features.
Step-by-Step Guide to Using the Calculator
- Choose the Plan: Select ‘LIC New Jeevan Nidhi Plan 812′ in the calculator tool.
- Enter Age & Sum Assured: Specify your age at entry, sum assured, and premium payment frequency.
- Set Policy Term: Choose vesting age and term length.
- Review Guarantee Additions: Calculators automatically add ₹50 per ₹1,000 of sum assured for the first five years.
- Add Bonuses: From the sixth year onwards, simple reversionary bonuses are accrued, as declared by LIC for similar plans.
- View Premium Schedule: Get a breakdown of yearly, half-yearly, quarterly, or monthly premiums.
- Check Maturity: See maturity amount, death cover, and projected pension based on selected options.
- Export Results: Download your benefit chart for recordkeeping.
Benefits and Bonus Structure
Guaranteed Additions
- ₹50 per ₹1,000 sum assured in the first five years.
Reversionary Bonus
- Announced yearly after fifth policy year depending on LIC’s profits and experience.
Final Additional Bonus
- May be added at maturity or on death if declared by LIC.
Maturity and Death Benefits
Maturity Benefit (At Vesting)
On survival to the vesting date, the policyholder receives:
- Sum Assured
- Guaranteed Additions (first 5 years)
- Accrued Reversionary Bonuses (years 6 onwards)
- Final Additional Bonus (if declared)
- The entire amount must be used to purchase an immediate annuity policy or deferred pension option.
Death Benefit
- During first five years: Sum assured plus guaranteed additions.
- After five years: Sum assured, all accrued bonuses and guaranteed additions.
If death occurs before vesting, the nominee receives all eligible proceeds as per policy terms.
How the Pension Works
Upon vesting, the policyholder can choose:
- Immediate annuity under LIC’s Jeevan Akshay or similar plan (best for regular pension).
- Withdraw up to 33% of the corpus as tax-free commuted value; balance used to buy pension with options like life cover, joint-life, etc.
- Multiple annuity/pension options available for flexibility upon maturity.
Surrender Value and Policy Termination
Policyholders can surrender the plan after 3 completed years but before annuity start date. Surrender value depends on accrued guaranteed additions and declared bonuses. Loans were not allowed under this plan.
Important Exclusions and Riders
- Exclusion: Suicide within one year from the start date results in limited payout.
- Riders offered: Accidental death and disability rider for added protection at an extra premium cost.
- No loan facility available.
- Cooling-off period of 15 days from receipt for free cancellation.
Frequently Asked Questions
What is LIC New Jeevan Nidhi Plan 812?
It was a pension plan by LIC to help you save regularly and get a pension after retirement along with life insurance coverage.
When was the plan launched and withdrawn?
It was launched on 24th December 2012 and withdrawn for new sales on 1st December 2013.
Who can buy this plan?
Persons aged between 20 and 58 years can buy it, with a vesting age between 55 and 65 years.
Can I pay premiums monthly?
Yes, premiums could be paid yearly, half-yearly, quarterly, or monthly through ECS or direct debit.
What happens at maturity or vesting?
At vesting, you get the sum assured, guaranteed additions, accrued bonuses, and a final bonus if declared, which is used to buy an annuity/pension.
Is there any life cover under this plan?
Yes, the plan provides life cover till the vesting date. On death, nominee gets all benefits accrued till then.
Conclusion
LIC New Jeevan Nidhi Plan 812 offered a robust pension solution for Indian savers, integrating guaranteed returns, yearly bonuses, and life coverage into a single, simple package. With a straightforward calculator, users could predict their maturity, premiums, and pension benefits using official LIC formulas.
While no longer available for fresh purchase, the plan remains a landmark product for those who chose systematic retirement planning in its era. Users can still rely on accurate calculators to track benefits and make informed retirement decisions.