LIC Jeevan Nidhi Plan 169
Deferred Annuity Plan Calculator | Official LIC Calculation
Plan Details
Calculation Results
| Particulars | Amount (₹) |
|---|---|
| Sum Assured | - |
| Guaranteed Additions (5 Years @ ₹50/1000 SA) | - |
| Simple Reversionary Bonus (6th Year Onwards) | - |
| Terminal Bonus (if any) | - |
| Commutation (1/3rd of SA + Additions) | - |
| Total Maturity Benefit (at Vesting) | - |
- Plan 169 was withdrawn on 01-01-2012. Calculations shown are for reference only.
- Guaranteed Additions are provided for the first 5 policy years @ ₹50 per ₹1,000 Sum Assured.
- Simple Reversionary Bonuses accrue from the 6th policy year onwards.
- At vesting, the corpus is compulsorily converted into annuity with option to commute 1/3rd amount.
- Bonus rates vary based on plan performance. Shown bonus is estimated at 3.5% average.
- Premium shown excludes any applicable taxes and cess.
Life is uncertain, and planning for a secure and comfortable future is essential. One of the ways to ensure financial stability in later years is by investing in a pension or annuity plan. The LIC Jeevan Nidhi Plan 169 by LIC (Life Insurance Corporation of India) was designed to provide just that—a secure pension after deferment while covering your life during the premium-paying period.
What is the LIC Jeevan Nidhi Plan 169?
The LIC Jeevan Nidhi Plan 169 is an endowment-type deferred annuity plan launched by LIC to help policyholders plan for their retirement income. The plan balances protection during the active earning years with pension benefits after a deferment period. You pay premiums for a selected period, and upon vesting (maturity), you receive pension payments for life based on your accumulated funds.
The plan aims to give peace of mind by offering death benefits if the policyholder dies before the pension begins and guaranteeing lifelong income afterward.
Launch and Withdrawal Dates
- Launch Date: The New Jeevan Nidhi Plan 169 was introduced on November 13, 2004.
- Withdraw Date: LIC withdrew this plan from new sales on January 1, 2012.
Although new policies are not sold now, many existing policyholders continue to benefit from this plan.
Key Features of LIC Jeevan Nidhi Plan 169
Deferred Annuity with Life Cover
The plan is a deferred annuity, meaning the annuity (pension) payments begin only after a deferment period that you choose at policy inception. Meanwhile, your family gets life cover during this period.
Flexible Deferment Period
You can choose deferment periods from as low as 5 years up to 35 years. This allows you to tailor the plan based on your retirement timeline.
Premium Payment Options
The plan offers flexibility in premium payments with modes including:
- Single premium (lump sum)
- Regular premiums paid yearly, half-yearly, quarterly, or monthly
The policy term ranges from 6 to 35 years depending on the mode chosen.
Entry and Vesting Age
- Entry age ranges from 18 years (completed) to 65 years (nearest birthday).
- Vesting (maturity) age ranges between 40 and 75 years.
Sum Assured and Premium Limits
- Minimum sum assured: Rs. 50,000 (in multiples of Rs. 5,000).
- No upper limit on the sum assured.
- Minimum annual premium: Rs. 3,000.
- Minimum single premium: Rs. 10,000.
Bonus and Guaranteed Additions
The plan provides guaranteed additions annually (depending on the policy year) and bonuses declared by LIC, which are added to the basic sum assured. These increase the maturity corpus and hence the pension amount.
Multiple Riders Available
To enhance protection, the plan allows optional riders such as:
- Term Assurance Rider
- Critical Illness Rider
- Premium Waiver Benefit Rider
These riders provide extra coverage for unforeseen circumstances.
Pension (Annuity) Options
At vesting, the accumulated amount (sum assured + guaranteed additions + bonuses) can be invested in various pension plans offered by LIC. Options include life annuity with or without return of purchase price, joint life annuity, and others to suit your needs.
Benefits of LIC Jeevan Nidhi Plan 169
- Protection during Deferment: Life cover during the premium payment period.
- Guaranteed Pension: After vesting, you receive a pension for life.
- Flexible Terms: Choose deferment and premium modes based on affordability.
- Riders for Extra Security: Enhances your policy’s protection.
- Bonuses: Increase the plan’s maturity value.
- Loan Facility: Loan is available against the policy after premiums are paid for a specified period.
- Tax Benefits: Premiums paid under this plan qualify for tax deductions under prevalent tax laws.
How Does the LIC Jeevan Nidhi Plan 169 Work?
Let’s break down the workflow of the plan:
- Policy Purchase: You buy the policy by paying either a lump sum (single premium) or regular premiums.
- Deferment Period: This period lasts 5 to 35 years during which:
- Your family is insured.
- Your premiums accumulate along with bonuses.
- Vesting Age: At the end of this deferment, your accumulated corpus is available.
- Pension Purchase: The maturity amount is used to purchase an annuity (pension). You start receiving monthly, quarterly, or yearly pension payments based on the annuity chosen.
- Lifelong Income: The pension continues lifelong, ensuring financial security in retirement.
The Importance of a LIC Jeevan Nidhi Plan 169 Calculator
Calculating the benefits and maturity amount under the LIC New Jeevan Nidhi Plan 169 manually can be complicated because it depends on various factors—premium amount, chosen deferment period, bonuses, riders, and annuity option selected at vesting.
A dedicated calculator for the LIC New Jeevan Nidhi Plan 169 simplifies this. It allows you to input your plan details (age, premium, term, etc.) and instantly see:
- Expected maturity corpus
- Annual bonuses and guaranteed additions
- Pension amounts based on your selected annuity option
- Surrender value, loan amount, and paid-up values
- Death benefits during deferment
This helps you make informed decisions and plan your retirement finances better.
How to Use the LIC Jeevan Nidhi Plan 169 Calculator?
To use the calculator, you generally need to provide:
- Your age at entry
- Premium payment amount and mode (single or regular)
- Policy term or deferment period
- Sum assured chosen
- Option for riders if any
- Expected vesting age
The calculator then estimates the maturity amount accumulated from premiums, guaranteed additions, and bonuses. It further projects the pension amount you will receive according to different annuity plans. It also shows surrender value or loan eligibility if needed.
Example Calculation Scenario
Suppose you are 30 years old and want to buy the New Jeevan Nidhi Plan with a premium of Rs. 20,000 per year for 20 years. Using the calculator, you will:
- See the projected corpus at vesting, including bonuses.
- Evaluate how much pension you will get if you opt for a life annuity.
- Check insurance coverage during the premium-paying phase.
- Decide whether to add riders for additional protection.
Advantages of Using the Calculator
- Clarity: Understand your policy’s potential returns and benefits upfront.
- Planning: Adjust parameters to fit your retirement goals.
- Transparency: Know your surrender and loan benefits if needed.
- Comparison: Compare pension payouts from different annuity options.
- Peace of Mind: Make confident decisions about your retirement planning.
Frequently Asked Questions
What is the LIC Jeevan Nidhi Plan 169?
It is a deferred annuity plan by LIC that provides life cover during the premium payment period and pension benefits after the deferment period.
When was the LIC Jeevan Nidhi Plan 169 launched?
It was launched on November 13, 2004.
Is the LIC Jeevan Nidhi Plan 169 still available for purchase?
No, LIC withdrew the plan from new sales on January 1, 2012.
What is the minimum deferment period in this plan?
The minimum deferment period is 5 years, while the maximum can go up to 35 years.
What are the premium payment options?
You can pay a single premium (lump sum) or regular premiums yearly, half-yearly, quarterly, or monthly.
What benefits do I get on maturity?
On maturity, you receive a pension purchased from your accumulated corpus, consisting of sum assured, bonuses, and guaranteed additions.
Conclusion
The LIC Jeevan Nidhi Plan 169 was a valuable deferred annuity plan by LIC focused on providing a secure pension along with life insurance cover during the policy term. Although it was withdrawn in 2012, it remains a good illustration of how investment and protection can be combined for retirement planning.
The LIC Jeevan Nidhi Plan 169 calculator was a handy tool that helped prospective policyholders assess benefits, calculate maturity values, and choose the right pension options. Understanding such plans and using calculators effectively can greatly enhance financial security and peace in retirement.