LIC New Jeevan Nidhi 818 (UIN 512N271V02) is a with-profit deferred pension plan that LIC withdrew on 16 January 2020. It builds a corpus of sum assured, guaranteed additions and bonus that buys a pension at vesting age 55 to 65. For a 30-year-old with ₹10 lakh cover vesting at 60, we estimate ₹43,149 a year (no GST now) and a corpus of about ₹24.25 lakh.
New Jeevan Nidhi 818 Premium & Pension Calculator
Your estimate
- Premium per instalment
- ₹21,574
- Deferment period
- 30 years
- Total premium paid
- ₹6,47,220
- Guaranteed additions
- ₹1,25,000
- Total bonus (estimated)
- ₹5,62,500
- Final additional bonusassumed 5% of sum assured, not guaranteed
- ₹25,000
- Lump sum you can commute (1/3)
- ₹4,04,167
- Yearly pensionfrom the remaining 2/3 of the corpus
- ₹56,583
- Monthly pension
- ₹4,715
- Vesting age
- 60 years
- Total premium paid₹6,47,22053%
- Net gain₹5,65,28047%
Death benefit by policy year (sum assured + additions + bonus)
| Policy year | Age at entry | Premium paid | Death benefit |
|---|---|---|---|
| 1 | 31 | ₹21,574 | ₹5,25,000 |
| 2 | 32 | ₹43,148 | ₹5,50,000 |
| 3 | 33 | ₹64,722 | ₹5,75,000 |
| 4 | 34 | ₹86,296 | ₹6,00,000 |
| 5 | 35 | ₹1,07,870 | ₹6,25,000 |
| 10 | 40 | ₹2,15,740 | ₹7,37,500 |
| 15 | 45 | ₹3,23,610 | ₹8,50,000 |
| 20 | 50 | ₹4,31,480 | ₹9,62,500 |
| 25 | 55 | ₹5,39,350 | ₹10,75,000 |
| 30 | 60 | ₹6,47,220 | ₹11,87,500 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC New Jeevan Nidhi Plan 818?
LIC New Jeevan Nidhi (Plan 818, UIN 512N271V02) is a with-profit deferred annuity plan. You pay premiums, either once or regularly, until a vesting age between 55 and 65. The policy builds a corpus from the sum assured, guaranteed additions and bonuses, and that corpus buys your pension. Life cover runs until vesting.
Plan 818 succeeded New Jeevan Nidhi 812 and was withdrawn on 16 January 2020. Existing policyholders can use the calculator above to estimate what they pay, what the corpus might grow to and what pension it could buy.
New Jeevan Nidhi 818 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 818 / 512N271V02 |
| Plan type | With-profit deferred annuity (pension) |
| Entry age | 20 to 58 years regular, 20 to 60 years single |
| Vesting age | 55 to 65 years |
| Deferment period | 7 to 35 years regular, 5 to 35 years single |
| Minimum sum assured | ₹1,00,000 regular, ₹1,50,000 single |
| Premium modes | Yearly, half-yearly, quarterly, monthly, single |
| Guaranteed additions | ₹50 per ₹1,000 sum assured, years 1 to 5 |
| Bonus | Reversionary bonus from year 6, final additional bonus |
| Loan | Not available |
| Status | Withdrawn on 16 January 2020 |
How the premium is calculated
The premium depends on entry age, deferment period and sum assured. The calculator uses a level premium that funds the sum assured and guaranteed additions over the deferment, adds a small mortality charge, and applies a 2% rebate for cover of ₹3 lakh or more. Instalments other than yearly carry a small loading. No GST is added, because individual life and pension premiums are GST-exempt from 22 September 2025. Older receipts will show 4.5% GST in the first year and 2.25% after.
Example 1 (yearly): a 30-year-old chooses ₹10 lakh sum assured with vesting at 60.
| Item | Estimate |
|---|---|
| Yearly premium (no GST) | ₹43,149 |
| Total premiums over 30 years | ₹12,94,470 |
| Guaranteed additions | ₹2,50,000 |
| Reversionary bonus (₹45 for 25 years) | ₹11,25,000 |
| Final additional bonus (5% of SA, assumed) | ₹50,000 |
| Corpus at 60 | ₹24,25,000 |
Example 2 (monthly): a 40-year-old with ₹5 lakh sum assured vesting at 60 pays about ₹2,761 a month. The yearly equivalent is ₹32,485, and the corpus estimate is ₹9,87,500.
Tip: starting earlier cuts the yearly premium sharply. With ₹10 lakh cover vesting at 60, the estimate falls from ₹64,969 at age 40 to ₹43,149 at age 30.
Vesting benefit and pension
At vesting you receive the corpus. Up to one-third can be taken as a tax-free lump sum, and the rest must buy an annuity from LIC. In Example 1, one-third is ₹8,08,333. If the remaining ₹16,16,667 buys an annuity at 7%, the pension is about ₹1,13,167 a year, or ₹9,431 a month. Annuity rates change with interest rates, so try a few values.
Death benefit
- Within five years: sum assured plus guaranteed additions.
- After five years: sum assured, guaranteed additions, vested reversionary bonuses and any final additional bonus.
The table under the calculator shows the estimated death benefit year by year. The nominee can take it as cash or buy an annuity.
Surrender, riders and tax
- Surrender: possible before vesting once the policy has acquired a surrender value. Check a rough figure with our surrender value calculator.
- Riders: an accidental death and disability benefit rider could be added.
- Tax: premiums under Section 123 of the Income-tax Act, 2025 (earlier Section 80CCC); commuted lump sum tax-free; pension taxable.
What changed from Plan 812 to Plan 818
Both versions share the 55–65 vesting age, the ₹50-per-₹1,000 guaranteed additions for five years and the same minimum sum assured. The main rule change is that 818 needs at least 7 years of deferment for regular premium, against 5 years in 812. Plan 818 also stayed on sale much longer: about six years, compared with roughly one year for 812. The original Jeevan Nidhi 169 was more flexible still, with vesting from 40 to 75.
Who benefits from this calculator
The calculator is useful for 818 policyholders who want to:
- check whether to keep paying or surrender, by comparing premiums paid with the likely corpus;
- see how much of the corpus becomes pension after the one-third commutation;
- plan the gap between the pension and their expected expenses. For that, our LIC pension calculator helps compare current annuity options.
How to use this calculator
Enter your entry age, choose the vesting age and premium type, and type the sum assured from your policy. Pick the payment mode and keep or change the bonus and annuity rate. The results show the premium, the corpus, the lump sum, and a yearly and monthly pension estimate. All values are approximate.
Frequently asked questions
Can I buy LIC New Jeevan Nidhi 818 now?
No. LIC withdrew Plan 818 from sale on 16 January 2020. Policies already issued continue until vesting with all their benefits. For a new pension, look at LIC's current annuity plans instead.
What is the minimum deferment period in Plan 818?
For regular premium, the gap between entry age and vesting age must be at least 7 years. For single premium the minimum is 5 years. The maximum is 35 years in both cases, and vesting age must be 55 to 65.
How are guaranteed additions and bonuses added in New Jeevan Nidhi 818?
LIC adds ₹50 per ₹1,000 sum assured each year for the first five years. From the sixth year, simple reversionary bonuses declared by LIC are added, and a final additional bonus may be paid at vesting or death.
What is the death benefit under Plan 818?
Death within the first five years pays the sum assured plus guaranteed additions. After five years, the nominee gets the sum assured, guaranteed additions, vested reversionary bonuses and any final additional bonus declared.
Is there a loan facility in New Jeevan Nidhi 818?
No. Plan 818 does not allow policy loans. You can surrender the policy before vesting once it has a surrender value, but the amount is usually far below what you would build by staying invested until vesting.
What can I do with the corpus at vesting?
You can take up to one-third as a tax-free lump sum. The rest buys an immediate annuity from LIC at the rates on the vesting date. Our calculator shows both parts using an annuity rate you choose.
Which tax section applies to Plan 818 premiums?
Premiums are deductible under Section 123 (earlier 80CCC), which shares the ₹1.5 lakh limit of Section 123 of the Income-tax Act, 2025 (earlier Section 80C) (old tax regime). The commuted lump sum is tax-free, but the pension is taxed as income.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.