LIC New Jeevan Suraksha-I (Plan 147, UIN 512N205V01) is a with-profit deferred pension plan withdrawn on 1 January 2012. Premiums build a notional cash option (NCO) plus bonuses, which turn into a pension at vesting. For a ₹7.5 lakh NCO from age 35 to 60 at a ₹35 bonus, the corpus is about ₹14.06 lakh: a ₹3.52 lakh lump sum and roughly ₹6,152 a month.
New Jeevan Suraksha-I 147 Pension & Corpus Calculator
Your estimate
- Yearly pension
- ₹73,828
- Tax-free lump sum (commuted)
- ₹3,51,563
- Amount used for pension
- ₹10,54,687
- Total bonus (estimated)
- ₹6,56,250
- Total premium paid
- ₹7,50,000
- Deferment period
- 25 years
- Approx. return (IRR)on premiums vs vesting corpus
- 4.54%
- Total premium paid₹7,50,00053%
- Net gain₹6,56,25047%
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 Suraksha-I?
LIC New Jeevan Suraksha-I (Plan 147, UIN 512N205V01) is a with-profit deferred annuity plan, which means a pension plan in two stages:
- Deferment period: you pay premiums, regularly or as one single premium, for 2 to 35 years. The policy builds a guaranteed notional cash option (NCO) and earns bonuses.
- Vesting: at the chosen vesting age (50 to 79), the NCO plus bonuses becomes your corpus. You can take part of it as a lump sum, and the rest buys a pension for life.
LIC withdrew the plan on 1 January 2012. This page is for policyholders who are approaching vesting and want to know what their pension could look like. A similar old plan is New Jeevan Dhara-I (Plan 148), and a current alternative is New Pension Plus 867.
Plan 147 at a glance
| Feature | Details |
|---|---|
| Plan number / UIN | 147 / 512N205V01 |
| Plan type | With-profit deferred annuity (pension) |
| Entry age | 18 to 65 years (some summaries say 70) |
| Vesting age | 50 to 79 years |
| Deferment period | 2 to 35 years |
| Premium | Regular (minimum ₹2,500 a year) or single (minimum ₹10,000) |
| Guaranteed amount | Notional cash option (NCO), min ₹50,000 for regular premium |
| Loan | Not allowed |
| Status | Withdrawn on 1 January 2012 |
How the calculator estimates your pension
Your pension depends on figures you already have in your bond, so the calculator asks for them rather than guessing:
- Corpus at vesting = NCO + (bonus rate × NCO ÷ 1,000 × years of deferment) + final additional bonus.
- Lump sum = the share you commute.
- Pension = remaining corpus × annuity rate.
Worked example: a policy started at age 35 with a ₹30,000 yearly premium and a ₹7,50,000 NCO, vesting at 60. At a ₹35 bonus per ₹1,000 NCO for 25 years, bonuses add ₹6,56,250 and the corpus is ₹14,06,250. Taking 25% as a lump sum gives ₹3,51,563. The other ₹10,54,687 at a 7% annuity rate pays ₹73,828 a year, about ₹6,152 a month. Against ₹7,50,000 of premiums, the corpus works out to roughly 4.5% a year.
Tip: the annuity rate at vesting matters as much as the bonus. Rates differ between options (life only, with return of purchase price, joint life), so ask LIC for the vesting quotation and enter that rate.
Annuity options at vesting
At vesting you choose how the pension is paid, for example a life annuity for yourself, a joint-life annuity with your spouse, or an annuity with the purchase price returned to your nominee. Payment can be monthly, quarterly, half-yearly or yearly. Options that return the capital pay a lower pension.
Death, surrender and tax
- Death before vesting: the nominee receives the death benefit set out in the bond, which is built on the NCO and bonuses accrued.
- Surrender: possible, but usually far below the vesting value. There is no loan facility.
- Tax: premiums qualified under Section 123 of the Income-tax Act, 2025 (earlier Section 80CCC). The commuted lump sum is generally tax-free under Section 19 of the Income-tax Act, 2025 (earlier Section 10(10A)), and the pension is taxable as income. Annuities are GST-exempt from 22 September 2025.
Checking other pension routes
If you are deciding whether to buy an annuity elsewhere with part of your corpus, compare quotes using our pension calculator and the Jeevan Akshay calculator.
Frequently asked questions
Is LIC New Jeevan Suraksha-I still available?
No. LIC withdrew Plan 147 for new business on 1 January 2012. Existing policies continue until vesting and then pay a pension. People looking for a pension plan today can compare LIC New Pension Plus (Plan 867) or an immediate annuity.
What is the notional cash option (NCO) in Plan 147?
The NCO is the guaranteed amount available at vesting, stated in your policy bond. Bonuses are declared per ₹1,000 of NCO, so a larger NCO earns larger bonuses. At vesting, the NCO plus bonuses forms the corpus used for your lump sum and pension.
How much pension will I get from New Jeevan Suraksha-I?
It depends on the corpus and the annuity rate when you vest. A ₹14.06 lakh corpus with 25% commuted leaves about ₹10.55 lakh; at a 7% annuity rate that gives ₹73,828 a year, or about ₹6,152 a month. The calculator lets you change each assumption.
Can I take a lump sum at vesting?
Yes. Part of the vesting amount can be commuted and paid as a lump sum, up to the limit in your policy terms, and the balance buys a lifelong pension. The calculator lets you test no commutation, 25% or one-third.
Can I take a loan on Plan 147?
No. Like most LIC pension plans, New Jeevan Suraksha-I does not allow policy loans. If you need money before vesting, surrender is the only way out, and it usually pays much less than the vesting corpus.
How is Plan 147 taxed?
Premiums qualified for deduction under Section 123 (earlier 80CCC), within the overall ₹1.5 lakh limit. The commuted lump sum is generally tax-free under Section 19 (earlier 10(10A)), while the pension itself is taxed as income in the year you receive it.
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.