LIC New Jeevan Nidhi Plan 812 is an old pension plan that is no longer available for purchase. However, people who already have this policy may still want to check its expected maturity amount, added benefits, death benefit, paid-up value or surrender value.

The LIC New Jeevan Nidhi Plan 812 Maturity Calculator makes these calculations easier. It brings the main policy amounts together and shows how the estimated result is worked out. The final amount can be different because bonuses and pension rates are not fixed in advance.

What Is the LIC New Jeevan Nidhi Plan 812 Maturity Calculator?

This calculator is made for existing Plan 812 policyholders. It uses the Basic Sum Assured, policy term and bonus details to estimate the amount available when the policy reaches its maturity date. It will show the total basic premiums paid, additions earned during the first five policy years, estimated bonus from the sixth year, estimated maturity amount, death benefit before maturity, possible paid-up and surrender values, and an estimated pension based on the rate you entered.

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Highlights of New Jeevan Nidhi Plan 812

What Was LIC New Jeevan Nidhi Plan 812?

Plan 812 helped policyholders save for retirement. A single premium could be paid at the beginning, or regular premiums could be paid during the policy term. The policy also provided life cover before its maturity date.

LIC added a fixed amount during each of the first five policy years, as long as the policy remained active. From the sixth year, the policy could receive a bonus declared by LIC.

When the policy reached its maturity date, the available amount was mainly meant to provide regular pension income. Depending on the policy conditions and tax rules at that time, part of the amount could be taken as a lump sum. The remaining amount was normally used to receive a pension.

Benefits of LIC New Jeevan Nidhi Plan 812

Maturity Benefit

If the policy remains active until maturity, its estimated value can include the Basic Sum Assured, additions earned during the first five years, bonuses already added by LIC and a final extra bonus, if LIC declares one.

This is a pension policy, so the whole maturity amount may not be available as cash. The amount is used according to the pension choices and rules that apply when the policy matures.

Death Benefit Before Maturity

If the policyholder dies during the first five policy years, the death benefit generally includes the Basic Sum Assured and additions earned up to that date.

If death happens after the first five years, bonuses already added to the policy may also be included. A final extra bonus may be added if LIC declares it and the policy qualifies for it.

The amount and payment choices depend on the policy conditions and its status on the date of death.

Paid-Up Benefit

A regular premium policy may continue with lower benefits if the required number of premiums has been paid and later premiums are stopped. This is called a paid-up policy.

The reduced Basic Sum Assured depends on how many premiums were paid compared with the total premiums due under the policy. Additions and bonuses already earned normally remain attached, but no new additions or bonuses are earned after the policy becomes paid-up.

Surrender Benefit

Surrendering a policy means ending it early and taking the available value. The amount depends on the premiums paid, completed policy years, additions, bonuses and LIC’s surrender rules.

The calculator can show a rough estimate. The exact value cannot be calculated without the surrender factors used by LIC. Therefore, the final surrender value should be checked with an LIC branch before closing the policy.

How Plan 812 New Jeevan Nidhi Calculator Work?

The calculator uses the information entered from the policy bond or latest LIC statement. The most important details are:

• Age at the start of the policy;
• Age when the policy matures;
• Basic Sum Assured;
• Single or regular premium;
• Premium amount and payment frequency;
• Bonus rate shown in LIC records; and
• Final extra bonus rate, if applicable.

The calculator first finds the additions for the first five years. It then estimates the bonus for the remaining eligible years. These amounts are added to the Basic Sum Assured to show the expected maturity value.

Formula Used in the Calculator

Estimated Maturity Amount

Estimated maturity amount =
Basic Sum Assured
+ additions for the first five years
+ bonus added from the sixth year
+ final extra bonus, if applicable

Additions for the First Five Years

LIC adds ₹50 for every ₹1,000 of Basic Sum Assured in each of the first five policy years, provided the policy meets the required conditions.

Addition = Basic Sum Assured × 50 ÷ 1,000 × eligible years

Only up to five years are counted in this calculation.

Bonus from the Sixth Year

The bonus rate is not fixed. LIC declares it, and the rate can differ according to the policy term, Sum Assured and year of declaration.

Estimated bonus =
Basic Sum Assured × bonus rate ÷ 1,000 × eligible bonus years

The correct bonus already added to the policy should be taken from LIC records whenever possible. A guessed rate gives only a rough result.

Final Extra Bonus

LIC may add a one-time extra bonus when the policy matures or when a valid death claim is paid. It is not guaranteed.

Final extra bonus = Basic Sum Assured × entered rate ÷ 1,000

Enter zero if no confirmed rate is available.

How to Use the Calculator

1. Select single premium or regular premium as shown in the policy bond.
2. Enter the age at the start of the policy and the maturity age.
3. Enter the Basic Sum Assured.
4. Add the premium amount and payment frequency.
5. Enter the bonus rate from the policy record, if available.
6. Enter the final extra bonus rate only when it is known or needs to be included as an example.
7. Add an assumed pension rate only for a rough pension estimate.
8. Select Calculate to view the result.

The Reset button clears the entered details and the previous result.

Calculation Example

Consider a policy with these details:

First, calculate the additions for five years:

₹5,00,000 × 50 ÷ 1,000 × 5 = ₹1,25,000

The bonus is counted for 20 years because it starts after the first five policy years:

Bonus years = 25 − 5 = 20 years

₹5,00,000 × 42 ÷ 1,000 × 20 = ₹4,20,000

The estimated final extra bonus is:

₹5,00,000 × 20 ÷ 1,000 = ₹10,000

Now add all the amounts:

Basic Sum Assured:         ₹5,00,000
First five-year addition:  ₹1,25,000
Estimated bonus:           ₹4,20,000
Final extra bonus:           ₹10,000
------------------------------------
Estimated maturity amount: ₹10,55,000

The estimated maturity amount is ₹10,55,000. The rates of ₹42 and ₹20 are used only to explain the calculation. They are not promised rates. The actual bonus shown in LIC records may be different.

Understanding the Calculator Result

The result separates fixed amounts from estimated amounts. This helps avoid treating every figure as guaranteed.

The Basic Sum Assured and eligible additions for the first five years are based on the policy rules. The later bonus and final extra bonus depend on what LIC declares. The pension estimate also depends on the pension option and rates available when the policy matures.

The monthly pension shown by the calculator is only a simple estimate. The actual payment can change based on age, payment frequency and whether the selected pension continues for a spouse or returns the purchase amount after death.

Paid-Up and Surrender Value

For a regular premium policy, the reduced Basic Sum Assured may be estimated as follows:

Reduced Basic Sum Assured =
Basic Sum Assured × premiums paid ÷ total premiums due

This calculation alone does not give the full paid-up benefit. Additions and bonuses already earned may also be included according to the policy conditions.

For surrender value, the calculator may use the minimum value mentioned in the policy. LIC may pay a higher value if its special surrender value is greater. The exact result needs LIC’s surrender factor and policy records.

Tax Treatment

Tax rules can change. The lump-sum amount and regular pension may not be taxed in the same way. The full maturity amount should not be called tax-free. Current tax rules should be checked when the policy matures, especially when the amount is large.

Important Points to Remember

• Plan 812 is closed to new buyers and is only relevant to existing policies.
• Use the policy bond or LIC statement for the correct Sum Assured, policy term and bonuses.
• Do not treat an assumed bonus rate as a guaranteed return.
• A pension rate entered in the calculator is only for an estimate.
• The final maturity, death, paid-up and surrender amounts are decided by LIC from its policy records.

Frequently Asked Questions

Is LIC New Jeevan Nidhi Plan 812 still available?

No. LIC withdrew the plan on 1 December 2013. Existing policies can continue according to their terms, but a new Plan 812 policy cannot be purchased.

How is the Plan 812 maturity amount calculated?

The maturity amount can include the Basic Sum Assured, additions earned during the first five years, bonuses already added by LIC and a final extra bonus, if declared and applicable.

Is the calculator result guaranteed?

No. It is an estimate. The result can change because bonus rates, final extra bonus, surrender factors and pension rates are not fixed by the calculator.

Can the full maturity amount be taken in cash?

Not normally. Plan 812 is a pension policy. A permitted part may be available as a lump sum, while the remaining amount is generally used to provide a pension. The rules that apply at maturity must be checked.

Where can the correct bonus amount be found?

The bonus already added to the policy can be checked in the latest LIC statement or confirmed at an LIC branch. This amount gives a more reliable result than using a guessed bonus rate.

Conclusion

The LIC New Jeevan Nidhi Plan 812 Maturity Calculator helps existing policyholders understand their expected policy value without working through every calculation by hand. It shows the Basic Sum Assured, additions for the first five years, estimated bonus and possible maturity amount in one place.

The calculator is useful for planning, but it cannot show the final amount with complete accuracy. LIC’s policy records remain the final source for maturity, death, paid-up, surrender and pension benefits.