Life Insurance Corporation (LIC) of India, the country's largest life insurance company, offers four types of pension plans. These are: Pradhan Mantri Vaya Vandana Yojana, LIC New Jeevan Nidhi, LIC Jeevan Akshay- VI and LIC Jeevan Shanti Policy, according to LIC's website - www.licindia.in. The Life Insurance Corporation (LIC)'s New Jeevan Nidhi offers a combination of benefits such as protection and savings.

Here is all you need to know about the LIC New Jeevan Nidhi Plan:

LIC's New Jeevan Nidhi Plan (pension plan) can be purchased by any individual between the age group of 20-60 years for a minimum basic sum assured of Rs. 1 lakh under the regular premium policy option and Rs. 1.5 lakh under the single premium policy option.

Individuals purchasing the LIC New Jeevan Nidhi plan get to choose from a range of deferment period options, from five years to 35 years, under the single premium option. Under the regular plan option, the subscriber can pick a deferment period ranging from seven years to 35 years.

The minimum age of starting the pension is 55 years and a maximum age of 65 years is permitted, according to LIC.

Premiums can be paid regularly at yearly, half-yearly, quarterly or monthly over the term of policy. Alternatively, a single premium can also be paid, LIC said on its website. 

Here are some of the sample premium rates for purchasing LIC New Jeevan Nidhi pension plan (exclusive of service tax) per Rs. 1,000 per sum assured:
 

If premiums are not paid within the grace period, the policy will lapse. A lapsed policy can be revived within a period of two consecutive years from the date of first unpaid premium and before the date of vesting by paying all the arrears of premium together with interest, according to the LIC website.

The LIC New Jeevan Nidhi offers a cover against death during the deferment period and also an annuity on survival.