LIC's New Jeevan-Dhara Deferred Pension Plan No. 145 was sold by LIC between 2000-2002. This was a pension plan .However this plan has many options at the the maturity or we can says on /before vesting Date.The options available are:

1. Notional Cash Option (in lieu of Annuity /pension)
2. Pension Option
3 . Surrender of policy.

Notional Cash Option : Under this Plan a cash option is available , if deferment period is 10 years or more, the proposer has the option to receive a cash payment equal to  of annuity equal Notional Cash Option in lieu of payment of annuity.

Applicable cash payment to be received in case NOTIONAL CASH OPTION is exercised ( T&T: 145-11)

1) In case of single premium premium Rs. 31335/- NCO Amt Rs. 100000/-
2) In case of annual premium premium Rs. 9414/- NCO Amt Rs. 200000/-
3) In case of annual premium premium Rs. 14121/- NCO Amt Rs. 300000/-
4) Proportionally in case of different premiums

A person has a choice to receive this amount of NCO in lump sum at the end of 11 years as cash option.
This option is to to be exercised by the proposer before the date of vesting and specfically 6 month befor date of vesting but not earlier than 12 months before date of vesting in order to receive a cash payment equal to Notional Cash Option

Annuity Option/ Pension option :
The following table illustrates pension options available under the above policy on the date of vesting:-

Annuity For  Life of the Annuitant
Annuity guaranteed For  5  years and for life there after
Annuity guaranteed For  10  years and for life there after
Annuity guaranteed For  15 years and for life there after
Annuity guaranteed For  20  years and for life there after
Annuity For Life with Return of purchase price on Death

Annuity option, Annuity payment mode and commutation option :-(Chart based on 3,00,000) Notional cash base option 

  Type of option

Third Option is Surrender option :This as per normal policy of LIC. In present case after 10 year of policy, surrender value is around 75-80% of NCO.

No body in  LIC's  Field offices knows about NCO:But in Most of the case LIC employees/officers are ignorant  about the First option that is Notional Cash Option .We have talked about this Option at least with the 10 offices of LIC but in most of the cases they are informing us surrender value if we want to exercise to opt to receive Lump sum value in lieu of Annuity /Pension. And in case of One of my friend they have given Surrender value of 1.60 Lakh instead on Notional Cash Option value of Rs 2 Lakhs.

The reason may be that LIC stopped Notional Cash Option in present policies and may have lack of knowledge about  special provisions of this particular policy

Suggestions  while Exercising Your option

1) In case you Opt to take lump sum cash option in lieu of the annuity payable in future

(a)    You will have permanent liquidity in your hands.
(b)   You can personally invest in any secured instruments like Debentures/ FDRs etc.
(c)    In case of any urgency / emergency you can trade / can opt for pre- mature encashment/can take loan/mortgage your instrument.

2) In case you Opt to take Annuity for life with return of purchase price on death

(a)    You will cease to  have the option / right to have full amount  ever in your life time
(b)   You  will always be  helpless in case of any  opportunity to invest lump sum money in some good investment

3) Rate of Return on capital for taking the case of NOC VALUE Rs.300000/-

(a)     Annuity payment of Rs.2225/- under option “F” based on monthly payment mode ,rate of return works out to be  @ 8.9% per annum
(b)   In case of FDR at an interest rate of @ 9.5% per annum your income will be Rs. 2375/- per
(c)    In case you are senior citizen and FDR at an  interest rate  @ 10.5% per annum your income will be Rs. 2625/- per Month
(d)   Most of all you are the  sole owner  of the capital.Means except in option F ,purchase price will not be returned .

Special Attention

Under no circumstances option be exercised under A , B , C , D , E Options. As there will be no return of CAPITAL during life time and even after Death.


Notice to exercise option must be exercised and received from LIC to the policy Holder at least 6 month before the vesting date and not before the 12 month from vesting date.

Register complaint procedure detailed as under:

1) Visit at
2) Click at   New User?
3) Get yourself Registered by filling your policy details
4) Click at Proceed
5) Make your user ID & Password
6) Click at   Submit
7) Register complaint under option     Register complaint

Complaint Format

Subject: Non receipt of Option Form

It is submitted that I am holder of a policy – NEW JEEVAN DHARA ( T&T : 145-11 ), as per Ready Recknor issued by your corporation at the time of issue of policy for NEW JEEVAN DHARA showing annual premium for various pension amounts UNDER RETURN OF CASH OPTION, I have the option to receive Rs. ………………. Lacs if, I opt for NOTIONAL CASH OPTION (deferment period is more than 10 years) instead of guaranteed rates printed on the policy (rates specified in the schedule oh the policy) or immediate annuity rates

According to Special Provisions (3) & (4) printed on the policy, the option has to be exercised at least 6 months before date of vesting, but not earlier than 12 months before date of vesting. However it is regretted that no option has been sought from me by your office till date, even though more than 4.5 months period has already been elapsed from the exercisable period of option and only less than 1.5 months have left now. I have come to know that some policy holders received the option forms after they filed the complaints but I have still not been attended to and waiting for the same. Therefore I request your good self to look into the matter and take necessary action in the matter at your earliest please.

Sincerely yours,
Name …………………………..
Mob: ……………………………..
ID No. ……………………………
Policy No……………………….
Policy Date: …………………..

Ref:IPP/ Br.Code /Annuity Option / 145 /0000005 Date: …………………….

The sr. / branch Manager,

Life Insurance Corporation Of India


Pin Code ……………………

Dear Sir,

Re: Policy No. …………………………

Under Pension Plan New Jeevan Dhara

Vesting Date ……………………………

With reference to the above, I hereby give my pension option as given below.

(Please tick against the option of your choice)

1. Pension Option :-
Annuity For  Life of the annuity
Annuity guaranteed for  5 years and for life thereafter
Annuity guaranteed for  10 years and for life thereafter
Annuity guaranteed for  15 years and for life thereafter
Annuity guaranteed for  20 years and for life thereafter
Annuity for life with return of purchase price on death

2. Option for mode of pension payment :-


   Half Yearly


3. To receive the lump sum cash option in lieu of annuity payable in future, I SUBMIT ORIGINAL POLICY DOCUMENT.

Yours Faithfully,

Signature of the annuitant

Compiled By : Dinesh Kansal (BSC: email kansaldk  @ 


Get Latest Updates In your Inbox



. SECURITIES (MNP) (TDS)2007-08 ` 01.07.12 01.09.2008 01.10.2012 06.07.2009 07.08.2012 1 PERCENT EXCISE ITEMS LIST 1 sep 1% excise 10 year nsc 10(10C) 1000 court cases judgements supplied to ITO 1000 rupee note 11-2008 11-2010 130 items 14.08.2008 15 august 150 Rs coin 15g 15h 18-12-2009 192(1A) 192A 194 I 194A 194c from 01.10.2009 194H 194j 194LC 1981-2007 2% cst 2% excise 2004 2008 2008-09 FY 2010 206AA 234A 234B 234C 234c interest calculator 234E 23AC 23ACA 23B 24C 24q annexure II 25 paisa coin 271(1)(c) 271B 271H 272B 27A 280 280 challan 281 282 283 29 AUGUST 29.04.2010. 29/08/2008 29/2008 service tax 2g meaning use 3 idiots 30 MARCH 31st March 32-2010 33 of 2009 35(2AA) 35(2AB) 3CD 3g meaning use 40(b) 43B 44 AB EXEMPTED INCOME 44AA 44AB AGRICULTURE 44AB new limit 44AB NON RESIDENT 44ad 46/2012 45/2012 49C 5 day week 5 years post office deposit 5/2011 50 paisa coin 54b 54EC 54ee 54f 54gb 5th paycommission punjab 6 % excise 6 crore advance limit 6/2005 69/2010 6th cpc 6TH PAY COMMISSION 70% of pan etds 7th Central Pay Commission 8 tips to save tax 80C 80ccc 80CCD 80cce 80CCF 80CCG 80d 80DDB 80EE 80G 80GG 80GGA 80GGB 80ggc 80tta 80U 85% of pan etds 86/2008 DATED 13-08-2008 87A rebate 89(1) 89(1) relief calculator 9.5 % rate for private epf 92E 95% of pan etds 98 dated 04/01/08 aadhaar aakash tablet aam admi aar Aayakar Sampark Kendra abatement abolished ACCOUNT PAYEE DRAFT Accounting ACCOUNTING CODE accounting code for services ACCOUNTING FOR GOVT GRANTS accounting standards ACES ADD IN Add-Ins additional relief in budget 2010 adjustment of advance FBT with advance Tax advance rullings advance salary ADVANCE TAX CALCULATOR advance tax challan ADVANCE TAX CUT OFF AMOUNT ADVANCE TAX DATES AFFIDAVIT AG Projects Technologies Ltd RT age 80 addition pension aibea wage revision aibea wage revision latest news aiboa aiboc aiboc wage revision AIG AIR airline ticket booking tds airlines all is well allowances allownces alphabet of inspiration alteration on check allowed alternate minimum tax AMENDED 3CD amendment in companies bill 2011 amendment in gratuity act 2010 amendment in registration service tax AMENDMENT IN SERVICE TAX ON RENT amendment to finance Bill 2010 AMNESTY SCHEME 2007 amt Anna Hazare anna hazzare bill vs govt lokpal bill appeal apply for new pan card against old pan card aqb arbitration arrears of salary arrears of sixth pay ARRERS TAX AS-12 ASBA assessee in default ASSESSMENT REOPENING ASSESSMENT YEAR 2008-09 REFUND atm atm 100 per day atm cash without card atm tips atm wrong debit audit cases itr filing audit limit enhanced Audit Questionaire AUDIT REPORT AUS VS IND.INDIA VS SL Automated teller machine AUTOMATION OF CENTRAL EXCISE AND SERVICE TAX ay 2010-11 bad debts Bank Bank account bank audit bank audit 2012 bank charges BANK SALARY bank strike 06/07/09 and 07/07/09 banking law amendment banknotes banks npa provisioning BARE ACT bare rules BASE RATE BY BANKS bcct BIMAL JAIN biometric pan card black and white form not acceptable black money BLOCK PERIOD blogging bobay refund BONUS bonus share book discount BOOK ON EFILING BOOK REVIEW books of accounts BOOMING INDIAN ECONOMY both House rent allowance both hra and house loan Brass Scrap BRIBE CASE BROKER BSE bsnl broadband bsnl broadband usage bsnl land line sms alert BSR CODES BUDGET 2009 budget 2010 budget 2010-11 budget 2011 BUDGET 2012 budget 2013 BUDGET 2014 BUDGET 2014 CONTEST budget expectations BUDGET HIGHLIGHTS budget live on computer budget live telecast budget notification budget on tv budget speech BUDGET SPEECH DOWNLOAD Budget-2014 Budget-2015 BUDGET-2016 BUDGET08 Business BUSINESS AND PROFESSION MEANING BUSINESS COVERED UNDER 44ab BUY HOUSE C FORM CA CAN ONLY AUDIT MVAT CA CLUB INDIA CA GIRISH AHUJA CA NITIN GUPTA CA PARDEEP JAIN CA ROHIT GUPTA ca services CA sudhir Halakhandi CA Swapnil Munot CA Vikas Khandelwal calculate arrear CALCULATE NEW PAY calculate your emi calculation of tax on salary arrears CALCULATOR CALCULATOR REVISED capital asset capital formation huf Capital gain capital gain account scheme 1988 CAPITAL GAIN INDEX capital gain on repayment of loan capital gain on tenancy rights capital goods capital revenue CAPITAL SUBSIDY CAR LOAN RATE INCREASE carry forward of losses in late return cas cash flow statement CASH PAYMENT DIS ALLOWANCE CASH PAYMENTS EXCEEDING 20000 CASH SUBSIDY cbdt cbec CBI ARRESTED centeral sales tax rate CENTRAL PAY COMMISSION CENTRAL PROCESSING CENTER CENTRALISED PROCESSING OF RETURNS Cenvat CENVAT Credit Rules cgas 1988 challan challan 281 CHALLAN 289 challan correction challan Form 17 CHALLAN STATUS INQUIRY change change in cst rate change in excise duty rates CHANGE IN PAN ADDRESS CHANGE IN PAN DATA change in tds rates in budget changes CHANGES IN SERVICE TAX ACT changes in new itr forms CHANGES IN TDS CHARGES ON CASH PAYMENT OF CREDIT CARD BILL charitable organisation check name from PAN check tds deducted online Cheque cheque bounce cheque payment before due date cheque tender date /realisation date Cheque Truncation CHEQUE VALIDITY child care leave CHILD DEPENDENT PREMIUM CHILD MARRIED PREMIUM child plan childeren name children education allownces chip based atm card cibil cibil for companies CII 2007-08 CII 2008-09 CII 2010 cii 2012-13 CII2011-12 cin CIRCULAR 3/2010 DT 2.03.2010 CIRCULAR 8-2010 CIT v. Emilio Ruiz Berdejo (2010) 320 ITR 190 (Bom.) cloning of atm card clubbing of income COLLECTION CHARGES COLOR SCHEME COMMISSION ON SMALL SAVINGS common error in 2009-10 common error in itr 4-5-6 compa companies bill 2012 COMPANIES RATE COMPANY BILL 2011 company deposit Company Law Settlement Scheme COMPANY REGISTRATION complusory payment of taxes Composition scheme service tax COMPUTER AS FAX MACHINE computer sytem at ito office CONCEPT PAPER configure yahoo mail in outlook express consolidate account statement construction purchase of house Consultancy Service Consumer Price Index continues services CONTRIBUTION TO NEW PENSION SCHEME CONTRIBUTORY PENSION FUND CONVERT FIGURES INTO WORD EXCEL COPARCENER CorpMcash corporation bank correction etds CORRECTION IN PAN DATA correction in section CORRECTION RETURN CORRECTION RETURN.ETDS cost accounting cost audit cost inflation index cost inflation index 2012-13