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  @ 




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