Life Insurance Corporation of India’s New Jeevan Nidhi plan is a convention profit pension plan. It has both the features of protection as well as savings. This Life Insurance Corporation of India’s New Jeevan Nidhi plan provides death cover within the deferment period (until attainment of age 60 or till the term of the plan). New Jeevan Nidhi plan offers annuity till the date of survival from the date of getting payment. There are two ways for the person insured under New Jeevan Nidhi plan. Either he/she take out some money out of annuity and continue getting the pension out of rest or he/she can simply invest in single premium annuity plan.