LIC New Jeevan Shanti Plan: New Jeevan Shanti Plan of Life Insurance Corporation of India (LIC) is a popular pension scheme, in which after retirement, fixed pension is guaranteed for life. This is an annuity plan, that is, you have to invest money only once and at that time your pension amount is fixed.
LIC New Plan: Every person wants to save some part of his earnings and invest it in such a place where his money is completely safe and also gives good benefits in future. Especially after retirement, people look for reliable schemes to ensure that they do not face any financial problems. In such a situation, the plans of LIC, the country’s largest insurance company, are very popular among the people. One of these is LIC New Jeevan Shanti plan. The special thing about this scheme is that by investing in it only once, pension is guaranteed for the whole life, due to which old age life passes comfortably. If invested properly, a pension of up to Rs 1 lakh can be obtained every month from this plan.
LIC’s cool new Jeevan Shanti plan
New Jeevan Shanti Yojana of Life Insurance Corporation of India (LIC) is a popular pension scheme, in which after retirement, fixed pension is guaranteed for life. This is an annuity plan, that is, you have to invest money only once and at that time your pension amount is fixed. After this, you continue to get the same pension every month for your entire life. The special thing about this scheme is that once you invest, you do not have to worry about pension, hence it is considered a reliable option for retirement planning.
5 years lock-in period
LIC New Jeevan Shanti plan has a lock-in period of 5 years. This means that once you invest a lump sum in it, that amount remains locked for five years. After the completion of the lock-in period, your pension is fixed based on the amount you have invested and then you start receiving pension regularly every month. The minimum investment in this scheme can be made from Rs 1.5 lakh, while there is no limit on the maximum investment. To put it bluntly, the more you invest, the more chance you will get to get pension.
Two different options in New Jeevan Shanti Plan
LIC New Jeevan Shanti Plan has been made available in two different options. The first option is Deferred Annuity for Single Life, in which pension is available only to the policyholder. The second option is Deferred Annuity for Joint Life, in which the spouse along with the policyholder also gets the benefit of pension. That is, the investor can choose a single plan as per his need or can arrange a secure pension for both by taking the combined option of joint life.
This is how annuity plans work?
Now let us understand the annuity available in this plan in simple words. In this scheme, the policyholder continues to get regular pension throughout his life. If the policyholder has chosen the Deferred Annuity for Single Life option and dies due to any reason, the entire amount deposited in the policy is given to the nominee mentioned in the documents. Whereas if the Deferred Annuity for Joint Life option has been taken, then on the death of one of the policyholders, the other person continues to receive pension and when both of them die, the entire amount deposited is handed over to the nominee.
This is the age limit
The age limit for purchasing LIC New Jeevan Shanti Policy has been fixed from 30 years to 79 years. Although there is no risk cover in this plan, yet it has many benefits which make it very popular among the people. After taking this pension plan, the policyholder can surrender it anytime if needed. Apart from this, once you invest, you can also choose the period of receiving pension as per your convenience. That is, if you want, you can take pension every month, or you can also get it as a lump sum amount for three months, six months or once in a year.
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How to get pension of Rs 1 lakh annually?
If we look at an example of LIC New Jeevan Shanti Plan, suppose a 55 year old person invests a lump sum of Rs 11 lakh in this plan and holds it for 5 years. So in such a situation, he can get a pension of more than Rs 1,01,880 annually. At the same time, the pension amount on the basis of six months is approximately Rs 49,911 and every month the pension amount is approximately Rs 8,149. Not only this, even after investing a minimum of Rs 1.5 lakh in this scheme, a pension of around Rs 1,000 can be fixed. Overall, this policy can prove to be a profitable deal for retirement planning.
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