LIC Pension Plan: LIC runs many types of schemes keeping in mind the needs of all the citizens of the country. One of these plans is LIC’s New Jeevan Shanti Plan. This scheme has been specially designed for those people who have a retirement fund for old age, but there is no arrangement for pension. Under this plan, you have to deposit the premium only once, after which you will start getting pension at the age of retirement and this pension will be for life. There are many people who are not aware of this scheme. Know in the slides below how you can make a sure arrangement of pension of ₹ 1,42,500 annually from this scheme.
What is New Jeevan Shanti Plan?
LIC’s New Jeevan Shanti Plan is a non-linked, non-participating, individual, single premium, deferred annuity plan. In this, you have to pay premium only once and after that you can arrange for lifetime pension. For pension, you get the option of yearly, half-yearly, quarterly and monthly. In this, two types of plans are offered, single and joint.
Deferred Annuity for Single Life Plan
Two investment options are given in New Jeevan Shanti Plan, first single life and second joint life. If you invest in the ‘Deferred Annuity for Single Life’ plan, then after the completion of the deferred period, you get a fixed amount as pension and after your death the invested money is returned to your nominee.
Deferred Annuity for Joint Life Plan
On investing in ‘Deferred Annuity for Joint Life Plan’, you start getting pension after the completion of the deferred period and after your death, the person whose name has been added jointly gets lifelong pension. The invested amount is returned to the nominee only after the death of both.
What is the minimum and maximum investment price?
It is necessary to invest at least 1.5 lakhs in this plan. There is no limit on the maximum purchase price. On investing 1.5 lakhs, you get a pension of 12 thousand rupees annually and 1000 rupees monthly. Any person between 30 to 79 years can buy this policy. Minimum and maximum deferment period
While buying this policy, keep in mind that the longer the deferment period (period between investment and start of pension) or the higher the age, the better the pension you will get. The minimum deferment period is 1 year and the maximum deferment period is 12 years.
This is how you can get an annual pension of Rs 1,42,500
If you buy the Deferred Annuity for Single Life of New Jeevan Shanti Plan at the age of 45 for Rs 10 lakh and keep a deferment period of 12 years, then you will start getting Rs 1,42,500 annually after 12 years. If you choose the half-yearly pension option, you will get Rs 69,825 every six months, if you choose the quarterly pension option, you will get Rs 34,556 and if you choose the monthly pension option, you will get Rs 11,400 every month.
What to expect on investing Rs 10 lakh in a joint plan?
If you buy a Deferred Annuity for Joint Life Plan at the age of 45 for Rs 10 lakh with a deferment period of 12 years, you will get Rs 1,33,400 annually, Rs 65,366 every six months, Rs 32,350 every three months and Rs 10,672 every month as pension.
These facilities are also included
In this policy, you are also given the facility to take a loan, while death benefits are also included in the policy. If you do not like the policy after buying it, you can surrender it anytime.
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