LIC Great Plan: LIC’s New Jeevan Shanti Plan can solve your pension problem in old age. In this, you have to pay premium only once and after that you can arrange for lifetime pension. Know the details here-
LIC Great Plan: In today’s time, most of the people are working in the private sector. In such a situation, you can earn a lot of money during the job and can also save it for old age. But a lump sum amount can fulfill all your needs, but regular income is needed for everyday work. If you do not have this arrangement, then you will have to depend on others for every small and big need in old age.
LIC’s New Jeevan Shanti Plan can solve this problem of yours. This is a non-linked, non-participating, individual, single premium, deferred annuity plan of LIC. In this, you will have to pay the premium only once and after that you can arrange for lifetime pension. Know the details here-
Single and Joint 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 you get a fixed amount as pension after the completion of the deferred period and after your death the invested money is returned to your nominee.
On the other hand, if you invest 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 joint gets pension for life. The invested amount is returned to the nominee only after the death of both. Joint life plan can be taken with your close relatives, such as grandfather, parents, children, grandchildren, husband-wife or siblings etc. For pension, you get the option of annual, half-yearly, quarterly and monthly.
Investment of at least 1.5 lakh is necessary
It is necessary to invest at least 1.5 lakh in this plan. There is no limit on the maximum purchase price. On investing 1.5 lakh, you get a pension of 12 thousand rupees annually and 1000 rupees monthly. Any person from 30 to 79 years can buy this policy. If you do not like the policy after buying it, then you can surrender it anytime. You are also given the facility to take a loan in this policy.
How much pension on an investment of 10 lakhs?
While buying this policy, keep in mind that the higher the deferment period (period between investment and start of pension) or the higher the age, the higher the pension you will get. 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. On the other hand, if you choose the half-yearly pension option, then you will get Rs 69,825 every six months, Rs 34,556 on choosing the quarterly pension option and Rs 11,400 every month on choosing the monthly pension option.
On the other hand, if you buy the Deferred Annuity for Joint Life Plan at the age of 45 for Rs 10 lakh with a deferment period of 12 years, then you will get Rs 1,33,400 annually, Rs 65,366 on six months, Rs 32,350 on three months and Rs 10,672 monthly as pension. Let us tell you that death benefits are also included in this policy.
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