Nowadays, there are many such government schemes, from where you start getting income in old age. One of these is LIC’s New Jeevan Shanti Plan. Once you invest in this plan, you get pension for life.
In old age, there is not much strength in the body to work hard and the source of income ends. That’s why it is necessary that in the job period itself, we start investing in those places from where we can get a good income in old age. Nowadays, there are many such government schemes, from where you start getting income in old age. One of these is LIC’s New Jeevan Shanti Plan. This plan of LIC is a non-linked, non-participating, individual, single premium, deferred annuity plan, in which you can get a lifetime pension by investing money once.
Two pension options
Two options are given for pension in the New Jeevan Shanti Plan. Immediate Annuity and Deferred Annuity. In the option of Immediate Annuity, the facility of pension is available immediately after taking the policy. On the other hand, in the option of Deferred Annuity, pension facility is available after 1, 5, 10, 12 years of taking the policy. But nothing is given to the policyholder during the deferment period. Pension starts getting after completion of deferment period. For pension, you get the option of yearly, half-yearly, quarterly and monthly.
Single and Joint Plan
Two investment options are given in the New Jeevan Shanti Plan, the first is Single Life and the second is Joint Life. If you invest in a plan with deferred annuity for single life, you get a fixed amount as pension after completion of the deferment period and after your death the invested money is returned to your nominee. On the other hand, after investing in Deferred Annuity for Joint Life Plan, you start getting pension after completion of the deferment period and after your death, the person, whose name has been jointed, gets pension for life. The invested amount is returned to the nominee only after the death of both.
Minimum purchase price
It is necessary to invest at least 1.5 lakh in this plan. And there is no limit on the maximum purchase price. On investing 1.5 lakh, you get 12 thousand annually and monthly pension of 1000 rupees. Any person from 30 to 79 years can buy this policy. If you do not like it after buying the policy, you can surrender it anytime. You are also given the facility of taking a loan in this policy.
This is how you will get Rs 9,656 every month
While buying this policy, keep in mind that the longer the deferment period (period between investment and commencement of pension) or the higher the age, the more pension you will get. If you buy the New Jeevan Shanti Plan’s Deferred Annuity for Single Life at the age of 45 for Rs 10 lakh and keep the deferment period of 12 years, then you will start getting Rs 1,20,700 annually after 12 years. On the other hand, if you opt for half-yearly pension, you will get Rs 59,143 for six months, Rs 29,270 for quarterly pension and Rs 9,656 for monthly pension. If you buy Deferred Annuity for Joint Life at the age of 45 for Rs 10 lakh, you will get Rs 1,14,500 annually, Rs 56,105 for six months, Rs 27,766 for three months and Rs 9,160 monthly as pension.
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