LIC’s New Jeevan Shanti plan is a non linked, non participating, individual, single premium, deferred annuity plan. In this you have to invest money once and you can get monthly pension throughout your life.
In today’s time, everyone starts planning for retirement well in advance. The reason for this is that money is most needed in old age and it is not easy to earn money by doing job or business at that age because physical abilities decrease. If you also live in tension about your old age and are looking for a pension scheme, then LIC’s New Jeevan Shanti Plan can be of great use to you.
According to Deepti Bhargava, Chief Advisor of LIC, it is a non-linked, non-participating, individual, single premium, deferred annuity plan. In this you have to invest money once and you can get monthly pension throughout your life. Through this pension, you can meet the post-retirement expenses. Know its details here.
You can invest in two ways
Two investment options are given in the New Jeevan Shanti policy. First deferred annuity for single life and second deferred annuity for joint life. By choosing the first option of single life, the policyholder gets the benefit of pension for life and after death his investment money is returned to the nominee. On the other hand, on the death of one person, on choosing the option of joint life, pension is given to the other person whose name is in the joint. After the death of both, the investment money is given to the nominee.
There are two options for pension
Two options are also 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 in this, the longer the deferment period (period between investment and commencement of pension) or the higher the age, the more pension you will get. For pension, you get the option of yearly, half-yearly, quarterly and monthly.
1,20,700 rupees will be available annually on an investment of 10 lakhs
LIC Chief Advisor Deepti Bhargava says that if you buy the New Jeevan Shanti plan at the age of 45 for Rs 10 lakh and keep a deferment period of 12 years, then after 12 years you will start getting Rs 1,20,700 annually . 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.
Also know the age limit
Any person from 30 to 79 years can buy this policy. The minimum purchase price is Rs 1.5 lakh, which means you will have to invest at least Rs 1.5 lakh in it. If you do not like it after buying the policy, you can surrender it anytime. Apart from this, you can also take a loan on the basis of the policy.
