New Delhi. If you have started worrying about your expenses after retirement, then New Jeevan Shanti Plan (LIC New Jeevan Shanti Plan No. 858) of Life Insurance Corporation of India (LIC) can prove beneficial for you. Now under this plan the policy holders will get more annuity. The benefit of this will be given to those policyholders who have taken the plan on or after January 5.
LIC also said that the purchase price for this plan has also been increased. Now policyholders can get an incentive of Rs 3 to Rs 9.75 per purchase price of Rs 1,000. This incentive is based on the purchase price and the deferment period chosen.
New Jeevan Shanti Yojana is an annuity plan
This plan of LIC ensures a source of income for post-retirement life. This plan is an annuity plan. This means that while taking it, your pension amount will be fixed. You will get pension facility every month.
There are two options for the plan
New Jeevan Shanti Plan is a single premium plan. You get 2 types of options in this scheme. Policyholders can choose between Single Life and Joint Life Deferred Annuity. In the first option, you can buy a pension scheme for one person. In Deferred Annuity for Single Life, when a policyholder dies. The nominee will get the money deposited in his account. If one person dies in Deferred Annuity for Joint Life, then the other gets the facility of pension.
On buying a policy for Rs 10 lakh, you can get a monthly pension of Rs 11,192.
The minimum purchase price in this plan is Rs 1.5 lakh. In this, you will get minimum annuity of Rs 12,000 annually. There is no limit for the maximum purchase price. In case of deferred annuity for single life, you can get a monthly pension of Rs 11,192 by purchasing a policy for Rs 10 lakh.
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