LIC Policy: Say bye-bye to the tension of pension in old age, pay premium only once, and earn for life
LIC's New Jeevan Shanti Plan can solve your pension problem in old age. In this, you will have to pay a premium only once and after that, you can arrange for a lifetime pension. Know the details here-
LIC Pension 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. 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 a premium only once and after that, you can arrange for a lifetime pension. Know the details here-
Single and joint plan
Two investment options are given in the New Jeevan Shanti Plan, the first single life and the 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 investing in 'Deferred Annuity for Joint Life', you start getting pension after the completion of the deferred period and after your death, the person whose name has been added gets lifelong pension. 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 yearly, 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, 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 Rs 10 lakh?
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 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 option of half-yearly pension, you will get Rs 69,825 every six months, if you choose the option of quarterly pension, you will get Rs 34,556 and if you choose the option of monthly pension, you will get Rs 11,400 every month.
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 every six months, Rs 32,350 every three months and Rs 10,672 monthly as pension. Please note that death benefits are also included in this policy.
