LIC Policy: Pay premium only once in New Jeevan Shanti Plan and earn for life..
LIC Pension Plan: Nowadays most of 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 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 have to pay the 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 a 'Deferred Annuity for Single Life' plan, you get a fixed amount as a 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 a 'Deferred Annuity for Joint Life Plan', you start getting a pension after the completion of the deferred period and after your death, the person whose name has been joined gets a lifelong pension. The invested amount is returned to the nominee only after the death of both. A Joint Life Plan can be taken with your close relatives, such as grandfather, parents, children, grandchildren, husband-wife or siblings, etc. You get the option of annual, half-yearly, quarterly, and monthly pension.
A minimum investment of 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. Anyone from 30 to 79 years old 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 10 lakh?
While buying this policy, keep in mind that the higher the deferment period (the 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 in 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.
