LIC's Scheme Ends Pension Worries: Invest Once, Receive ₹1 Lakh for Life

The LIC New Jeevan Shanti plan is a government pension scheme that allows you to receive a lifelong pension with a single investment. Plan 758 provides secure retirement income.

Everyone dreams of receiving a monthly pension after retirement to ensure financial security for themselves and their families in old age, avoiding any financial challenges. To address this concern, LIC (Life Insurance Corporation of India), the country's largest and most trusted government insurance company, has launched a fantastic scheme called the New Jeevan Shanti Yojana. Under this scheme, an individual makes a one-time lump-sum investment and then receives a pension for life.

What is the LIC New Jeevan Shanti Yojana?

LIC (Life Insurance Corporation of India) has launched the New Jeevan Shanti scheme, also known as Plan 758, to make people's lives easier. With this plan, an individual can invest a large sum of money or a substantial fund in one go and receive an annual pension of ₹1,00,000 as per their needs, making their life more comfortable after retirement.

Under this scheme, if you deposit a large sum of money in one go, you get to decide when you want to start receiving the pension – for example, after 1 year, 2 years, or a maximum of 12 years. You have to wait approximately one year to start receiving the pension through this plan. This process of receiving money is called a Deferred Annuity plan.

If you suddenly need money, you can take a loan against this plan just 3 months after investing in it. To deposit or invest money in this scheme and avail its benefits, the individual must be at least 30 years old and a maximum of 79 years old. Let's say the policyholder dies unexpectedly; your money will still be completely safe, as the money you deposited will be returned to your nominee along with interest.

How much investment is required for an annual pension of ₹1,00,000?

If you want an annual pension of up to ₹1,00,000 through this scheme, you will need to invest ₹8 lakh in a lump sum and wait for 12 years (the lock-in period) to easily receive a pension of up to ₹1,00,000. The longer you keep your money locked in this plan, that is, the longer you wait before receiving a pension from this scheme, the more your money grows through interest.