These days, there are many pension schemes available, but most of them need you to pay a fixed premium every month for many years. However, LIC has a special scheme where you have to pay the premium only once, and you can earn for life.
The best part is that you can invest in this scheme at the age of 30 and start your pension anytime after that. This scheme is very useful for those who get a good amount of money after retirement but do not have a regular income. Know more about this special LIC plan here.
Know Which LIC Plan Gives You Lifetime Income After Just One-Time Payment
We are talking about LIC’s ‘New Jeevan Shanti’ plan. This is a great option for people who want regular income without paying monthly premiums. The New Jeevan Shanti Plan is a deferred annuity or pension plan. Its biggest benefit is that you have to pay the premium only once (Single Premium). After this, LIC gives you a guaranteed pension for life.
What Does Deferred Plan Mean and How Will You Earn After 30?
In a deferred plan, you invest money now, but your pension starts after a few years. You can decide whether you want to start getting pension after 1 year, 5 years, or even 12 years. The longer you wait to start your pension, the more you will receive. Once the pension starts, LIC will pay you for life.
This plan is perfect for working people who want to set up regular income for retirement. Anyone between 30 and 79 years of age can buy it. If you invest at the age of 30 and choose a deferment period of 2, 4, or 5 years, your pension can start from the age of 32, 34, or 35.
Single Life and Joint Life Options
There are two options in this plan—Single Life and Joint Life. In the Single Life option, you get pension after the deferment period. After your death, the money you invested is returned to your nominee. In the Joint Life option, both you and the person you add get pension. After both of your deaths, the investment is returned to the nominee.
Minimum Investment and Loan Facility
The minimum amount to invest in this plan is ₹1.5 lakh. There is no limit for the maximum amount. If you invest ₹1.5 lakh, you will get ₹12,000 pension yearly or ₹1,000 per month. People aged 30 to 79 can buy this policy. If you don’t like the policy after buying it, you can surrender it anytime. You can also take a loan under this plan.
How Much Pension on ₹10 Lakh Investment?
If you invest ₹10 lakh in the Single Life option at the age of 45 with a 5-year deferment, you will get ₹89,400 every year after 5 years. If you choose to take the pension every six months, you will get ₹43,806. For quarterly pension, you will get ₹21,680. And for monthly pension, you will get ₹7,152.
If you choose the Joint Life option at the same age and amount, you will get ₹85,400 yearly, ₹41,846 every six months, ₹20,710 every three months, and ₹6,832 every month. Death benefits are also included in this plan.