Everyone wants to feel safe about the future. After retirement, life can be hard if there is no steady income. In this case, LIC’s New Jeevan Shanti Plan can give common people hope for financial security. This scheme gives you a lifetime pension with just one-time investment. You can get a pension of up to ₹1,42,500 every year. This means about ₹11,400 every month.
About LIC’s New Plan
LIC’s New Jeevan Shanti Plan is a non-linked, single premium, deferred annuity plan. This means you pay once, and after a fixed period you start getting pension for life. There are two options in this plan – Single Life Annuity and Joint Life Annuity.
Single Life Plan – If you invest alone, you get pension for life after the waiting (deferral) period. After your death, your nominee will get the full investment amount.
Joint Life Plan – You can buy this with your spouse or family member. Pension will continue as long as you are alive. If you die, the other person will keep getting pension for life.
How Much to Invest?
The minimum investment is ₹1.5 lakh. This gives a pension of about ₹12,000 a year (₹1,000 per month). If you invest more, your pension will also increase.
For example, if a person invests ₹10 lakh at age 45 and keeps a deferral period of 12 years, he can get ₹1,42,500 per year (about ₹11,400 per month).
What is Deferral Period?
This is the time when you have invested but have not yet started receiving pension. The longer the deferral period, the higher the pension. The minimum is 1 year and the maximum is 12 years. For example, if someone invests at age 30 and waits 12 years, pension will start at age 42.
Who Can Apply?
Any Indian citizen between 30 years and 79 years can invest in LIC’s New Jeevan Shanti Plan.