Invest money once in this scheme of LIC, you will get pension for lifetime

LIC New Jeevan Shanti Plan: LIC New Jeevan Shanti Plan is a single premium deferred annuity plan, which provides guaranteed pension for life after retirement. Start with a minimum investment of Rs 1.5 lakh and get regular income after a deferment period of 1 to 12 years. This can prove to be the best option for retirement planning for you. Know all the information about this plan of LIC.

Single or joint, both types of accounts are available 

If you also want that you do not have to face financial problems after retirement, then start investing as soon as possible. You should do retirement planning according to your financial situation. If you are starting retirement planning, then a scheme of Life Insurance Corporation of India (LIC) can be of great use to you. The name of this scheme is LIC New Jeevan Shanti Plan. What is LIC New Jeevan Shanti Plan?

This is a single premium, non-participating, deferred annuity plan offered by LIC. This plan is designed to ensure regular income after retirement. The policyholder has to pay only a lump sum premium. After this, he has the option of choosing an immediate or default annuity plan. If the deferred annuity plan is chosen, the pension starts after a certain period which can be from 1 to 12 years. Both single and joint accounts are available in this plan.

What is the age limit

The age limit for LIC New Jeevan Shanti Plan is fixed from 30 years to 79 years. There is no risk cover included in this. Despite this, the benefits available in this plan attract people. Benefits of LIC New Jeevan Shanti Plan

1. Guarantee of regular pension

The policy holder investing in this plan of LIC keeps getting regular pension throughout his life. On choosing deferred annuity, guaranteed pension starts after the deferment period, which remains constant throughout life.

2. Flexibility

In this plan of Life Insurance Corporation of India, the policy holder gets the option to choose the frequency of monthly, quarterly, half-yearly or annual annuity payment. If the policy holder wants, he can also choose single life or joint life option. This can include husband-wife, parents, siblings, grandparents, children etc.

3. Benefit in case of death

If the policyholder dies during the deferment period, then the amount of benefit to the nominee = Purchase Price + Guaranteed Additions Earned – Annuity amount paid so far (if any).

4. Loan Benefit

After 3 months from the start of the policy or after the end of the free look period, the policy holder can get a loan up to 80% of the surrender value.

5. Tax exemption benefit

If the policyholder takes a single premium, he/she gets a tax exemption of up to Rs 1.5 lakh under section 86 of the Income Tax Act 1961. Tax on annuity income is applicable as per your tax slab

6. Policy surrender facility

The policyholder can surrender the policy any time after 3 months of purchasing the policy. Apart from this, there is a free-look period of 15 days in offline purchase and 30 days in online purchase, in which the policyholder can cancel the policy if dissatisfied. The premium amount can also be refunded to the policyholder after some deductions.