The first question that comes to mind when you hear the word retirement is how to manage your monthly expenses. You get a salary during your job, but it is very important to have a regular income guarantee after retirement. Nowadays, savings are not enough, we need a scheme with safe and assured returns. Keeping this in mind, LIC has launched the New Jeevan Shanti Plan. This policy is designed for those who do not want to worry about money in their old age. Invest once and get a lifetime pension after a specified period. This is the biggest strength of this scheme.
Best option for these people
LIC New Jeevan Shanti is suitable for risk-averse investors. It is a single-premium annuity plan, which means you do not need to deposit money monthly or annually. You make a one-time investment and your pension remains fixed at the time of purchasing the policy. Whether the market goes up or down, your pension will not be affected. Whether you are employed, businessmen, nearing retirement, or already retired, this plan is suitable for everyone. The main thing is that it guarantees a lifetime income.
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Two pension options are available
Under this scheme, LIC offers two pension options to the policyholders. The first option is Deferred Annuity for Single Life. In this scheme, the pension is paid only to the policyholder and after his death, the entire accumulated amount is returned to the nominee. The second option is Deferred Annuity for Joint Life. This option can include a husband, wife, or two close relatives. After the death of one, the other continues to receive a lifetime pension. After the death of both, the invested money is returned to the nominee.
Investment Prerequisites
The minimum age to invest in LIC New Jeevan Shanti is 30 years and the maximum is 79 years. This makes this scheme beneficial for both young and senior citizens. The minimum investment starts from Rs 1.5 lakh, but there is no limit on the maximum investment. The policy offers the option to choose a deferment period ranging from 1 year to 12 years. The longer the waiting period, the higher the pension. Loan facility is also available 3 months after purchasing the policy.
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You will get Rs 1 lakh annually
The pension received under this scheme depends on your age, investment amount and the chosen deferment period. For example, if a person makes a one-time investment of Rs 11 lakh at the age of 55 and opts for a deferment period of 5 years, then they will get a guaranteed annual pension of around Rs 1,01,880 after the completion of the specified period. If this pension is taken every month, the amount will be around Rs 8,149.