LIC New Plan: LIC, one of the country’s largest and most trusted insurance companies, regularly offers various insurance and investment plans to its customers. People have had long-standing trust in LIC. LIC’s retirement plans, in particular, are quite popular, as they are designed with financial security after retirement in mind. One such plan is the LIC New Jeevan Shanti Plan. This is a single premium policy, where a one-time investment provides the benefit of a regular pension.

Everyone wants to invest a part of their earnings in a plan that will ensure they don’t have to worry about money after retirement. If you are also looking for a secure pension plan with this in mind, then LIC’s New Jeevan Shanti Plan can be beneficial for you. This policy guarantees a fixed pension for life after retirement with a one-time investment.

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Age Limit for LIC Policy

The LIC New Jeevan Shanti Plan can be purchased by individuals aged 30 to 79 years. Although this plan does not provide life insurance cover, its pension benefits make it very popular among people. The company offers two options for this plan. The first option is a deferred annuity for a single life, and the second is a deferred annuity for a joint life. Investors can choose one option according to their needs.

How the Pension is Received

LIC New Jeevan Shanti is an annuity-based plan. The investor can determine their pension amount at the time of purchasing the policy. After retirement, they continue to receive the same fixed pension for life. This plan is especially suitable for those who want a fixed income without risk.

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How Much Pension Can Be Received

Under the plan, the company offers attractive returns. For example, if a 55-year-old person invests approximately ₹11 lakh in this plan as a lump sum and holds the policy for five years, they can receive an annual pension of more than ₹1 lakh. This pension can be received on a monthly, half-yearly, or annual basis. Every month, the amount is more than ₹8,000.

Important Investment Rules

Any eligible person can invest in this scheme. One of its key features is that the policy can be surrendered if needed. The minimum investment amount is ₹1.5 lakh, while there is no upper limit for the maximum investment. If the policyholder dies during the policy term, the entire accumulated amount is paid to the nominee.