LIC’s New Jeevan Shanti Plan is a single-premium annuity policy. This means that investors pay a premium only once, in return for which they receive a regular pension for life. This plan is specifically designed for those who want a stable and secure retirement without market risk.
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Pension Receipt Options
The specialty of this plan is its flexibility. Investors can receive their pension monthly, quarterly, half-yearly, or annually, as per their convenience. As soon as the investment is made, it becomes clear how much future pension will be received. This transparency makes this plan trustworthy among investors.
Minimum Investment and Eligibility
A minimum investment of Rs 1.5 lakh is required to purchase the New Jeevan Shanti Plan. There is no maximum investment limit, allowing even high-income individuals to invest a large amount and receive a stable pension. The minimum age for investing in this scheme is 30 years, and the maximum is 79 years.
Two Pension Options
LIC offers two types of pension options under this scheme. The first option is an Immediate Annuity, in which the pension starts immediately after the investment. The second option is Deferred Annuity, in which the pension starts after a few years of investment. This is suitable for those who are currently working but want a stable income for the future.
Example of Return on Investment
Suppose a person invests ₹11 lakh at the age of 55. After five years, at the age of 60, he or she will start receiving an annual pension of approximately ₹1,02,850. If the investment amount is ₹10 lakh, the pension can be approximately ₹1 lakh annually. This way, the investor receives a guaranteed income for life.
Single Life and Joint Life Options
Two life protection options are available under this plan. The first is the Single Life Option, in which only the policyholder receives a lifelong pension. The second is the Joint Life Option, in which both spouses receive a pension, and the accumulated amount is returned to the nominee upon the policyholder’s death. This also ensures the family’s financial security.
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Why Choose LIC New Jeevan Shanti Plan
This plan is suitable for investors who wish to stay away from market volatility and are looking for a fixed, reliable pension. LIC’s reputation, guaranteed returns, and flexible annuity options make this plan even more attractive.