Every person in India wants a stable and secure source of income after retirement. Keeping this need in mind, the Life Insurance Corporation of India (LIC) has launched a unique plan called the LIC New Jeevan Shanti Plan. This plan is ideal for those who want a regular income without risk. Its key feature is that the pension amount is fixed at the time of investment, making future financial planning easier.
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How the Plan Works
The LIC New Jeevan Shanti Plan is a single-premium annuity scheme. Investors need to pay a single premium, after which they receive a pension for life or for a fixed period. The pension payment option is also completely flexible—you can receive the pension monthly, quarterly, half-yearly, or annually.
If an individual invests ₹10 lakh, they can receive a pension of approximately ₹1 lakh per year after retirement. This plan is especially suitable for those seeking financial security in their old age.
Minimum Investment and Eligibility
The minimum investment in the LIC New Jeevan Shanti Plan can start at ₹1.5 lakh, while there is no maximum investment limit. People aged 30 to 79 can purchase this plan.
This plan offers two types of pension options:
Immediate Annuity
Deferred Annuity
Return on Investment: How much will you receive after 5 years?
If a person invests ₹11 lakh at the age of 55, they receive a pension of approximately ₹1,02,850 every year after 5 years, i.e., from the age of 60. There are two main options available under this plan:
Deferred Annuity for Single Life provides a pension to only one person
Deferred Annuity for Joint Life provides a pension to both spouses, and the accumulated amount is returned to the nominee upon the death of the primary policyholder.
Special Features of the Plan
This plan is completely secure as it is administered by LIC, which is under the Government of India. Investors enjoy numerous benefits, including tax benefits under the Income Tax Act. The policy can also be surrendered if needed, allowing a portion of the invested amount to be repaid. Furthermore, the pension receipt method is completely flexible. Once invested, a lifetime pension is available, eliminating financial worries after retirement.
Why is this plan perfect for retirement?
Given the current market volatility and risk, the LIC New Jeevan Shanti Plan is the best option for those seeking guaranteed income. A regular pension after retirement can easily cover household expenses, medical expenses, and other essential needs. There is no market risk, and complete security is backed by a government guarantee.
If you want a guaranteed monthly income after retirement and freedom from financial worries, this LIC plan can be a reliable option for you.
(Note: This article is for informational purposes only. Please consult an LIC agent or financial advisor before investing.)