There are many pension schemes available these days, but most of them require you to pay a fixed premium every month for many years. However, LIC has a scheme where you need to pay the premium only once, and you can earn a regular income for life.

The special thing about this scheme is that you can invest in it at the age of 30 and start your pension anytime after that. This plan is very useful for people who receive a good amount of money after retirement but do not have a regular income. Know more about this special LIC plan here.

Which LIC Plan is This?

We are talking about the New Jeevan Shanti plan. This is a very good option for those who want to earn a regular income after retirement. It is a deferred annuity plan, which means it gives you a guaranteed pension for life after a one-time investment (Single Premium).

What is a Deferred Plan?

Deferred means you invest your money now, but your pension will start after a few years. You can choose when to start your pension — after 1 year, 5 years, or even 12 years. The longer you wait, the higher your pension will be. Once your pension starts, it continues for life.

How Can You Earn After 30?

This plan is perfect for people who are working or self-employed and want to plan for regular income after retirement. Anyone between 30 and 79 years can buy this plan. If you buy it at age 30 and choose a deferment period of 2, 4, or 5 years, your pension can start at age 32, 34, or 35.

Single Life and Joint Life Options

The plan offers two options — Single Life and Joint Life:

In Deferred Annuity for Single Life, you start getting a fixed pension after the deferment period. After your death, the invested amount goes to your nominee.

In Deferred Annuity for Joint Life, both you and another person (like your spouse) get a pension for life. After both pass away, the nominee gets the invested amount.

Minimum Investment Needed

To buy this plan, you must invest at least ₹1.5 lakh. There is no limit on the maximum amount. If you invest ₹1.5 lakh, you will get ₹12,000 per year (₹1,000 per month) as pension. People aged 30 to 79 years can invest. You can also take a loan on this policy. If you don’t like the plan, you can surrender it any time.

How Much Pension on ₹10 Lakh Investment?

The longer you wait to start your pension, the more you will get. For example, if you invest ₹10 lakh at age 45 and choose a deferment period of 5 years:

You will get ₹89,400 per year after 5 years.

  • If you choose half-yearly, you will get ₹43,806 every six months.
  • If you choose quarterly, you will get ₹21,680 every three months.
  • If you choose monthly, you will get ₹7,152 every month.