Retirement Planning: This LIC policy provides lifetime pension on one-time payment; know investment age limit and other key details
LIC Pension Plan: In today's world, the majority of people are employed in the private sector. While they may earn and save a substantial amount during their working years, a steady income is essential to meet daily expenses in retirement. Without such an arrangement, an individual may have to rely on others for their needs.
LIC Jeevan Shanti Plan
LIC's New Jeevan Shanti Plan is an ideal solution. This is a non-linked, non-participating, individual, single premium, deferred annuity plan. You pay the premium only once, and it provides a lifetime pension. Here's how it works:
LIC New Jeevan Shanti Plan: Single and Joint Plans
The New Jeevan Shanti Plan offers two investment options: Single Life and Joint Life.
Deferred Annuity for Single Life
- Deferred Annuity for Single Life: You receive a fixed pension amount after a specified deferment period. Upon your death, the invested amount is returned to your nominee.
Deferred Annuity for Joint Life
- Deferred Annuity for Joint Life: You start receiving a pension after the deferment period. Upon your death, the joint policyholder continues to receive the pension for life. The invested amount is returned to the nominee only after both policyholders have passed away. This plan can be taken with close relatives such as grandparents, parents, children, grandchildren, spouses, or siblings. Pensions can be received annually, semi-annually, quarterly, or monthly.
LIC New Jeevan Shanti Plan: Minimum investment of Rs 1.5 lakh
A minimum investment of Rs 1.5 lakh is required to avail of this plan, with no maximum limit on the purchase price. For an investment of Rs 1.5 lakh, you would receive an annual pension of Rs 12,000 or Rs 1,000 monthly. The policy is available to individuals aged 30 to 79. If you're unsatisfied with the policy, you can surrender it at any time. Additionally, a loan facility is available under this plan.
LIC New Jeevan Shanti Plan: Pension details for Rs 10 lakh investment
The pension amount depends on the deferment period and the age at which you purchase the policy.
Deferred Annuity for Single Life: Rs 10 lakh investment
For example, if you buy the Deferred Annuity for Single Life plan at age 45 with an investment of Rs 10 lakh and a deferment period of 12 years, you will receive:
- Rs 1,42,500 annually
- Rs 69,825 every six months
- Rs 34,556 quarterly
- Rs 11,400 monthly
Deferred Annuity for Joint Life: Rs 10 lakh investment
For the Deferred Annuity for Joint Life plan, the same investment and deferment period will yield:
- Rs 1,33,400 annually
- Rs 65,366 every six months
- Rs 32,350 quarterly
- Rs 10,672 monthly
Death Benefits
Additionally, the policy includes death benefits.