Everyone saves a portion of their income, looking for safe and rewarding investment opportunities. While numerous options exist, LIC, India’s largest insurance provider, offers a scheme designed to ensure financial security in your golden years.
This retirement plan, known as LIC’s New Jeevan Shanti Plan, is a popular choice for those seeking a stable post-retirement income. This article will provide a detailed overview of its benefits and features.
The Advantage of a Single Investment
LIC’s New Jeevan Shanti Plan guarantees a regular pension after retirement through a single investment. Once invested, you receive a lifelong pension. The age bracket for this policy is 34 to 79 years. Although it does not include risk cover, its benefits are highly regarded. The plan offers two choices: Deferred Annuity for Single Life and Deferred Annuity for Joint Life. You can select either option based on your preference.
Unlocking Your Retirement Income
The LIC New Jeevan Shanti Plan is an annuity plan that allows you to set your pension limit at the time of purchase. The fixed pension is then disbursed to you for life after retirement, along with attractive interest. For example, if you invest in this plan at age 55, depositing Rs 11 lakh and holding it for five years, you could receive an annual pension exceeding Rs 1,01,880. For half-yearly payments, the pension would be Rs 49,911, and for monthly payments, it would be Rs 8,149.
Flexible Investment and Surrender Options
The annuity rates for the New Jeevan Shanti Plan have recently been enhanced, making it an even more appealing investment. This plan is accessible to everyone. A key feature is the ability to surrender the plan at any time. The minimum investment required is Rs 1.5 lakh, with no upper limit. In the unfortunate event of the policyholder’s demise, the entire deposited amount is paid to the nominee.
