Everyone wants to secure their future financially. For which he invests in such assets so that at the time of retirement he has enough funds to live a comfortable life. If someone does not want to take risk in stock market or mutual funds, then he can also invest in LIC. LIC has such a great scheme. Whose name is LIC New Jeevan Shanti. Through this scheme, anyone can get a guaranteed pension of Rs 1 lakh per year after retirement. Let us also tell you which plan of LIC is this. What are its benefits and how can anyone get an annual pension of up to Rs 1 lakh by investing in it?
LIC’s amazing new Jeevan Shanti plan
Life Insurance Corporation of India offers many pension schemes. One of them is the new Jeevan Shanti plan of LIC. This is a very popular scheme, because it guarantees lifelong pension after retirement. New Jeevan Shanti Yojana is an annuity plan in which you can decide your pension amount while taking the plan. After this, you will continue to receive the same monthly pension throughout your life. This means that your pension related worries will end with just one investment.
Lock-in period of 5 years, these are two options
The lock-in period of LIC New Jeevan Shanti Plan is five years. This means that after the lump sum investment, the amount will be locked for five years. After this you will get monthly pension based on your investment. The minimum investment in this LIC scheme is Rs 1.5 lakh. But today you can invest as much as you want, and the more you invest, the more your pension will grow.
This LIC plan is available in two options: Deferred Annuity for Individual and Deferred Annuity for Joint. This means that you can invest in a single scheme or can also choose the joint option.
How do annuity plans work?
The policy holder will continue to receive pension throughout his life. However, if the policy holder dies due to any reason and the annuity amount is set aside for the single life plan, the amount credited to his account will be given to the nominee mentioned in the documents. Meanwhile, if one of the policyholders choosing the deferred annuity option for the joint scheme dies, the pension benefit will be given to the other one. However, if both the persons die, the entire amount will be given to the nominee.
These are the benefits of the policy
The age limit for this LIC policy is 30 to 79 years. Although this plan does not include any risk cover, many of its benefits are still present, which increases its popularity. For example, after taking this pension plan of LIC, you can surrender it at any time. Moreover, once invested, you will receive pension for the desired period. That is, if you want, you can take your pension every month, and if you want, you can take a lump sum every three months or every six months, or even annually.
How to get annual pension of Rs 1 lakh?
Considering LIC’s new Jeevan Shanti scheme, if a 55-year-old invests Rs 11 lakh in this scheme and holds it for five years, he will get a pension of Rs 1 lakh per year. This lump sum investment will yield a pension of more than Rs 1,01,880 per year. Six months pension will be Rs 49,911 and monthly pension will be Rs 8,149. Despite the minimum investment amount being Rs 1.5 lakh, you can get an assured pension of Rs 1,000. Overall, choosing this policy as a retirement scheme can prove beneficial.