LIC New Jeevan Shanti Plan
After retirement, every person wants his life to be secure and comfortable. In such a situation, LIC New Jeevan Shanti Plan has emerged as an excellent option. This scheme is especially for those who want lifelong pension without any risk.
What is LIC New Jeevan Shanti Plan?
This plan is a single premium annuity plan. This means that you have to invest only once and after that the pension is guaranteed. The option of taking pension is also flexible. You can take it monthly, quarterly, half yearly or annually. The biggest advantage of the scheme is that as soon as you invest, you get assurance of future pension.
For example, if a person invests ₹ 10 lakh, then after retirement he can get a pension of about ₹ 1 lakh per year. This is very beneficial for those people who want to stay away from financial stress in old age.
Minimum investment and eligibility
The minimum investment to purchase this scheme is ₹1.5 lakh and there is no limit on the maximum investment. The policy can be opened for anyone between the age group of 30 to 79 years. It has two main options, Immediate Annuity in which pension starts immediately after investment and Deferred Annuity in which pension starts after a fixed period of investment.
Example of return on investment
Suppose a person invests ₹ 11 lakh at the age of 55 years. After 5 years, i.e. at the age of 60, he can get a pension of about ₹ 1,02,850 every year. Apart from this, there are two types of life options in the scheme, first is Single Life in which only the policyholder gets pension. The other one is Joint Life in which both husband and wife get pension and after the death of the policyholder, the deposited amount is returned to the nominee.