LIC New Policy : LIC New Jeevan Shanti Yojana is a pension plan offered by Life Insurance Corporation of India (LIC) which provides financial assistance to individuals after retirement.
Retirement planning is an important aspect for which individuals should start planning from an early age to secure their future. The new Jeevan Shanti Yojana (Scheme No. 858) provides the facility of lifelong pension after retirement.
There are two options in this annuity plan: Deferred Annuity for Single Life and Deferred Annuity for Joint Life.
The plan provides a fixed pension amount which can be availed on yearly, 6-monthly, 3-monthly or monthly basis depending on the requirement of the individual. An annuity plan is a type of insurance contract where a lump sum amount is paid to the insurance company in exchange for a regular income stream in the future.
Even if you lose your job, you will get full benefits
One of the benefits of this scheme is that it provides pension even if the person has to retire prematurely due to some reason in his job. Annuity rates are guaranteed at the inception of the policy and annuities are payable at the end of the deferment period. The annuity rate for New Jeevan Shanti plan has been revised and increased by LIC from 5th January 2023.
Thousand rupees pension on investment of only Rs 1.5 lakh
The scheme does not have a maximum investment limit and the minimum scheme value is Rs 1.5 lakh. If a person invests Rs 1.5 lakh, he will get a pension of Rs 1000 every month throughout his life.
In case of death of the policyholder due to any reason, if he has opted for deferred annuity for single life plan, the money deposited in his account will go to the nominee.
If the policyholder survives, he will get the pension. In case of deferred annuity for joint life, if one person dies, the other will get pension. If both the persons die, then the nominee will get the entire amount.
