Everyone wants that they do not have to face any financial problems after retirement. Therefore, most people try to save some amount from their earnings and invest it in such a place, which will give them regular income after retirement in future.
To provide financial security to people after retirement, the country’s largest insurance company Life Insurance Corporation of India (LIC) offers many plans, which guarantee pension for life. One such popular scheme is LIC New Jeevan Shanti Policy.
Lifetime pension guarantee
LIC New Jeevan Shanti Plan is a single premium plan, which means you have to invest money only once and after retirement you get a guaranteed life time pension. Through this you can get a pension of Rs 1,00,000 every year, that too for life.
Single and joint plans
LIC offers two options for investing in New Jeevan Shanti Plan. The first is Deferred Annuity for Single Life and the second option is Deferred Annuity for Joint Life. If you invest in the ‘Deferred Annuity for Single Life’ plan, you get a fixed amount as pension after the completion of the deferred period and after your death the invested money is returned to the nominee.
If you invest in ‘Deferred Annuity for Joint Life Plan’, then after the completion of the deferred period, you start getting pension and after your death, the person whose name is included in this joint plan gets pension for life. In this option, the invested amount is returned to the nominee only after the death of both the people included in the joint life plan. In this plan, you can choose any option for pension from yearly, half-yearly, quarterly and monthly. It
is necessary to invest at least 1.5 lakhs (Minimum investment)
It is necessary to invest a minimum of 1.5 lakhs in this plan. At the same time, there is no limit on the maximum purchase price. On investing 1.5 lakhs in this plan, you get a pension of 12 thousand rupees annually or 1000 rupees every month.
Age limit for the policy
Any person between 30 to 79 years can buy this policy. If you do not like the policy after buying it, you can surrender it at any time.
Other benefits along with pension
Along with guaranteed pension, other benefits in LIC’s New Jeevan Shanti Plan include death cover. That is, if the policyholder dies during this period, the entire amount deposited in his account is given to the nominee. Another special feature of this plan is that you can surrender this plan at any time. You can make a minimum investment of Rs 1.5 lakh in this plan, while there is no maximum investment limit for this.
