Everyone sets aside some of their earnings and invests wisely to avoid financial struggles in their later years. It’s also important to create a steady income stream.
To tackle this issue, LIC offers various insurance plans that guarantee a fixed pension. If you don’t save, you might find yourself relying on others when you get older. Today, we’ll dive into all the details about LIC’s new life policy plan to help you secure your finances.
What pension can you expect based on your investment?
If you put in Rs 10 lakh into this scheme at age 45, you could receive an annual pension of Rs 74,300. The amount can increase if you choose to start your pension after 5, 10, 15, or 20 years, though there are some conditions to keep in mind. You can also opt for returns on a monthly, quarterly, half-yearly, or yearly basis.
Single and Joint Plans
The New Jeevan Shanti Plan offers two investment options: single life and joint life.
If you go for the ‘Deferred Annuity for Single Life’ option, you’ll receive a fixed pension after the deferment period ends, and your nominee will get back the invested amount after your passing.
Age Limit
LIC’s policy is available for individuals aged 30 to 79, but it doesn’t include risk coverage. Still, the benefits of this plan have made it quite popular.
You can choose between two purchasing options: Deferred Annuity for Single Life or Deferred Annuity for Joint Life. You can either invest in a single plan or opt for the joint option if that suits you better.
Lifetime Pension Assurance Program
The Life Insurance Corporation of India (LIC) offers a diverse range of exceptional plans tailored for individuals at every stage of life. Among these, LIC’s retirement plans stand out for their popularity, specifically designed to ensure financial stability post-retirement. Focusing on the LIC New Jeevan Shanti Plan, it is noteworthy that this is a single premium program that secures a consistent pension upon retirement through your investment. This plan allows you to receive an annual pension of Rs 1,00,000 for the rest of your life.
For instance, if a 55-year-old individual invests Rs 11 lakh in the LIC New Jeevan Shanti Plan, the investment will be maintained for five years, after which, upon reaching the age of 60, the individual will receive an annual pension of Rs 1,02,850.
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