We are talking about the 'New Jeevan Shanti' plan. This is a great option for you. New Jeevan Shanti Plan is a deferred annuity, i.e., pension plan, the biggest advantage of which is that you have to invest money only once (Single Premium). After this, LIC gives you a guaranteed pension for life.
What is meant by deferred plan?
'Deferred' means that you invest money today, but the pension starts coming after a few years. You can decide for yourself whether you want a pension after 1 year, 5 years, or 12 years. The later you start taking pension, the higher your pension amount. Once your pension starts, you get it for life.
How will you earn after 30?
This plan is specially designed for those people who are employed or do some work of their own and want to arrange a regular income for their retirement. People between 30 and 79 years of age can buy it. If you buy it at the age of 30 and choose a deferment period of 2, 4, or 5 years, then you can start earning from 32, 34, or 35 years.
Single and Joint Plan
Two investment options are given in the New Jeevan Shanti Plan: the first is single life and the second is joint life. If you invest in the 'Deferred Annuity for Single Life' plan, then you get a fixed amount as pension after the completion of the deferment period, and after your death, the invested money is returned to your nominee. On investing in 'Deferred Annuity for Joint Life Plan', you start getting pension after the completion of the deferred period, and after your death, the person whose name has been added gets lifelong pension. The invested amount is returned to the nominee only after the death of both.
Minimum purchase price
It is necessary to invest at least 1.5 lakhs in this plan. There is no limit on the maximum purchase price. On investing 1.5 lakhs, you get a pension of 12 thousand rupees annually and 1000 rupees monthly. Any person from 30 to 79 years can buy this policy. If you do not like the policy after buying it, you can surrender it anytime. In this policy, you are also given the facility to take a loan.
How much pension on an investment of 10 lakhs?
While buying this policy, keep in mind that the longer the deferment period (the period between investment and pension starting) or the higher the age, the higher the pension you will get. If you buy New Jeevan Shanti Plan's Deferred Annuity for Single Life at the age of 45 for Rs 10 lakh and keep a deferment period of 5 years, then you will start getting Rs 89,400 annually after 5 years. Whereas if you choose the half-yearly pension option, you will get Rs 43,806 every six months, if you choose the quarterly pension option, you will get Rs 21,680 and if you choose the monthly pension option, you will get Rs 7,152 every month.
How much pension in a joint life plan?
On the other hand, if you buy the Deferred Annuity for Joint Life Plan at the age of 45 for Rs 10 lakh with a deferment period of 5 years, then you will get Rs 85,400 annually, Rs 41,846 every six months, Rs 20,710 every three months and Rs 6,832 every month as pension. Please note that death benefits are also included in this policy.
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