LIC’s great pension plan: will get the benefit of pension up to Rs 1 lakh, know the details
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LIC New Jeevan Shanti Plan: After some time every person is worried about retirement. LIC, the country’s largest and oldest life insurance company, comes up with various types of insurance plans from time to time.
Today we are telling you about one such policy of LIC which is specially designed to provide financial security to senior citizens after retirement. The name of this insurance policy is LIC New Jeevan Shanti Policy.
Know about LIC New Jeevan Shanti Policy?
LIC New Jeevan Shanti Policy is an annual plan that can be purchased through a single premium. It is a non-linked, non-participating and single premium annuity plan. The biggest advantage of investing in this policy is that you can get a pension of up to Rs 1 lakh on an annual basis. It is a policy that provides pension for a specified period. If you are also thinking of investing in this policy, then we are telling you about its details.
What is the investment limit?
The age of investment in this pension policy of LIC has been fixed between 30 years to 79 years. In this policy, you do not get the benefit of any kind of risk cover in the policy. You can invest in this policy in two ways. The first is Deferred Annuity for Single Life (Single Annuity Plan) and the second is Deferred Annuity for Joint Life (Joint Annuity Plan). You will get the benefit of pension in single plan only. At the same time, two people will get the option to invest jointly.
What is the calculation of pension?
In this pension scheme, you can get pension after 1 to 12 years by investing single premium. Whereas in case of deferred annuity, you start getting pension benefits immediately after paying the premium. According to the LIC calculator, if you invest Rs 10 in this policy at the age of 30 for a period of 5 years, you will get a pension of Rs 86,784 after five years.
At the same time, in a period of 12 years, you will get Rs 1,32,920 as pension on an annual basis. An investment of Rs 10 lakh at the age of 45 will give an annual pension of Rs 90,456 after five years and Rs 1,42,508 after 12 years. If a policyholder dies, the entire amount will be given to the nominee.
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