LIC Policy Holders: Life Insurance Corporation of India has announced to increase the annuity rates for its new Jeevan Shanti scheme. News Jeevan Shanti Yojana is for those customers who are currently employed or self-employed.
But, he wants to have assured income in his old age and wants to spend his old age peacefully without any worries. LIC has invited customers to buy the new Jeevan Shanti plan with revised rates.
The country’s largest insurance company LIC has increased the annual rates of ‘New Jeevan Shanti Yojana’ (Plan No. 858). New Jeevan Shanti plan is a single premium plan of the company.
Enhanced new rates applicable from this day
LIC said the plan with enhanced annuity rates will be available for sale from January 5, 2023. At the same time, the incentive for higher purchase price has also been increased. It ranges from Rs.3/- to Rs.9.75 per Rs.1000/- depending upon the purchase price and the moratorium period selected.
LIC New Jeevan Shanti Plan Minimum Annuity
- Monthly minimum annuity: Rs.1000 per month
- Minimum quarterly annuity: Rs.3000 per quarter
- Half yearly minimum annuity: Rs.6000 per half year
- Annual minimum annuity: Rs.12000 per year.
- New Jeevan Shanti Scheme Payment Method
According to LIC, the payout of New Jeevan Shanti plan is payable half-yearly, quarterly and monthly. Annuity will be payable in arrears i.e. after 1 year, 6 months, 3 months and 1 month from the date of vesting of annuity, depending on whether the mode of annuity payment is yearly, half-yearly, quarterly Or not. Annuity rates are guaranteed at policy inception, and annuities are payable when the deferment period expires for the remainder of the annuitant’s life.
Plan available in two options
LIC’s New Jeevan Shanti plan is available to the customers in two options. One is deferred annuity for single life and the other is deferred annuity for joint life. However, while taking the scheme, keep in mind that the annual option once chosen cannot be changed.