How will life be after retirement?

How will you manage your expenses after your salary stops every month? This stress happens to most of us. But, you don’t need to worry anymore. Life Insurance Corporation of India (LIC) has come up with a great plan to keep your retirement life comfortable and secure. Its name is ‘LIC New Life Peace Plan’.

The biggest feature of this scheme is that you need to invest money only once and you will continue to get pension every month or every year for the rest of your life. Let’s know how to get a pension of ₹1.42 lakh per year through this scheme.

What is ‘Jeevan Shanti’ Yojana?

It is a simple pension scheme. One-time investment: You can invest lakhs of rupees in a single policy. Wait for a few years: After the number of years you choose (from 1 to 12 years), your pension will start. Lifetime pension: Once the pension starts, it will continue till the end of your life. No stock market risk: It is not linked to the stock market, so your money is 100% safe. There is no fear of loss.

Two great options! This policy has two options for you:

Single Life (for yourself): In this option, you will get a pension for the money you invested for the rest of your life. After your death, your nominee (heir) will get the entire amount you invested.

Joint Life (for both husband and wife):

This is a plan designed for couples. Both can invest together. Even if one of the policyholders dies, the other will continue to receive pension for the rest of his life. After the death of both, the invested money goes to the nominee.

If you invest ₹10 lakh, how will you get a pension of ₹1.42 lakh per year?

Suppose you are 45 years old. You invest ₹10 lakh in the ‘Single Life’ option and choose to get pension after 12 years. After 12 years (at the age of 57), your pension will start.

Annual pension: ₹1,42,500, Monthly pension:

₹11,400. This pension will be available to you for life. After you, your nominee will get the ₹10 lakhs invested by you. If you opt for ‘Joint Life’, then for the same ₹10 lakh investment, after 12 years you will get a pension of ₹1,33,400 per year (₹10,672 per month).

Who can take this policy?

Age: Anyone between the ages of 30 and 79 can join. Minimum investment: ₹1.5 lakh. (This will give you a pension of ₹12,000 per year). Maximum investment: No limit. You can invest as much as you want according to your financial strength. This ‘New Jeevan Shanti Yojana’ from LIC is an excellent and safe way to stay financially secure in your retirement life without financial worries.

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Which will be of some help in daily expenses after your retirement. If you want that you get a substantial amount as pension, then this news can prove to be very useful for you. In this news, we are going to give you information about the excellent pension plan of the country’s most trusted insurance company LIC. Know what is special in this plan ..

The name of this plan of LIC is New Jeevan Shanti Yojana. Before investing in it, you must know the complete information about it. By investing in it, you get the facility of lifelong pension after retirement.

Know what is the plan

Many types of pension plans of Life Insurance Corporation of India ie LIC are available in the market. If you have to retire due to age or any other reason in the job, then often people’s source of income ends. After retirement, the burden of expenses in your normal life increases considerably. LIC’s New Jeevan Shanti Scheme (LIC New Jeevan Shanti Scheme) is an annuity plan, that is, while taking it, your pension amount becomes fixed. In this, you will also get the facility of pension every month.

Facility of two options in the plan

You get the facility of two types of options under this scheme. The first option in this is Deferred Annuity for Single Life. And the other is Deferred Annuity for Joint Life. In the first option, you can buy a pension scheme for one person.

Nominee will get money on death

If a policyholder dies, and he has a Deferred Annuity for Single Life Plan, then the money deposited in his account will be given to the nominee. If the policyholder survives, he will get pension. If one person dies in Deferred Annuity for Joint Life, then the other gets the facility of pension. On the other hand, if both the persons die, then all the money will be given to the Nominee.

What is annuity payment

The mode of payment is half yearly, quarterly and monthly. Annuity payment will be 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. The annuity rates are guaranteed at the inception of the policy and the annuity is payable when the deferred period is over.

LIC increased the annuity rate

Recently LIC has increased the annuity rates for the new Jeevan Shanti plan. LIC has increased the annuity rates from 5 January 2023. Revised version of this scheme with annuity rates has become available in the market for sale. It ranges from Rs 3 to Rs 9.75 or Rs 1000 depending on the purchase price and deferment period selected.

Understand at a glance what is special 

• There is no maximum limit for investment in this scheme.
• The minimum plan price of New Jeevan Shanti Scheme is Rs.1.5 lakh.
• You can invest at least 1.5 lakh in this plan. 
• You can take pension on yearly, 6 months, 3 months or monthly basis as per your need.
• If you invest Rs 1.5 lakh, you will get a pension of Rs 1000 every month for life.

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