In which after investing, you will not have to worry about money for the rest of your life. LIC’s Saral Pension Scheme arranges for lifelong pension on paying the premium only once. After taking this policy, the pension you will get for the first time, the same pension will be available for the whole life.

After investing in it, you do not even need to wait for the age of more than 60 years for pension. In this policy only at the age of 40 years you start getting the benefit of pension. You can take pension every month, every three months, every 6 months or once in 12 months. So let’s know about it in detail…

Will get two options

There are two options to take this scheme. The first is single life in which the policy will be in the name of any one. On his death, the amount of base premium will be given to the nominee. Another option is joint life. In this, both the spouses are covered. First the primary pensioner will get the pension and after his death the pension will be given to his spouse. If both of them die, then after their death, the amount of base premium will be received by their nominee.

Who will get how much pension?

People of minimum 40 years and maximum 80 years can take advantage of this scheme. In this, you will have to take a minimum of Rs 1,000 per month or an annual pension of Rs 12,000. For this you have to invest 2.5 lakhs. There is no limit on taking maximum pension in this. You can get a pension of Rs 50250 every year by paying a single premium of Rs 10 lakh. Remember that you must be 40 years old here.

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The name of this scheme of LIC is New Jeevan Shanti Yojana. By investing in it, you get the facility of lifelong pension after retirement. After retirement, often people’s source of income ends, but the expenses of normal life increase your burden. In such a situation, the Life Insurance Corporation of India ie LIC keeps coming up with different types of pension plans. LIC’s New Jeevan Shanti Scheme (LIC New Jeevan Shanti Scheme) is an annuity plan, that is, while taking it, your pension amount will be fixed. In this, you will get the facility of pension every month.

LIC has increased the annuity rates for the new Jeevan Shanti plan. LIC says that the revised version of this plan with increased annuity rates will be available for sale from January 5, 2023. The incentive for the higher purchase price has also been increased. It ranges from Rs 3 to Rs 9.75 or Rs 1000 depending on the purchase price and deferment period selected.

Press Release – LIC of India modified New Jeevan Shanti (Plan No. 858)#LIC pic.twitter.com/xBzwAaeyHR

— LIC India Forever (@LICIndiaForever) January 5, 2023

There are two options

You get two types of options in LIC’s New Jeevan Shanti Scheme. The first option 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.

On the death of one, the other will get pension 

In Deferred Annuity for Single Life when a policyholder dies. The nominee will get the money deposited in his account. If the policyholder survives, he starts getting pension after a certain period of time. In Deferred Annuity for Joint Life, if one person dies, then the other gets the facility of pension. At the same time, after the death of both the persons, the money that remains of the policy. It is given to the Nominee.

Understand the method of payment 

As per this scheme, the mode of payment is 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 No. The annuity rates are guaranteed at the inception of the policy and the annuity is payable when the deferred period is over.

Understand the special things at a glance 

• The minimum plan price of New Jeevan Shanti Scheme is Rs 1.5 lakh.
• You can invest at least Rs 1.5 lakh in this scheme.
• There is no limit on the maximum investment in this scheme of LIC.
• You can get the pension on yearly, 6 months, 3 months or monthly basis as per your requirement.
• If you invest Rs 1.5 lakh, you get a lifetime pension of Rs 1000 every month.
• On an annual basis, a pension of Rs 12,000 will continue to be available throughout life.

The post LIC Pension Plan: Invest in this plan of LIC for lifelong pension, increased annuity rate, know what is the plan first appeared on Rightsofemployees.com.