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.

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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.