Concerned about your retirement? LIC, India’s trusted life insurance provider, has introduced the LIC New Jeevan Shanti Policy to ensure financial security for seniors during their post-retirement years.
Understanding the LIC New Jeevan Shanti Policy:
This policy is a single premium annuity plan designed to provide a fixed pension for a selected period. You can receive an annual pension of up to Rs 1 lakh.
Eligibility for Investment:
Individuals between the ages of 30 and 79 are eligible to invest in this policy. It’s important to note that this policy does not offer any risk cover. You have the option to choose from two plans: Deferred Annuity for Single Life (Single Annuity Plan) or Deferred Annuity for Joint Life (Joint Annuity Plan).
Calculating Your Pension:
With a single premium investment, you can start receiving your pension anywhere between 1 to 12 years. For instance, a 30-year-old investing Rs 10 for 5 years will receive an annual pension of Rs 86,784. After 12 years, the annual pension increases to Rs 1,32,920. Similarly, at the age of 45, a Rs 10 lakh investment yields an annual pension of Rs 90,456 in 5 years and Rs 1,42,508 in 12 years. In the unfortunate event of the policyholder’s demise, the nominee will receive the full sum assured.
Also Read
What is PPF Account: A Comprehensive Guide to Public Provident Fund
One thought on “Ensure Your Retirement with LIC’s New Jeevan Shanti Policy: Guaranteed Annual Pension of Up to Rs 1 Lakh”