Everyone wants to save a part of their income and invest it in a place where the money stays safe and also grows steadily.
This becomes even more important when planning for retirement.
In this area, LIC schemes are trusted by millions. One such popular scheme is the LIC New Jeevan Shanti Plan, which offers a guaranteed lifelong pension with a one-time investment.
This plan is designed for people who want a stress-free retirement income without worrying about market risks.
What Is LIC New Jeevan Shanti Plan?
LIC New Jeevan Shanti is a deferred annuity pension scheme.
This means you invest a lump sum once and start receiving a fixed pension after a set period.
The pension amount is decided at the time of purchase and remains the same for life.
With this plan, your retirement income is secured in advance, and you don’t need to make repeated investments.
Lock-In Period and Available Options
The plan comes with a 5-year lock-in period.
Your money remains invested during this time, and pension payments begin after the lock-in ends.
The minimum investment starts from ₹1.5 lakh, but there is no upper limit.
A higher investment results in a higher pension amount.
LIC offers this plan in two options:
Deferred Annuity for Single Life
Deferred Annuity for Joint Life
You can choose the option based on whether you want the pension for yourself or for both you and your spouse.
How the Pension and Annuity Work
Under the single life option, the policyholder receives a pension for life.
After their death, the invested amount is paid to the nominee.
Under the joint life option, the pension continues for the surviving spouse if one policyholder passes away.
If both policyholders pass away, the full investment amount is given to the nominee.
This ensures financial security for both the policyholder and their family.
Age Limit and Key Benefits
The age limit to buy this plan is 30 to 79 years. While this scheme does not offer life insurance cover, it has several attractive benefits.
You can surrender the policy if needed. Pension payments can be taken monthly, quarterly, half-yearly, or yearly, depending on your preference.
This flexibility makes the plan suitable for different retirement needs.
How to Get an Annual Pension of ₹1 Lakh
If a 55-year-old person invests ₹11 lakh in the LIC New Jeevan Shanti Plan and completes the 5-year lock-in period, they can receive an annual pension of around ₹1,01,880.
This works out to:
₹8,149 per month
₹49,911 every six months
Even with the minimum investment of ₹1.5 lakh, a guaranteed pension of around ₹1,000 can be secured.
For those looking for guaranteed income and peace of mind after retirement, LIC New Jeevan Shanti can be a reliable and practical option.
