LIC New Jeevan Shanti: After retirement, most people face a situation where their regular income stops, but their expenses stay the same.
This is especially difficult for those who work in private jobs or do small businesses that don’t offer pensions.
These individuals often struggle to manage expenses once they stop working. If you’re one of these people, there’s good news for you.
LIC, the country’s largest insurance company, offers a pension plan where you invest only once, and then you will receive a fixed amount every month for the rest of your life.
LIC Pension Scheme Overview
LIC’s New Jeevan Shanti is a pension scheme that allows you to receive a fixed monthly income after investing just once.
In the LIC New Jeevan Shanti Plan, you make a one-time investment, and after retirement, you’ll receive a regular pension throughout your life.
What is the New Jeevan Shanti Plan?
The New Jeevan Shanti Plan by LIC is designed to provide a lifetime pension after retirement.
Once you invest in the plan, you don’t need to worry about it. After turning 60, you will begin receiving a fixed pension every month.
If you invest the right amount, you could receive up to ₹1 lakh annually for life.
Investment Details and Conditions
The New Jeevan Shanti Plan is a single-premium policy, meaning you pay just once. You can start by investing a minimum of ₹1.50 lakh, and there is no upper limit.
The more you invest, the higher your pension will be. The plan is open to individuals aged 30 to 79 years. If you are not satisfied with the policy, you can surrender it anytime.
How Much Pension Will You Receive?
The amount of pension you get depends on how much you invest. For example, if you invest ₹11 lakh at the age of 55, you will receive ₹1,02,850 annually once you turn 60, for the rest of your life.
You can choose to receive this amount monthly, quarterly, or half-yearly. If the policyholder passes away, the nominee will receive the full invested amount along with interest.
Additionally, you can surrender the policy at any time, and its surrender value is higher than other similar policies. A loan facility is also available on this policy.
