As the ageometer crosses the 40-50 threshold, concerns about post-retirement life tend to loom large, particularly for those grappling with financial constraints.
The challenge of sustaining oneself sans pension post-retirement underscores the urgency of retirement planning.
To address this, the Life Insurance Corporation of India introduces the LIC New Jeevan Shanti Scheme, offering a reliable solution for retirement income.
Ensuring Lifelong Pension
The hallmark of LIC’s tailor-made pension scheme is the one-time investment that paves the way for a lifelong pension post-retirement.
Under this scheme, known by plan number 858, retirees can embrace a life of financial stability.
Key Considerations for Potential Beneficiaries
Recognizing that job departures before retirement can abruptly halt income streams, the New Jeevan Shanti plan has been thoughtfully crafted.
Designed as an annual plan, it offers the flexibility to determine pension amounts based on the investment chosen. This pension begins streaming in at regular intervals of no less than a year.
Insights into the Scheme’s Mechanics
Marked as a single premium plan, this offering entails a one-time investment commitment.
The plan offers the choice of receiving pension payouts between 1 to 12 years. A notable feature is the possibility of securing a monthly pension upwards of Rs 11,000 by investing 10 lakhs in the scheme.
Interest rates span a range from 6.81% to 14.62%. Notably, both individual and joint applicants can avail of pension benefits.
Eligibility and Flexibility
The age window for potential investors stretches from 30 to 79 years, providing a broad scope for participation.
A standout feature is the option to surrender the plan at any time. Unlike some schemes, there are no upper limits on investments, fostering financial flexibility.
In the unfortunate event of the policyholder’s demise, the nominee receives the accumulated sum in the account, as the plan does not offer a risk cover.
In an era where financial security is paramount, LIC’s New Jeevan Shanti Scheme emerges as a beacon of stability for individuals journeying into retirement.
