LIC Scheme: By investing in this scheme of LIC, you will continue to get pension for life after retirement. And you will not have to spread your hands in front of anyone.
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LIC New Jeevan Shanti Yojana: If you invest in LIC schemes, then this scheme can prove to be very beneficial for you. The name of this scheme of ALIC is New Jeevan Shanti Yojana. By investing in this scheme, you will continue to get pension for life after retirement. And you will not have to spread your hands in front of anyone. Because after retirement, the means of earning often ends for all people, but the expenses of common life still remain. In such a situation, there is no shortage of money after retirement, so people opt for different types of pension schemes.Pension Scheme) prefer to invest in.
Life Insurance Corporation of India i.e. 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, the amount of pension is fixed while buying it. How much pension will you get? Let us tell you that New Jeevan Shanti Scheme is a non-linked, non-participating, individual, single premium, deferred annuity plan of LIC. In these plans, you get two types of options on annuity. While buying this policy, you have to deposit a lump sum amount. After this, you start getting pension on a fixed period.
There are two options for investment
Under LIC’s New Jeevan Shanti Scheme, you can choose two types of options. The first option is Deferred Annuity for Single Life. On the other hand, Deferred Annuity for Joint Life. In the first option, you can buy a pension scheme for one person. In Deferred Annuity for Single Life, when a policyholder dies, the nominee will get the money deposited in his account. On the other hand, if the policyholder survives, he will start getting pension after a time.
In Deferred Annuity for Joint Life, if one person dies, the other continues to get pension facility. At the same time, after the death of both the persons, the money that remains of the policy. It is given to the Nominee.
This is how you will get pension
- The minimum plan price of New Jeevan Shanti Scheme is Rs 1.5 lakh.
- You have to invest at least Rs 1.5 lakh in this scheme.
- No limit has been fixed for 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 will get a monthly pension of Rs 1,000 for life.
- 12,000 pension on annual basis will continue to be available throughout life.
LIC increased annuity rates
LIC has increased the annuity rates for the new Jeevan Shanti plan. LIC has said that the revised version of this scheme with increased annuity rates will be available for sale from January 05, 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.
According to LIC’s New Jeevan Shanti plan, 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.
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