LIC special plan: LIC’s new Jeevan Shanti plan has been updated with a higher annuity rate. Purchase price incentive has also been increased. LIC Jeevan Shanti can be a great option for people in need of fixed pension. People who want to retire early can invest in this pension scheme. Let us know about it in detail.
LIC’s new Jeevan Shanti is a single-premium plan. Under this, a policyholder can choose between single life and joint life deferred annuity. It also provides additional death benefit per month.
The minimum purchase price for an annuity is Rs 1,50,000. The minimum age for entry under LIC New Jeevan Shanti Policy is 30 years. Maximum age is 79 years. This means the minimum vesting age is 31 years and maximum 80 years.
The minimum moratorium period – which is the lock-in period – is one year, while the maximum is 12 years. The minimum annuity is Rs 12000 per year. It also provides death benefit for both the options. This will be the total annuity payable at the time of death less the purchase price and additional death benefits. It can also be 105 percent of the purchase price – whichever is higher.
How to get monthly pension of Rs 1 lakh per month?
LIC’s premium calculator shows that a lump sum single premium of Rs 10516528 can fetch a person more than Rs 1 lakh with a maximum of 12 years of deferred annuity.
This can be achieved only if the payment is made at the age of 30 years. This amount will remain locked-in for 12 years. After this you will get Rs 1 lakh per month till you survive. If unfortunately you die, your nominee will receive the death benefit.
The annuity is payable in monthly, annual, half-yearly and quarterly instalments. Earlier this month, LIC had increased purchase-price incentives. Incentives range from Rs 3 to Rs 9.75 per Rs 1,000. They depend on the price and moratorium period.
