LIC New Jeevan Shanti Plan No. 858: Life Insurance Corporation of India ( LIC ) has changed the annuity rates for its New Jeevan Shanti Plan (Plan No. 858). Now policyholders will get more annuity under this plan.
However, its benefit will be available only to those policyholders who have taken the plan on or after January 5. LIC also said that the purchase price for the New Jeevan Shanti plan has also been increased. Now policyholders can get an incentive of Rs 3 to Rs 9.75 per purchase price of Rs 1,000. However, the incentive is based on the purchase price and the deferment period chosen . LIC has given information about the change in this plan through a statement.
What is LIC’s New Jeevan Shanti Plan?
After retirement, people’s means of earning often ends, but the expenses of common life keep on increasing. This plan of LIC ensures a source of income for post-retirement life. LIC’s New Jeevan Shanti Scheme ( LIC New Jeevan Shanti Scheme ) is an annuity plan, that is, while taking it, your pension amount will be fixed. In this you will get the facility of pension every month.
There are two options for the plan
This is a single premium plan. You get two types of options in LIC’s New Jeevan Shanti Scheme. Policyholders can choose between Single Life and Joint Life Deferred Annuity. In the first option, you can buy a pension scheme for an individual.
In Deferred Annuity for Single Life when a policyholder dies. The nominee will get the money deposited in his account. If the policyholder survives, he starts getting pension after a certain period of time. In Deferred Annuity for Joint Life, if one person dies, the other gets the facility of pension. At the same time, after the death of both the persons, the money of the policy is given to the nominee .
New Jeevan Shanti Plan offers guaranteed annuity rates at the inception of the policy.
How much money will you get for 10 lakh rupees
The minimum purchase price in this plan is Rs 1.5 lakh. In this, you will get a minimum annuity of Rs 12,000 per year. However, there is no limit for the maximum purchase price.
According to the plan, in case of deferred annuity for single life, you can get a monthly pension of Rs 11,192 by purchasing a policy for Rs 10 lakh. You can get a monthly pension of Rs 10,576 on deferred annuity for joint life. The amount of annuity may vary on a case to case basis. For more information, you can contact LIC’s website.
