Life insurance is one of the easiest and best ways to secure your future.
Life insurance is one of the easiest and best ways to secure your future. Insurance provides financial security to your family when you are not there. The country’s largest government insurance company, Life Insurance Corporation of India, ie LIC offers a variety of schemes. Along with life insurance, LIC offers pension related schemes. In this, you can get financial assistance in old age by paying a lump sum or annual premium.
One of the better schemes is LIC’s Jeevan Shanti Scheme. It is a pension scheme that provides a fixed amount to the policyholder in old age. Jeevan Shanti Scheme is a non-linked plan. Also, you have to pay a yearly premium. The customer has the option of choosing an immediate annuity or a deferred annuity. Here the policy holder has the option to start pension immediately or after 5, 10, 15 and 20 years. As time progresses, the pension amount will increase.
How much return will you get?
Suppose, at the age of 30 or 35, you are depositing Rs 5 lakh in a lump sum in the policy and after 20 years you are asked to determine the pension. So you will get pension at the rate of interest of around 21.6% per annum. In this context, after 20 years, you will continue to get 1.05 lakh rupees every year or about 9 thousand rupees every month. If your deposit is Rs 10 lakh, then the monthly pension will be Rs 17500 i.e. Rs 2.10 lakh annually. You can get this return on monthly, quarterly, half-yearly or even yearly basis.
Policy Features
- This scheme offers you pension benefits after a certain period.
- Individuals can take a minimum of 30 years and maximum of 85 years.
- You can also avail loan on this policy.
- If you have any problem related to the policy then you can surrender anytime after 3 months.
- There will be no need for any medical document for this.
- You have the option to get a pension immediately or start a pension anytime between 1 to 20 years of your choice.
- The annual rates will be guaranteed at the time of taking the policy for both immediate and deferred annuity options.
- Once selected the option cannot be changed.
- Various annuity options and modes of annuity payment are available under the scheme.
- You can buy this plan offline as well as online.
