Life Insurance Corporation of India (LIC) has launched ‘Jeevan Shanti’ plan. The specialty of this policy is the pension received in it. Know about the features of this policy.
new Delhi. Life Insurance Corporation of India (LIC) has launched the new Jeevan Shanti Yojana. The specialty of this policy is the pension received in it. By investing in this policy, a person can arrange monthly pension throughout his life. With this, a person can easily meet his post-retirement expenses. This is a single premium plan. In Jeevan Shanti policy, customers can choose two options. The first is an intermediate annuity and the second is a deferred annuity.
What is the scheme- In the option of intermediate annuity, the facility of pension is available immediately after taking the policy. At the same time, in the option of deferred annuity, pension facility is provided after 5,10,15 or 20 years of taking the policy. If you want, you can start your pension immediately and if you want, you can also start it later. Suppose you are 40 years old, if you invest a lump sum 10 lakhs in a scheme, then you will have the option to start pension immediately or after 5, 10, 15 or even 20 years.
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How much pension will be received – The amount of pension under this scheme is not fixed. It depends on your investment, age and differential period. There are two things to consider here. The longer the differential period (the period between investment and pension start) or the higher the age, the more pension you will receive. LIC pays a pension for this as a percentage of your investment. For example, if you start a pension after 5 years on an investment of 10 lakhs, then according to the return of 9.18 percent, you get a pension of Rs 91800 annually.
People of this age can take advantage of this scheme – Individuals up to minimum 30 years and maximum 85 years can take this plan of LIC. In Jeevan Shanti Plan, loan can be done after 1 year of pension and it can be surrendered, 3 months after the commencement of pension.
The annual rates will be guaranteed at the time of taking the policy for both immediate and deferred annuity options. Various annuity options and modes of annuity payment are available under the scheme. Once selected the option cannot be changed. This plan can be purchased offline as well as online. This plan is similar to LIC’s old plan Jeevan Akshay.
