LIC Jeevan Shanti Policy: A pension of one lakh rupees will be given every month, only this premium will have to be paid
You will get a pension every month on a one-time investment in LIC Jeevan Shanti Policy.
LIC's New Jeevan Shanti (LIC New Jeevan Shanti) has been updated with a higher annuity rate. It has also increased the purchase-price incentive. LIC Jeevan Shanti can be a great option for those getting a fixed pension. Those who want to retire early can invest in this pension scheme.
Can buy investment annuity of Rs 1.5 lakh
LIC's New Jeevan Shanti is a single-premium plan. Under this, the policyholder can choose between Single Life and Joint Life Deferred Annuity. It also provides an additional benefit on death per month which is equal to the purchase price multiplied by the annuity rate per annum and divided by 12.
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. The maximum age is 79 years. This means that the minimum age is 31 years and the maximum is 80 years.
It also provides a death benefit for both options. This will be the total annuity payable at the time of death after deducting the purchase price and additional benefits on death. It can also be 105 percent of the purchase price -- whichever is higher.
Here we are telling how much you have to pay to get a monthly pension of Rs 1 lakh per month
LIC's premium calculator shows that a lump sum single premium of Rs 10,5,16,528 can be availed by an individual above Rs 1 lakh with a deferred annuity of a maximum of 12 years.
This can be obtained when the payment is made at the age of 30 years.
This amount will remain locked in for 12 years. After that, you will get Rs 1 lakh per month till you are alive. If unfortunately, you die, your nominee will get the death benefit.
You can pay the annuity in monthly, yearly, half-yearly, and quarterly installments.
Earlier this month, LIC increased the incentive for the purchase price. The incentive ranges from Rs 3 to Rs 9.75 per Rs 1,000. It depends on the price and duration.