LIC New Jeevan Shanti Policy: LIC new Jeevan Shanti is a single-premium plan.
LIC's New Jeevan Shanti has been updated with a higher annuity rate. It also has enhanced purchase-price incentives. LIC Jeevan Shanti can be a great option for those needing a fixed pension. Those who want to retire early, can invest in this pension plan.
LIC new Jeevan Shanti is a single-premium plan. Under this, a policyholder can choose between Single life and Joint life deferred annuity. It also offers additional benefits on death per month which is equal to: purchase price multiplied by annuity rate per annum; divided the sum by 12.
The minimum purchase price for the annuity is Rs 1,50,000. The minimum age of entry under LIC New Jeevan Shanti Policy is 30 years. The maximum age is 79 years. This means the minimum vesting age is 31 years and maximum is 80 years.
The minimum deferment period -- which is the lock-in period -- is one year, whereas the maximum is 12 years. The minimum annuity is Rs 12000 per annum.
It also provides death benefits for both the options. It will be purchased price plus additional benefit on death minus the total annuity payable at the time of the death. It could also be 105 percent of the purchase price -- whichever is higher.
Here's how much you have to pay to get a monthly pension of Rs 1 lakh per month.
LIC's premium calculator shows that a one-time single premium of Rs 10516528 can get a person over Rs 1 lakh with a deferred annuity of the maximum 12 years.
This can be achieved when the payment is made at the age of 30 years.
The amount will remain locked-in for 12 years. After that, you will receive Rs 1 lakh per month till you are alive. If unfortunately you die, your nominee will get the death benefits.
Annuity is payable in monthly, yearly, half-yearly and quarterly installments.
Earlier this month, LIC raised the incentive for the purchase price. The incentives range from Rs 3 to Rs 9.75 per Rs 1,000. They depend on the price and the deferment period.
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