Life Insurance Corporation of India (LIC) is one of the most trusted companies in India with a wide variety of policies to offer its customers. LIC recently updated the New Jeevan Shanti (Plan No. 858) and now it will provide a higher annuity rate and enhanced purchase-price-based incentives.
LIC's New Jeevan Shanti is a very good option for people to retire early with a fixed monthly quarterly, half-yearly, or annual cash flow. One needs to pay a purchase price and wait for the deferment period (from 1 to 12 years).
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The plan has no maximum purchase price limit, so the higher the purchase price is paid, the higher annuity will be received by the customers. LIC provides a calculator through its official website which will help estimate the annuity one can receive by paying a specific purchase price.
Let us tell you how much you need to pay for a monthly pension of Rs 1 lakh and Rs 50,000.
Rs 1 lakh per month pension with LIC's New Jeevan Shaanti Plan
The LIC calculator shows that a purchase price of Rs 1 crore will give a monthly pension of Rs 1.06 lakh when the deferment period is 12 years. If the deferment period is 10 years, the monthly pension will reduce to Rs 94,840.
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Rs 50,000 per month pension with LIC's New Jeevan Shaanti Plan
A purchase price of Rs 50 lakh will give a monthly pension of Rs 53,460 when the deferment period is 12 years.
If the deferment period is 10 years, the monthly pension will reduce to Rs 47,420.
The calculator can also be used via the LIC website to get an idea about how much pension you can get in several scenarios.
