Worried about retirement? LIC, India's trusted life insurance provider, offers the LIC New Jeevan Shanti Policy to ensure financial security for seniors post-retirement.
Understanding LIC New Jeevan Shanti Policy:
It's a single premium annuity plan, providing a fixed pension for a chosen period. You can receive an annual pension of up to Rs 1 lakh.
Investment eligibility:
People aged 30 to 79 can invest. This policy doesn't offer a risk cover. You can choose from two options: Deferred Annuity for Single Life (Single Annuity Plan) or Deferred Annuity for Joint Life (Joint Annuity Plan).
Calculating your pension:
With a single premium investment, you'll receive your pension in 1 to 12 years. For example, a 30-year-old investing Rs 10 for 5 years will get a pension of Rs 86,784. After 12 years, it's Rs 1,32,920 annually. At 45, a Rs 10 lakh investment yields an annual pension of Rs 90,456 in 5 years and Rs 1,42,508 in 12 years. In case of the policyholder's demise, the nominee receives the full amount.
Read more: Attention Small Savings Scheme investors! Submit Aadhaar by September 30, 2023, or risk account freezing
