LIC Plan Change: Life Insurance Corporation of India (LIC) has revised the annuity rates for its new Jeevan Shanti plan (Plan No. 858). New policyholders applying for this scheme from January 5 will now get the enhanced annuity rate only.
LIC has also increased the incentive for higher purchase price for New Jeevan Shanti plan. Policyholders can now avail an incentive of Rs 3 to Rs 9.75 on purchase value of Rs 1000. However, the incentive will depend on the purchase price and the moratorium period chosen.
What is the new Jeevan Shanti plan of LIC?
LIC’s New Jeevan Shanti plan is a single premium plan. Policyholders can choose between single life and joint life deferred annuity.
New Jeevan Shanti plan can be suitable for working and self-employed professionals who want to plan for future regular income after a grace period.
The scheme can also be suitable for those who have surplus funds to invest. Since New Jeevan Shanti is a deferred annuity plan, young professionals can plan for their retirement from an early stage.
Press Release – LIC of India modified New Jeevan Shanti (Plan No. 858)#LIC pic.twitter.com/xBzwAaeyHR
— LIC India Forever (@LICIndiaForever) January 5, 2023
New Jeevan Shanti Plan gives money with guarantee
The minimum purchase price for LIC’s new Jeevan Shanti plan is Rs 1.5 lakh. This will give you a minimum annuity of 12,000/yr. However, there is no limit on the maximum purchase price.
According to the sales brochure of the plan, in case of deferred annuity for single life, you can get a monthly pension of Rs 11,192 by purchasing a policy of Rs 10 lakh. In case of deferred annuity for joint life, the monthly pension can be Rs.10,576. The amount of annuity may vary from case to case. More information on this is available on LIC’s website.
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