New Delhi: Insurance behemoth Life Insurance Corporation of India (LIC) offers a host of policies to Indian investors along with guaranteed return. LIC New Jeevan Shanti plan is one of such plans that offers investors an opportunity to get lifelong income or pension by investing a lump-sum amount at once.
LIC New Jeevan Shanti plan is a single premium plan wherein the Policyholder has an option to choose between Single life and Joint life Deferred annuity. Annuity option once chosen cannot be altered. The options available are: Option 1: Deferred annuity for Single life and Option 2: Deferred annuity for Joint life.
LIC New Jeevan Shanti plan Eligibility Criteria:
Minimum Purchase Price : Rs 1,50,000 subject to minimum Annuity as specified below
Maximum Purchase Price : No Limit
The abovementioned minimum purchase price would be increased appropriately to meet minimum annuity criterion as specified below.
Minimum Age at Entry : 30 years (Last Birthday)
Maximum Age at Entry : 79 years (Last Birthday)
Minimum Vesting Age : 31 years (Last Birthday)
Maximum Vesting Age : 80 years (Last Birthday)
Minimum Deferment Period : 1 year
Maximum Deferment Period : 12 years subject to Maximum Vesting Age
LIC offers policyholders to choose from around nine annuity options. The interest rates for the annuity are fixed at the inception of the policy. Policyholders can choose the option according to their needs and circumstances.
Here is an Illustration to understand the premium price and return calculator for LIC New Jeevan Shanti plan
Purchase Price : Rs 10 lakh (excluding applicable taxes)
Age of Annuitant at entry :45 years (Last Birthday)
Deferment Period :12 years
Age of Secondary Annuitant at entry :35 years (Last Birthday) (applicable for Option 2 only)
How to invest in the LIC New Jeevan Shanti plan?
Policyholders can invest in the LIC New Jeevan Shanti plan online or offline. For buying the policy online, one needs to visit LIC’s official portal www.licindia.in. You can also invest in the policy offline via a LIC agent or by visiting your nearby LIC branch.
Joint investment in LIC New Jeevan Shanti plan
Policyholders can jointly invest in the scheme. You can co-invest in the policy with your grandparent, parent, children, grandchildren, spouse or even with your siblings.