Last Update: January 10, 2023, 12:33 pm IST
The strategy can also work for those who have spare cash to invest.
The rewards for policyholders now range from Rs 3 to Rs 9.75 per Rs 1,000 of purchase value.
The annuity rates for the new Jeevan Shanti plan have been updated by the Life Insurance Corporation of India (LIC). India (Plan No. 858). From January 5, new policyholders applying for this scheme are getting better annuity rates.
The incentive of the new scheme has also been increased by LIC for higher purchase price. The rewards for policyholders now range from Rs 3 to Rs 9.75 per Rs 1,000 of purchase value. The bonus will depend on the purchase price and the moratorium period selected.
The two types of deferred annuities available to policyholders are single life and joint life. Professionals, who are employed or self-employed now and want to have a regular income after a deferred period in future, may find the New Jeevan Shanti plan acceptable.
The strategy can also work for those who have spare cash to invest. Young professionals can start planning for retirement early as New Jeevan Shanti offers Deferred Annuity Plan. At the inception of the policy, the plan offers guaranteed annuity rates. LIC’s new Jeevan Shanti plan requires a minimum purchase of Rs 1.5 lakh. With this you will get minimum annual annuity of Rs.12,000. There is no upper price limit on purchases.
According to the sales brochure of the plan, if you buy a policy for Rs 10 lakh and opt for a deferred annuity for life, you can get a monthly pension of Rs 11,192. According to the sales brochure of the plan, if you buy a policy for Rs 10 lakh and opt for a deferred annuity for life, you can get a monthly pension of Rs 11,192.
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