LIC New Jeevan Shanti: Get ₹11,000/Month Pension for Life with One Investment

Hyderabad, Telangana – For those dreaming of a financially stress-free retirement without dependency, the Life Insurance Corporation of India (LIC) has rolled out a compelling new offering: the LIC New Jeevan Shanti Plan. This single-premium, deferred annuity plan promises guaranteed monthly returns for life, making it an attractive option for long-term financial security.

The LIC New Jeevan Shanti Plan is designed as a non-linked, non-participating policy, meaning its returns are guaranteed and not subject to market fluctuations. Once you invest a lump sum, you can choose a waiting period (deferment period), after which your pension payments begin and continue for as long as you live. Policyholders have the flexibility to receive their pension annually, half-yearly, quarterly, or monthly.

Plan Options and Eligibility

The plan offers two main options:

Single Life Plan: Under this option, you make a one-time investment. After your chosen deferment period, the pension payments begin. In the event of the policyholder's death, the entire invested sum is paid out to the nominee.

Joint Life Plan: This option covers two individuals, typically a spouse, alongside the primary policyholder. Pension payments commence after the deferment period. Should the primary policyholder pass away, the spouse continues to receive the pension. The entire invested amount is paid to the nominee only after the death of both covered individuals.

Individuals between the ages of 30 and 79 years are eligible to enroll in this policy. The minimum investment required is ₹1.5 lakh, with no upper limit for the investment amount. The deferment period – the time between your investment and the start of pension payments – can range from a minimum of 1 year to a maximum of 12 years.

How to Secure ₹11,000 Per Month

Let's break down how you could potentially receive ₹11,400 per month (approximately ₹1,42,500 annually) through this plan.

Consider investing a premium of ₹10 lakh in a single life plan when you are 45 years old. If you select a deferment period of 12 years, your pension payments would commence when you turn 57. From that point onwards, LIC would pay you ₹1,42,500 annually. Alternatively, you could opt for ₹69,825 semi-annually, ₹34,556 quarterly, or ₹11,400 monthly. These payments would continue for your entire life, and upon your demise, the initial ₹10 lakh premium amount would be paid to your nominee.

For those choosing a joint life plan with a ₹10 lakh investment, the annual pension after a 12-year deferment period would be approximately ₹1,33,400. This translates to about ₹65,366 semi-annually, ₹32,350 quarterly, or ₹10,672 per month, with the nominee receiving the ₹10 lakh after both policyholders pass away.

The LIC New Jeevan Shanti Plan presents a stable and attractive avenue for individuals seeking a guaranteed income stream to ensure financial independence throughout their retirement years.