LIC Jeevan Shanti: Annuity is payable in monthly, yearly, half-yearly and quarterly installments.
The annuity rates for the New Jeevan Shanti Plan have been updated by the Life Insurance Corporation (LIC) of India (Plan No. 858). Policyholders who apply from January 5 for this plan will receive an enhanced annuity rate. For people who require a fixed pension, LIC Jeevan Shanti can be a fantastic alternative. Investors in this pension plan might choose to retire earlier.
The new Jeevan Shanti plan from LIC has a single premium. A policyholder has the option of a Single Life or Joint Life Deferred Annuity under this. It also provides additional benefits at death, which are calculated as follows: purchase price times annual annuity rate; divided by 12.
“Life Insurance Corporation of India has revised annuity rates in respect of its annuity plan LICE’s New Jeevan Shanti (Plan No. 858) with effect from 05.01.2023. The modified version of this plan with enhanced annuity rates shall be available for sale from 05.01.2023. It ranges from Rs 3/- to Rs 9.75 per Rs 1000/- purchase price based on the Purchase Price and deferment period opted,” LIC said in a statement.
The annuity must be purchased for a minimum of Rs. 1,50,000. According to the LIC New Jeevan Shanti Policy, the entry age is 30 years old. The age cap is set at 79. Accordingly, the vesting age ranges from 31 to 80 years old.
The lock-in period, or minimum deferment duration, lasts one year, while the maximum is twelve years. An annual minimum annuity of Rs. 12000 is required.
For both choices, it also offers death benefits. The purchase price plus the death benefit will be deducted from the total annuity due at the time of death. It might potentially be the greater of $105 or 105 percent of the buying price.
Here is the cost to obtain a monthly pension.
LIC's premium calculator shows that a one-time single premium of Rs 10516528 can get a person over Rs 1 lakh with a deferred annuity of a maximum of 12 years.
This can be achieved when the payment is made at the age of 30 years.
The amount will remain locked in for 12 years. After that, you will receive Rs 1 lakh per month till you are alive. If unfortunately, you die, your nominee will get the death benefits.
An annuity is payable in monthly, yearly, half-yearly, and quarterly installments.
Earlier this month, LIC raised the incentive for the purchase price. The incentives range from Rs 3 to Rs 9.75 per Rs 1,000. They depend on the price and the deferment period.
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