After reaching the age of 40-50, concerns about advancing age begin to affect individuals, particularly those facing financial limitations. Dealing with life after retirement becomes challenging, especially in the absence of a pension fund. Thus, it is imperative for every employed individual to initiate retirement planning without delay. One prominent option in this regard is the retirement scheme offered by the Life Insurance Corporation of India, known as New Jeevan Shanti.
The most notable aspect of this LIC Pension Scheme, designed exclusively for pension purposes, is that it requires a singular deposit. Subsequently, a lifelong pension is ensured following retirement. The plan is identified by LIC as New Jeevan Shanti Yojana with plan number 858. Let us delve into the distinctive features and the associated terms and conditions of this scheme.
Choose When You Want Pension With LIC Pension Scheme
In the event of unforeseen circumstances that warrant an untimely departure from one’s profession, resulting in the abrupt discontinuation of income, a pertinent solution emerges. Acknowledging the intricacies of this scenario, the New Jeevan Shanti Plan, curated by LIC, steps forward. Operating as a deferred annuity strategy, this plan empowers individuals to stipulate their preferred pension sum during its initiation. Subsequently, following a mandatory annual hiatus, a reliable monthly pension commences, providing a distinctive safeguard against income uncertainties.
- Crafted as a solitary premium plan, ensuring a singular investment that secures your financial future.
- Unveiling a Deferred Annuity Plan, granting the freedom to orchestrate pension payouts after a tailored waiting period of 1 to 12 years post the initial investment.
- Tailored to your preferences, the plan allows the pension amount to gracefully flow into your coffers yearly, semi-annually, quarterly, or monthly.
- Embark on a journey towards a substantial monthly pension of over Rs 11,000 by venturing a prudent 10 lakh investment.
- Unlock the potential of returns, with interest rates ranging from an enticing 6.81% to a compelling 14.62%, nestled within the folds of this plan.
- Fostering choice and inclusivity, the plan extends the privilege of pension provision to both solitary and shared life trajectories.