LIC New Jeevan Shanti (Plan No. 858) 2023: LIC increases annuity rates, incentives for New Jeevan Shanti Plan. Check details
LIC New Jeevan Shanti (Plan No. 858) 2023: The Life Insurance Corporation (LIC) of India has revised the annuity rates for its New Jeevan Shanti Plan (Plan No. 858). New policyholders applying for this scheme from January 5 onwards will now get an enhanced annuity rate.
LIC has also raised the incentive for higher purchase price for the New Jeevan Shanti plan. Policyholders can now get incentives of Rs 3 to Rs 9.75 per Rs 1000 purchase price. The incentive will, however, depend on the Purchase Price and deferment period opted.
“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.
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What is LIC’s New Jeevan Shanti Plan?
LIC’s New Jeevan Shanti Plan is a single premium plan. Policyholders can choose between Single life and Joint life deferred annuity.
The New Jeevan Shanti Plan may be suitable for working and self-employed professionals who wish to plan for future regular income after a deferment period.
The plan may also be suitable for people having surplus money with them for investment. As New Jeevan Shanti is a deferred annuity plan, young professionals can plan for their retirement from an early stage.
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New Jeevan Shanti Plan offers guaranteed annuity rates at the inception of the policy.
How much you can get with Rs 10 lakh
The minimum purchase price for LIC’s new Jeevan Shanti Plan is Rs 1.5 lakh. This will provide you with a minimum annuity of Rs 12,000/year. However, there is no limit on the maximum purchase price.
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According to the plan’s sales brochure, you may get a monthly pension of Rs 11,192 by buying the policy for Rs 10 lakh in case of deferred annuity for single life. In the case of a Deferred Annuity for Joint life, the monthly pension may be Rs 10,576. The annuity amount may vary from case to case. More details on this are available on the LIC website.
The policy comes with a free look period of 30 days from the date of receipt of the electronic or physical mode of the policy bond, whichever is earlier.
