Last Updated: January 10, 2023, 12:33 IST
The strategy may also work for those who have extra cash in hand for investments.
The rewards for policyholders now range from Rs 3 to Rs 9.75 per Rs 1,000 of the purchasing price.
The annuity rates for the New Jeevan Shanti Plan have been updated by the Life Insurance Corporation (LIC) of India (Plan No 858). Beginning January 5, new policyholders, who apply for this plan, have been receiving an improved annuity rate.
The new plan’s incentive for a greater purchase price has also been increased by LIC. The rewards for policyholders now range from Rs 3 to Rs 9.75 per Rs 1,000 of the purchasing price. The bonus will depend on the purchase price and selected deferment duration.
The two types of deferred annuities available to policyholders are single life and joint life. Professionals, who are now employed or self-employed and wish to have a regular income in the future following a deferment period, may find the New Jeevan Shanti Plan acceptable.
The strategy may also work for those who have extra cash in hand for investments. Young professionals can start making retirement plans early because New Jeevan Shanti offers a delayed annuity plan. At the start of the policy, this plan guarantees annuity rates. The New Jeevan Shanti Plan from LIC has Rs 1.5 lakh minimum purchase requirement. You will receive a minimum annual annuity of Rs 12,000 from this. There is no upper price cap on purchases.
According to the plan’s sales brochure, if you purchase the policy for Rs 10 lakh and choose a delayed annuity for a single life, you might receive a monthly pension of Rs 11,192. According to the plan’s sales brochures, if you purchase the policy for Rs 10 lakh and choose a delayed annuity for a single life, you might receive a monthly pension of Rs 11,192.
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