LIC New Jeevan Shanti Plan is a single-premium deferred annuity plan, which provides guaranteed pension for life after retirement. Start with a minimum investment of Rs 1.5 lakh and get regular income after a deferment period of 1 to 12 years. This can prove to be the best option for retirement planning for you. Know all the information about this plan of LIC.

If you also want that you do not have to face financial problems after retirement, then start investing as soon as possible. You should do retirement planning according to your financial situation. If you are starting retirement planning, then a scheme of Life Insurance Corporation of India (LIC) can be of great use to you. The name of this scheme is LIC New Jeevan Shanti Plan.

What is LIC New Jeevan Shanti Plan?

This is a single premium, non-participating, deferred annuity plan introduced by LIC. This plan is designed to ensure regular income after retirement. The policyholder has to pay only a lump sum premium. After this, he has the option to choose an immediate or default annuity plan. If a deferred annuity plan is chosen, the pension starts after a certain period which can be from 1 to 12 years. Both single and joint accounts are available in this plan.

What is the age limit

The age limit for LIC New Jeevan Shanti Plan is fixed from 30 years to 79 years. There is no risk cover included in this. Despite this, the benefits available in this plan attract people.

Benefits of LIC New Jeevan Shanti Plan

1. Guaranteed regular pension

The policyholder investing in this plan of LIC keeps getting regular pension throughout his life. On choosing deferred annuity, guaranteed pension starts after the deferment period, which remains stable throughout life.

2. Flexibility

In this plan of Life Insurance Corporation of India, the policyholder gets the option to choose the frequency of annuity payment monthly, quarterly, half-yearly or yearly. Policyholders can also choose single life or joint life option if they want. This can include husband-wife, parents, siblings, grandparents, children etc.

3. Benefit in case of death

If the policyholder dies during the deferment period, then the amount of benefit to the nominee = Purchase Price + Accrued Guaranteed Additions - Annuity amount paid till now (if any).

- or 105% of Purchase Price.

4. Loan Benefit

After 3 months of the start of the policy or after the end of the free look period, the policyholder can get a loan up to 80% of the surrender value.

5. Tax exemption benefits

If policy holders take single premium, they get a tax exemption of up to Rs 1.5 lakh under Section 86 of the Income Tax Act 1961. Tax on annuity income is applicable as per your tax slab

6. Policy surrender facility

Policy holders can surrender the policy any time after 3 months of purchasing the policy. Apart from this, there is a free-look period of 15 days in offline purchase and 30 days in online purchase, in which the policyholder can cancel the policy if dissatisfied. The premium amount can also be refunded to the policyholder after some deductions.

How to buy LIC New Jeevan Shanti Plan?

It can be purchased online through LIC's official website www.licindia.in. Apart from this, you can also get it by visiting the nearest LIC branch.