New Delhi: In India, choosing the right platform to park your hard-earned money is an uphill battle as there are numerous options available in the market. But, the majority of people consider LIC for the same as it is backed by the government. In this article, we have curated each and every detail of the LIC Scheme i.e. LIC New Jeevan Shanti Plan no. 858.

LIC New Jeevan Shanti Plan

LIC’s New Jeevan Shanti (Plan no. 858) can be bought with a lump sum of money. It is a deferred annuity plan with a single premium that is non-linked and non-participating. At the start of the policy, the plan offers annuity rates that are guaranteed. 

This plan offers the chance to buy both delayed and immediate annuities. Also, according to material on the LIC website, this plan offers annuity payments of a specified sum for the duration of the annuitant.

Annuity Plans

Currently, the LIC Scheme offers two annuity plans

– Deferred annuity for single life

– Deferred annuity for joint life

Keep note that once you have chosen the annuity plan, it cannot be altered in the future.

Who Can Buy LIC Jeevan Shanti Plan?

Anyone 30 years of age or older may purchase LIC’s New Jeevan Shanti plan. The deferred annuity has a 79-year maximum age at entry. 1.5 lakh rupees is the required minimum purchase price for this policy. The purchase price, annuity, and other terms have no upper limit.

According to the LIC website, a policyholder can receive a greater annuity if the purchase price is Rs 5 lakh or higher. This is a result of the incentives that are offered under this strategy.

Annuity Modes

The New Jeevan Shanti Plan from LIC allows for annuity payments to be made every month, quarter, half-year, or year. Under this plan, policyholders are free to select any annuity payment method.

Deferment Period

Pension deferral is possible under this scheme for up to 12 years. With a deferred annuity, the pension is paid after a minimum of one year and a maximum of twelve years of deferment. In the event of a single premium, the pension is given out right away.

How Much Pension You Can Get?

A New Jeevan Shanti policy acquired for Rs 10 lakh at the age of 30 will yield Rs 86,784 if the annuity is deferred for 5 years, according to the example annuity rates available on the LIC website. The annual pension will be Rs 1,32,920 if the annuity is deferred for 12 years.

The annual pension will be Rs 90,456 if the policy is bought with Rs 10 lakh at the age of 45 and delayed for 5 years. At age 45, a 12-year postponement will result in an annual pension of Rs 1,42,508.