New Delhi: Insurance Behemoth Life Insurance Corporation of India (LIC) has revised annuity rates upwards in respect of its annuity plan – LIC 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 the above mentioned date (05.01.2023). The incentive for Higher Purchase Price is also enhanced. It ranges from Rs 3 to Rs 9.75 per Rs 1000 purchase price of based on the Purchase Price and deferment period opted.
LIC New Jeevan Shanti Plan 858 is a single premium plan wherein policy holder has the option to choose between Single life and Joint life deferred annuity.
LIC says that the plan is tailor-made for “working and self-employed professionals who wish to plan for future regular income after a deferment period. The plan is also suitable for people having surplus money with them for investment. Being a deferred annuity plan young professionals can plan for their retirement from an early stage”.
The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the life time of Annuitant or Annuitants.
The annuity amount under this New Jeevan Shanti Plan can be calculated through calculator proided in LIC’s websites as well as through various LIC Apps.
We tried using the LIC pension calculator to find out how much you need to invest in LIC New Jeevan Shanti Plan 858 in order to earn a monthly pension of more than Rs 1 lakh
Check Calculation to get Rs 1 lakh monthly pension by investing in LIC New Jeevan Shanti Plan 858
The calculator demonstrates that a Single Premium Rs 10516528 (purchase price of Rs 10330578 crore plus GST of Rs 185950) will yield for a monthly pension of Rs 1.08 lakh with a deferred annuity of 12 years for a single life. We have taken the minimum age @30 years.
LIC New Jeevan Shanti Plan 858 eligibility
Minimum Purchase Price : Rs 1,50,000 subject to minimum Annuity as specified below
Maximum Purchase Price : No Limit
The abovementioned minimum purchase price would be increased appropriately to meet minimum annuity criterion as specified below.
Minimum Age at Entry : 30 years (Last Birthday)
Maximum Age at Entry : 79 years (Last Birthday)
Minimum Vesting Age : 31 years (Last Birthday)
Maximum Vesting Age : 80 years (Last Birthday)
Minimum Deferment Period : 1 year
Maximum Deferment Period : 12 years subject to Maximum Vesting Age
The modes of annuity available are yearly, half-yearly, quarterly and monthly. The Annuity shall be payable in arrears i.e. the annuity payment shall be after 1 year, 6 months, 3 months and 1 month from the date of vesting of Annuity depending on whether the mode of annuity payment is Yearly, Half yearly, Quarterly and Monthly respectively.
(DISCLAIMER: This story is not meant for any financial advice. It is solely for the purpose of information. Please talk to your Agent or Portfolio manager before planning your investment)