LIC New Jeevan Shanti Plan 2023: Life Insurance Corporation of India (LIC) has revised the annuity rates for its New Jeevan Shanti Plan No. 858. The LIC New Jeevan Shanti Plan is a single premium plan. The increased annuity rates are already active for new policyholders applying from 5 January 2023.
LIC New Jeevan Shanti Plan is considered a good option for individuals who want to retire early with fixed monthly quarterly, half-yearly or annual cash flow. Just subscribe to the plan by paying the purchase price and wait for the end of the grace period, which ranges from 1 to 12 years.
Under the new plan 858, policyholders would now get benefits ranging from Rs. 3 to Rs 9.75 per Rs 1,000 of the purchase price. The bonus will depend on the purchase price and the selected grace period. The grace period can be defined as the period during which the life insured has become unable to work until he starts receiving benefits.
“Life Insurance Corporation of India has revised the annuity rates in respect of its LICE’s New Jeevan Shanti Annuity Plan (Plan No. 858) with effect from 05.01.2023. The revised version of this plan with increased annuity rates will be available for sale from 05.01.2023. It ranges from Rs 3 to Rs 9.75 per Rs 1,000 purchase price based on the purchase price and grace period chosen.” In a statement explaining the terms and conditions, LIC said.
The new LIC plan offers two types of deferred annuities. One is single life and joint life. Policyholders who are currently employed or self-employed and want to earn regular income in the future after the grace period is over can invest in the LIC New Jeevan Shanti Plan 2023.
Since the plan has no maximum purchase price limit, a higher purchase price results in a higher annuity. LIC also provides a calculator on its official website that you can use to estimate the annuity you will get when you buy a policy at a certain purchase price. We tried using this calculator to find out how much you have to pay for a monthly pension of Rs 1 lakh and Rs 50,000.
The good news as under the new plan, the policyholder will have a guaranteed monthly income for life. When the primary annuitant dies, the nominee or secondary annuitant can receive the guaranteed income.
Eligibility for Jeevan Shanti 2023 Plan
Any Policyholders can purchase a minimum plan of Rs 150,000. There is no upper cap specified by LIC.
Minimum Age at Entry: 30 years
Maximum Age at Entry: 79 years
Minimum Vesting Age: 31 years
Maximum Vesting Age: 80 years
Minimum Deferment Period: 1 year
Maximum Deferment Period: 12 years (Subject to Maximum Vesting Age)
How to buy New Jeevan Shanti
Interested policyholders can buy this plan both offline and online. One can purchase the plan online at www.licindia.in. The policy comes with a free look period of a month or 30 days from the date of receipt of the electronic or physical mode of the policy.
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