The Life Insurance Corporation (LIC) is one of the most trusted companies in India with a wide variety of policies to offer its customers. LIC has now updated the New Jeevan Shanti (Plan No. 858). The key feature is it will provide a higher annuity rate and enhanced purchase-price-based incentives.
LIC’s New Jeevan Shanti is considered a good option for people who plan to retire early with a fixed monthly quarterly, half-yearly or annual cash flow. To subscribe, you will need to pay a purchase price and wait for the deferment period (from 1 to 12 years).
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The plan has no maximum purchase price limit, so the higher the purchase price is paid, the higher annuity is received. LIC, in addition, also provides a calculator through its official website which can be used to estimate the annuity one can receive by paying a particular purchase price.
Today, we will tell you how much you need to pay for a monthly pension of Rs 1 lakh and Rs 50,000.
Rs 1 lakh per month pension with LIC’s New Jeevan Shanti Plan
The calculator shows that a purchase price of Rs 1 crore will give a monthly pension of Rs 1.06 lakh when the deferment period is 12 years.
If the deferment period is 10 years, the monthly pension will reduce to Rs 94,840.
Rs 50,000 per month pension with LIC’s New Jeevan Shanti Plan
A purchase price of Rs 50 lakh will give a monthly pension of Rs 53,460 when the deferment period is 12 years.
If the deferment period is 10 years, the monthly pension will reduce to Rs 47,420.
You can also use the calculator via the LIC website to get an idea about how much pension you can get in various scenarios.