LIC Pension Plan: Know how much pension New Jeevan Shanti (Plan 858) gives for Rs 10 lakh

financialexpress.com:

LIC’s New Jeevan Shanti (Plan no 858) is an annuity plan that can be purchased by paying a lump sum amount. It is a non-linked, non-participating, single premium, deferred annuity plan. The plan provides guaranteed annuity rates at the inception of the policy.

This scheme provides an option for purchasing deferred and immediate annuities. Also, this plan provides for annuity payments of a stated amount throughout the lifetime of the annuitant, according to information on the LIC website. Following are important details of the plan you should know.

Annuity Options

LIC’s New Jeevan Shanti provides two annuity options:

Customers can purchase any of the annuity options. But once an option is chosen by the policyholders, it cannot be altered in future.

LIC’s New Jeevan Shanti plan can be purchased by any individual aged 30 years or above. The maximum age at entry for the deferred annuity is 79 years.

The minimum purchase price for this policy is Rs 1.5 lakh (subject to a minimum annuity mentioned in the plan’s document). There is no maximum limit for the purchase price, annuity etc.

The LIC website says that a policyholder can get a higher amount of annuity if the purchase price is Rs 5 lakh or more. This is due to available incentives provided under this plan.

Annuity Modes

LIC’s New Jeevan Shanti Plan provides for annuity payments either at monthly, quarterly, half-yearly or yearly intervals. Policyholders can choose any mode of payment of annuity under this plan.

Deferment period

This plan allows pension deferment for 1 to 12 years. In the case of a deferred annuity, the pension paid is after deferment of a minimum of 1 year and a maximum of 12 years. In the case of a single premium, the pension is paid immediately