LIC Jeevan Shanti Policy: For those people who are worried about pension planning in future, this policy can be called better. By depositing a lump sum in it, you can get pension after retirement.
LIC Jeevan Shanti Policy: People are often advised to save from their hard and thick earning. People also save but do not invest it at the right place. Saving money is as important as investing it at the right place. Although there are many investment options in the market, but we are telling you about investing in an insurance policy.
If the first name that comes to mind when it comes to insurance is Life Insurance Corporation of India (LIC). This company has different policies in which people from the poor to the rich invest. LIC provides policies like term, health, endowment and pension etc. to customers. Today we will tell you about the pension policy of this company.
The name of this pension policy is ‘Jeevan Shanti’. The special thing is that by making a lump sum investment in it, immediate pension can be availed. For those people who are worried about pension planning in future, this policy can be called better. By depositing a lump sum in it, you can get pension after retirement.
These are the conditions for investment in policy
Age: Minimum 30 years and maximum 85 years
Sum Assured: The minimum sum assured is Rs 1.5 lakh and there is no limit on the maximum.
Loan: Loan facility 1 year after the commencement of pension and it
Surrender: The policy can be surrendered 3 months after the commencement of pension.
Pension Options: Immediate and Defford
(Immediate means pension immediately after taking the policy, while deferred annuity means payment of pension sometime (5, 10, 15, 20 years) after taking the policy.)
If you invest a lump sum of Rs 1527000 in this policy and choose the intermediate option, then you will get a pension of Rs 7550 every month. Let us understand this with an example of how you can get such a pension: –
Sum Assured: 1500000
Lump sum premium: 1527000
Half Yearly: 45975
Suppose if a person of 37 years chooses option ‘A’ i.e. Immediate Annuity for life (Pension per month). In addition, he opts for the sum assured option of Rs 1500000. So he will have to pay a lump sum premium of Rs 1527000. After this investment, he will get a pension of Rs 7550 per month. This pension will be received as long as the policy holder survives. At the same time, this pension will stop coming after death.