LIC launches New Jeevan Shanti Deferred Annuity Plan

 LIC launches New Jeevan Shanti Deferred Annuity Plan, which can be used to manage regular income

You can buy this plan both offline and online

Customers will also get loan facility in this plan

LIC has come up with New Jeevan Shanti deferred annuity plan. It is a non-linked, non-participating, individual, single premium, deferred annuity plan. Customers will also get loan facility in this plan. This plan can be purchased both online and offline. According to the LIC, the annual rate guarantee for the New Life Peace Policy is given at the beginning of the policy.

The policy will have 2 options

The first option

The first option in this plan is deferred annuity for one person (single plan). This option will continue for a lifetime for the recipient of the annuity payment annuity after the deferral period. If the recipient of the annuity dies tragically, the nominee of the annuity recipient in this condition will benefit.

Another option

In addition to single you can get deferred annuity for joint life. In it the annuity payments will continue after the deferral period, as long as the first or second person survives. If both die during the deferral period, it will be paid to the nominee. A joint life annuity can only be taken between two members of the same family, such as grandparents, parents, two children, two grand children, a spouse or a sibling.

1.5 lakh will have to be spent

You have to invest at least Rs 1.5 lakh to buy this plan. You can take annuity in annual, 6 month, 3 month and monthly mode. The minimum annual income in this plan is Rs. 12,000. There is no limit to the maximum purchase price. People with disabilities can buy this plan for Rs 50,000.

Who can take advantage?

This plan can be taken by people from 30 to 79 years. The minimum deferment period is one year and the maximum deferment period is 12 years. The scheme will also provide an incentive on purchases of Rs five lakh and above. This will be in addition to the incentive annuity rate. The plan has not yet been updated on LIC's official website.

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What is an annuity plan?

An annuity is a type of contract. This ensures regular income during retirement. An annuity is an insurance product that generates regular income. Used as part of a retirement portfolio. An annuity is usually paid for by life insurance or a pension. An individual invests heavily in an annuity plan. It is paid on a monthly, quarterly or annual basis in the future.