Pension Plan: After retirement, people start worrying about financial expenses. For which they start planning well in advance. Like government jobs, private jobs and traders do not get the benefit of pension.
Many schemes are being run by the Central Government and the State Government to make senior citizens financially independent. LIC is also running many pension plans for its customers. One of which is New Jeevan Shanti Scheme or Plan No. 858.
These options are available in the plan
Under this plan, pension is provided to the policyholder after retirement. However, customers have to invest before retirement. Jeevan Shanti Scheme is a single premium deferred annuity plan. In which investing together gives the benefit of monthly pension for life.
Policyholders can choose the payment mode as monthly, half-yearly, half-yearly. Two options are provided in the policy. In the first option, if a policy holder dies, then the nominee is entitled to the amount deposited in his account. On the other hand, the option of joint life plan is given, in which if one person dies, the other person gets pension.
This is the calculation
The longer the period between investment and commencement of pension, the higher is the pension received. For pension also the policyholder can opt for half yearly, monthly, quarterly and yearly. If a person takes a policy of Rs 10 lakh at the age of 45 years. If he starts pension after 12 years
, he gets a pension of Rs 59,143 in the form of half-yearly pension, Rs 29, 270 in the option of quarterly pension and Rs 9, 656 in the option of monthly pension. There is no maximum investment limit in this scheme. The policy holder can invest a minimum of Rs 1.5 lakh, after which the investor gets the benefit of Rs 1000 monthly pension.
These facilities are available under the scheme
A person aged 30 years to 79 years can buy the plan. After purchasing the policy, if you do not like it, you are also given the option of surrendering it. Loan facility is also available against the policy.
