Retirement planning is no longer optional—it’s essential. As individuals strive for financial independence post-retirement, a reliable and regular pension becomes a must. LIC’s “New Jeevan Shanti Plan” has emerged as one of the most trustworthy retirement solutions in India, allowing investors to earn an annual pension exceeding ₹1 lakh with a one-time premium payment. Let’s explore how this plan can be your gateway to a peaceful retirement.
What is LIC’s New Jeevan Shanti Plan?
LIC’s New Jeevan Shanti is a non-linked, non-participating, single premium annuity plan that offers guaranteed lifetime income. This scheme allows individuals to choose between two annuity options:
- Single Life Annuity
- Joint Life Annuity
Once you invest a lump sum amount, you start receiving regular pension (annuity) either monthly, quarterly, half-yearly, or yearly, depending on your preference.
Key Features of the Plan:
- One-time investment
- Guaranteed lifelong pension
- Multiple annuity options
- Option to receive pension monthly/quarterly/half-yearly/yearly
- Return of purchase price upon death
- Available for individuals aged 30 to 79 years
Example: How to Get ₹1 Lakh+ Yearly Pension
To better understand, let’s take a practical example:
| Investor Age | One-Time Investment | Waiting Period | Annual Pension | Monthly Pension |
|---|---|---|---|---|
| 55 years | ₹11,00,000 | 5 years | ₹1,01,880 | ₹8,149 |
- If you invest ₹11 lakh at the age of 55
- You start receiving pension from the age of 60
- Yearly annuity: ₹1,01,880
- Monthly annuity: ₹8,149 (approx)
- Semi-annual payment: ₹49,991 every six months
This means, without depending on anyone, you secure a fixed, lifelong income to cover expenses like groceries, medical bills, and utilities.
Investment Options:
You can choose between:
- Single Life Annuity – Pension is payable as long as the policyholder is alive.
- Joint Life Annuity – Pension is payable as long as either of the two insured persons (husband/wife or parent/child) is alive.
Eligibility Criteria:
| Parameter | Requirement |
|---|---|
| Minimum Entry Age | 30 years |
| Maximum Entry Age | 79 years |
| Minimum Purchase Price | ₹1.5 lakh (approx) |
| Maximum Purchase Price | No upper limit |
| Minimum Annuity | ₹1,000/month or ₹12,000/year |
| Premium Payment | One-time (lump sum only) |
Benefits of LIC Jeevan Shanti Plan:
- Assured Pension: Guaranteed income for life.
- Flexible Pay-out Options: Choose monthly, quarterly, half-yearly, or annual pension.
- Financial Independence: Eliminate financial dependency post-retirement.
- Joint Life Option: Spouse or dependent continues to receive pension after your death.
- Loan Facility: Available after 1 year from purchase.
- Return of Purchase Price: Option to get back the original investment amount by nominees upon death.
How to Buy the Policy?
You can buy this plan through:
- Nearest LIC Branch – Visit with identity proof and investment amount.
- Online via Official Website – www.licindia.in
Steps to Apply Online:
- Go to LIC’s official site.
- Navigate to “Buy Policy Online”.
- Select “New Jeevan Shanti Plan”.
- Fill out the form and complete the payment.
Who Should Invest in This Plan?
This plan is ideal for:
- Retired individuals seeking fixed income
- Salaried professionals nearing retirement
- NRIs wanting assured pension (with certain conditions)
- Senior citizens without regular income
- Couples planning joint retirement solutions
FAQs
Q1. Can I withdraw my money after investing in Jeevan Shanti?
Ans: No, this is an annuity plan and doesn’t offer withdrawal. However, you receive regular pension and return of purchase price upon death.
Q2. Is there any tax benefit?
Ans: You may claim deduction under Section 80C of the Income Tax Act for the premium paid. Pension received is taxable as per income tax slab.
Q3. Can NRIs invest in this plan?
Ans: Yes, NRIs can invest, but subject to specific conditions and compliance.
Q4. What happens after the death of the annuitant?
Ans: If you chose the “Return of Purchase Price” option, your nominee will receive the invested amount.
Q5. Is there a medical check-up required?
Ans: No medical check-up is needed to buy this plan.
Final Thoughts:
The LIC New Jeevan Shanti Plan is not just a pension plan—it’s a long-term commitment to secure your dignity, independence, and financial freedom during your golden years. With a single investment, you can ensure lifetime income and peace of mind. If you’re serious about your retirement goals, this policy deserves your attention today.
Start planning your retirement now—because your peace of mind is priceless.
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