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New Delhi: Looking for a pension scheme? Life Insurance Corporation (LIC), the insurance behemoth of India, provides a scheme named – LIC New Jeevan Shanti – which enables policy holders to be eligible to get Rs 1,000 pension every month.

A LIC New Jeevan Shanti Plan holder has to pay the premium only once. The scheme holders are entitled to get pension after attaining the retirement age of 60 years. The scheme can fetch you a pension of up to Rs 1 lakh annually, that too for a lifetime.

LIC’s New Jeevan Shanti is a non-linked, non-participating, individual, single premium, deferred annuity plan wherein the policyholder has an option to choose between Single life and Joint life Deferred annuity.

LIC New Jeevan Shanti Features

• LIC New Jeevan Shanti is a single premium deferred annuity plan. The plan provides two annuity options to suit your needs. It also gives you the flexibility to choose from:
  Single Life Annuity and Joint Life Annuity.
• Mode of Annuity payments (yearly, half-yearly, quarterly and monthly).
• Option to take death benefit as Lump-sum, in the form of Annuitisation or in Installments

2. Annuity Options:

The options available are:
Option 1: Deferred annuity for Single life
Option 2: Deferred annuity for Joint life
Annuity option once chosen cannot be altered.

LIC New Jeevan Shanti Benefits

‘Deferred Annuity for Joint Life Plan’: If individuals choose this option, then after the completion of the deferred period, the beneficiary will start getting pension and after death, the person with whom the scheme holder had opted for a joint plan will start getting pension. Whereas in the joint life plan, if both the account holders pass away, then the invested money is returned to the nominee. In this scheme, the beneficiary can opt for annual, half-yearly, quarterly or monthly pension.

The LIC New Jeevan Shanti scheme holders are eligible to invest a minimum of Rs 1.5 lakh. The insurance behemoth has not fixed any maximum investment limit in this scheme. If you invest Rs 1.5 lakh, you will be entitled to get a pension of Rs 1000 every month. By increasing the investment in this way, you can increase the pension amount to Rs 1 lakh annually. To invest in this policy, the minimum age should be 30 years and maximum age should be 79 years. If you do not like the policy, you can surrender it anytime.