LIC New Jeevan Shanti Plan: Get Up To Rs 1,42,508 Annual Pension – Check Calculator, Premiums, Eligibility Criteria, And More

 

New Delhi: In India, choosing the right platform to park your hard-earned money is an uphill battle as there are numerous options available in the market. But, the majority of people consider LIC for the same as it is backed by the government. In this article, we have curated each and every detail of the LIC Scheme i.e. LIC New Jeevan Shanti Plan no. 858.

Read More: Top 10 Govt Savings Schemes With Interest Rates; Check Benefits And Other Details

LIC NEW JEEVAN SHANTI PLAN

LIC’s New Jeevan Shanti (Plan no. 858) can be bought with a lump sum of money. It is a deferred annuity plan with a single premium that is non-linked and non-participating. At the start of the policy, the plan offers annuity rates that are guaranteed. 

This plan offers the chance to buy both delayed and immediate annuities. Also, according to material on the LIC website, this plan offers annuity payments of a specified sum for the duration of the annuitant.

ANNUITY PLANS

Currently, the LIC Scheme offers two annuity plans

– Deferred annuity for single life

– Deferred annuity for joint life

Keep note that once you have chosen the annuity plan, it cannot be altered in the future.

Read More: Fixed deposits (FDs) vs. recurring deposits (RDs): Which is the right investment choice for you? Know here

WHO CAN BUY LIC JEEVAN SHANTI PLAN?

Anyone 30 years of age or older may purchase LIC’s New Jeevan Shanti plan. The deferred annuity has a 79-year maximum age at entry. 1.5 lakh rupees is the required minimum purchase price for this policy. The purchase price, annuity, and other terms have no upper limit.

According to the LIC website, a policyholder can receive a greater annuity if the purchase price is Rs 5 lakh or higher. This is a result of the incentives that are offered under this strategy.

ANNUITY MODES

The New Jeevan Shanti Plan from LIC allows for annuity payments to be made every month, quarter, half-year, or year. Under this plan, policyholders are free to select any annuity payment method.

Read More: LIC Pension Plan: Know how much pension New Jeevan Shanti (Plan 858) gives for Rs 10 lakh

DEFERMENT PERIOD

Pension deferral is possible under this scheme for up to 12 years. With a deferred annuity, the pension is paid after a minimum of one year and a maximum of twelve years of deferment. In the event of a single premium, the pension is given out right away.

HOW MUCH PENSION YOU CAN GET?

A New Jeevan Shanti policy acquired for Rs 10 lakh at the age of 30 will yield Rs 86,784 if the annuity is deferred for 5 years, according to the example annuity rates available on the LIC website. The annual pension will be Rs 1,32,920 if the annuity is deferred for 12 years.

The annual pension will be Rs 90,456 if the policy is bought with Rs 10 lakh at the age of 45 and delayed for 5 years. At age 45, a 12-year postponement will result in an annual pension of Rs 1,42,508.

Comments

Post a Comment

Popular posts from this blog

Senior Citizen Train Ticket Discount: Government has issued a new statement regarding giving discount to senior citizens on train tickets, know the details here

Image
  Senior Citizen Train Ticket Discount: Once again a demand has been made in the Lok Sabha to give discount to senior citizens on train tickets. Senior Citizen Train Ticket Discount:  Railways has withdrawn the discount given to senior citizens on train tickets since the Corona period. However, from time to time there has been a demand to restore this concession given to senior citizens in trains. Even in the winter session of the Lok Sabha, some members raised the demand for increasing fare concessions and facilities for senior citizens traveling in trains. However, even before this, Railway Minister Ashwini Vaishnav has told in the Lok Sabha that during the train journey, every passenger is given an average subsidy of 53 percent on the train ticket. Apart from this, he also told who gets discount on tickets while traveling by train. Demand for discount in train tickets raised again During Zero Hour in the House, Janata Dal (United) MP Kaushalendra Kumar said that before the ...
Read more

Cash Transaction Rules: Income tax rules on cash transaction between Husband-Wife and Son-Father, know rules

Image
  Cash Transaction Rules: Income tax keeps an eye on our every transaction. But is there any tax on cash transactions or can Income Tax send a notice? Or how much cash transaction can take place between you and your wife or between father and son? If you also have these questions in your mind, then let us know their answers… If you also transact money between father and son or between husband and wife, then this news is useful for you. Actually, every transaction of ours has an eye on income. In such a situation, a question arises in the minds of many people whether income tax notice can be received even on cash transactions? Let us know how much cash transaction you can do in your family. Income tax sends notice? According to tax experts, if you give money every month for household expenses or give money as a gift, then the wife is not liable for income tax. Both these types of amounts will be considered as the income of the husband. The wife will not receive any notice from the I...
Read more

Have a Current/Savings Bank Account? Know the Cash Deposit Limits under Income Tax Act to avoid Penalties and Notices

Image
  Adhering to cash deposit and withdrawal limits is crucial to remain compliant with the Income Tax Act in India. This article aims to elucidate the various facets of cash-related regulations, encompassing savings and current accounts, fixed deposits, credit card bill payments, real estate transactions, and more.  Cash Deposit Limits in Savings and Current Accounts The Indian Income Tax Act imposes specific regulations on significant cash deposits in savings accounts. Individuals accumulating INR 10 lakh or more during a fiscal year must notify tax authorities.  For current accounts, this threshold is set higher at INR 50 lakh. Although not immediately taxed, financial institutions report transactions exceeding these limits.  Cash Withdrawal and TDS under Section 194N  Section 194N outlines TDS rules for cash withdrawals. A 2% TDS is levied on withdrawals exceeding INR 1 crore within a fiscal year. Non-filers face a 2% TDS on withdrawals over INR 20 lakh and a 5...
Read more