16 Jan , 2023 By : Monika Singh
The Life Insurance Corporation (LIC) of India recently updated the New Jeevan Shanti (Plan No. 858) with a higher annuity rate and enhanced purchase-price-based incentives.
LIC New Jeevan Shanti is considered a good option for individuals who want to retire early with a fixed monthly quarterly, half-yearly or annual cash flow. All they need is to subscribe to the plan by paying a purchase price and wait for the end of the deferment period, which ranges from 1 to 12 years.
As the plan has no maximum purchase price limit, a higher purchase price leads to a higher annuity. LIC also provides a calculator on its official website which you can use to estimate the annuity you will receive on buying the policy for a certain purchase price. We tried to use this calculator to find out how much you need to pay for a monthly pension of Rs 1 lakh and Rs 50,000. Here’s what it says.
In the case of a Deferred annuity for Single Life, the calculator shows that a purchase price of Rs 1 crore will give a monthly pension of Rs 1.06 lakh when the deferment period is 12 years.
In the case of a Deferred annuity for Single Life, the calculator shows that a purchase price of Rs 50 lakh will give a monthly pension of Rs 53,460 when the deferment period is 12 years.
In case the deferment period is 10 years, the monthly pension reduces to Rs 47,420.
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