LIC Jeevan Shanti Plan: After retirement, regular income becomes the biggest need of every person. In such a situation, the Jeevan Shanti Plan of Life Insurance Corporation of India (LIC) is considered very useful for those people who want pension for life by investing money once. This is an immediate pension scheme, in which after investing a lump sum, you get the option to take pension every month, quarter, half year or annually.

What is LIC Jeevan Shanti Plan?

This plan of LIC is a Single Premium Immediate Annuity Plan. This means that you have to pay the premium once in the beginning and after that you start receiving pension at fixed intervals. This scheme is especially beneficial for those who are nearing retirement or have already retired and want regular fixed income.

At what age can you take this scheme?

The age for taking LIC Jeevan Shanti plan is generally between 30 to 85 years. However, this plan depends on different options. The older the age you take the scheme, the higher are the chances of getting a pension because it is an age based scheme.

How much to invest to get a monthly pension of ₹8,570?

Now let’s talk about the question to which every investor wants to know the answer – how much investment will have to be made to get a monthly pension of ₹ 8,570?

Suppose you have made a lump sum investment of around ₹ 15 lakh in LIC Jeevan Shanti Yojana and you have chosen the monthly pension option. In such a situation, according to the current rates, you can get a monthly pension of around ₹ 8,500 to ₹ 8,700. This amount depends on your age, pension mode and option chosen.

For example:

Investment amount: ₹15,00,000

Pension Mode: Monthly

Estimated pension: ₹8,570 per month

Annual Pension: Approximately ₹1,02,840

This figure is a general estimate, the actual amount may vary depending on LIC rules and your selection.

What options are available?

You get many options in LIC Jeevan Shanti Plan:

1. Single Life Annuity: Only the policyholder gets pension.

2. Joint Life Annuity: Both husband and wife get pension facility.

3. Return of Purchase Price: After the death of the policyholder, the invested amount gets returned to the family.

You can choose among these options as per your need.

What benefit will you get in tax?

There is no tax exemption under 80C on investing in this scheme, because it is a pension scheme. However, the amount you receive from pension adds to your income and may be taxable.

Why is this scheme beneficial?

People like LIC Jeevan Shanti Plan because:

Life long pension guarantee

Free from stock market risk

Once the hassle of investment is over

trusted government agency

Permanent source of income for the elderly

Who should definitely take this plan?

This plan is especially good for those:

Those who want regular income after retirement

those who have a lump sum available

those who don’t want to take risks

who prefer safe investments

If you want to keep getting fixed pension every month after retirement and not have to worry about the future, then LIC’s Jeevan Shanti Plan can be a good option. By investing just once, you can live a stress-free life and enjoy fixed income every month.