Excelsior Correspondent
JAMMU, Jan 5: The Life Insurance Corporation (LIC) of India has revised its annuity rates upwards for New Jeevan Shanti Plan number 858 with effect from January 5, 2023, read a press statement.
It said that the modified version of this plan with enhanced annuity rates shall be available for sale from January 5, 2023.
“The incentive for higher purchase price is also enhanced. It ranges from Rs 3 to Rs 9.75 per Rs 1000 purchase price based on the purchase price and deferment period opted,” read the statement.
It further said that this is a single premium plan wherein policyholder has the option to choose between single life and joint life deferred annuity.
“The plan is tailor made for working and self-employed professionals who wish to plan for future regular income after a deferment period. The plan is also suitable for people having surplus money with them for investment. Being a deferred annuity plan young professionals can plan for their retirement from an early stage,” the statement further read.
It also said that the annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the life time of annuitant(s).
The annuity amount under this New Jeevan Shanti Plan can be calculated through calculator provided in LIC’s website as well as through various LIC Apps, it said.
“The plan is available both offline as well as online,” read the press statement.
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