Under the single plan, as long as the policy holder survives, he will continue to receive monthly, half-yearly and annual annuities under the reference period.
LIC has launched a new Deferred Annuity Plan under the 'New Jeevan Shanti Plan'. It is a non linked, non participating and individual single premium plan. Under the plan, the guarantee of the rate at which you will get money later, has been given initially. After a certain time you will get this money at certain intervals throughout your life. The sale of this plan has started and it can be purchased both offline and online. There are two options in this. A person can get an annuity plan for himself. Secondly, he can take joint plan with his close relatives.
Both single and joint policy
Under a single plan, the policy holder will continue to receive monthly, half-yearly and annual annuities under the reference period as long as he survives. If he dies, the nominee will get money under the death benefit. Under the Deferred Annuity Plan purchased for joint life, both the person will continue to get the money throughout the life at a fixed interval (which is the interval chosen by the policy holder) after the reference period. However, after the death of both, their nominee will get this money.
You will get more money for taking a policy of five lakh rupees
Joint life plans can be purchased with a minimum payment of Rs 1.5 lakh. Under this, an annuity of Rs 12 thousand will be received. It can be taken on monthly, quarterly or half yearly basis. No maximum limit has been fixed for purchasing this policy. The annuity rate is higher if the plan is more than Rs 5 lakh. This policy can be purchased for a minimum dependent of 50 thousand rupees. Loan can also be taken from LIC on the policy. This scheme is available for people between 30 and 79 years old.
The minimum differential period is 1 year and maximum is 12 years. Maximum Vesting Age has been kept 80 years. The meaning of Westing Age is that at what age you will start getting annuity. An annuity means how much money you will get at regular intervals after a reference period. The reference period means that how long after purchasing the policy will the annuity start.