With the Budget plugging the tax break on guaranteed income plans from insurers, annuity plans are back in the picture as the go-to option for investors seeking guaranteed payouts after retirement. LIC has recently relaunched its popular deferred annuity plan as New Jeevan Shanti (Plan No. 858).
Let’s see how good the plan is and how it stands against competition in today’s Prime review.
LIC’s Dhan Sanchay offers a guaranteed income or a guaranteed lumpsum benefit, in return for either single or regular premium payments. It also provides life cover. This is a non-linked, non -participating, individual savings plan. This effectively means that the returns from this plan are not linked to the market or LIC’s own performance.
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