LIC’s Jeevan Shanti Policy: All you need to Know

 Jeevan Shanti Policy: Life Insurance Corporation of India (LIC), the country’s largest life insurance company offers pension plans for immediate or deferred annuity apart from the endowment and term insurance products being sold by the state-run insurer. Jeevan Shanti Policy is one such single premium plan wherein the policyholder has an option to choose from an immediate or deferred annuity, LIC said on its website. Under the Jeevan Shanti Plan an individual can choose to receive a pension from the LIC on a monthly, quarterly, half-yearly, or yearly basis, LIC noted. 

• This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity.
• The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the lifetime of Annuitant(s).
• This plan can be purchased offline as well as online. To purchase the plan online, please log on to our website www.licindia.in

Benefits

• Make a one-time investment and get Guaranteed life long income.
• 9 different annuity options to choose from to suit every need and circumstance.
• Option to choose either Immediate Annuity or postpone it to a future date as Deferred Annuity.
• Annuity rates are guaranteed from the inception of the policy.
• Guaranteed additions during the deferment period.
• This policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse, or siblings.
• Loan Available: Loan facility shall be available after completion of 1 policy year.
• Surrender Allowed: The policy can be surrendered at anytime after three months from the completion of the policy when Annuity Option is with the return of purchase price.
• Freelook Period: If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15days.
• Option to take the plan for the benefit of handicapped dependant (Divyangjan) life.

Here are details of pension, premium, pension options being offered by LIC under the Jeevan Shanti Policy:

Under the LIC Jeevan Shanti plan an individual has to make a one-time investment to earn a guaranteed lifelong income, LIC said.

LIC Jeevan Shanti Plan can be purchased online or offline by making a single premium payment of a minimum of Rs 1.5 lakh and it has no maximum limit for the single premium payment.

• Option A: Immediate Annuity for life.
• Option B: Immediate Annuity with a guaranteed period of 5 years and life thereafter.
• Option C: Immediate Annuity with a guaranteed period of 10 years and life thereafter.
• Option D: Immediate Annuity with a guaranteed period of 15 years and life thereafter.
• Option E: Immediate Annuity with a guaranteed period of 20 years and life thereafter.
• Option F: Immediate Annuity for life with return of Purchase Price.
• Option G: Immediate Annuity for life increasing at a simple rate of 3 percent per annum.
• Option H: Joint Life Immediate Annuity for life with a provision for 50 percent of the annuity to the secondary annuitant on the death of the primary annuitant.
• Option I: Joint Life Immediate Annuity for life with a provision for 100 percent of the annuity payable as long as one of the annuitants survives.
• Option J: Joint Life Immediate Annuity for life with a provision for 100 percent of the annuity payable as long as one of the Annuitant survives and return of purchase price on death of the last survivor.

For instance, an individual invests Rs 10 lakh in Jeevan Shanti plan at the age of 45 with a deferment period of 20 years he/she will get the following yearly pension amount under the particular annuity option chosen by the policyholder:

Jeevan Shanti Policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings, according to LIC.