LIC Annuity Plan

Life Insurance Corporation of India has been a household insurance company name for decades in India. It comes with an array of policies carefully designed keeping in mind the needs and requirements of individuals in different sections of the society.

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Looking at the immense popularity of their policies, the Life Insurance Corporation of India has extended its horizon for Non-Resident Indians living in Canada and the USA as well. One such policy that LIC has allowed NRIs to invest in is LIC Jeevan Shanti.

LIC Jeevan Shanti Plan is a non-linked, single premium, non-participating, annuity plan where the insurer is rewarded with dual benefits. This advanced plan by the Life Insurance Corporation of India (LIC) can be purchased both offline and online.

Life Insurance Corporation of India offers the following options under this annuity plan:

  1. Immediate annuity

    Immediate income is provided to the policyholder depending upon the mode of payment, that is, yearly, half-yearly, quarterly, or monthly.

  2. Deferred annuity

    The deferment period can be from 1 year to 12 years. Under this option, the policyholder starts receiving the guaranteed amount after the completion of the chosen number of years.

Here is the eligibility difference between an immediate annuity plan and a deferred annuity plan:

Criteria

Eligibility Condition

Immediate

Deferred

Entry age (Minimum)

30 years

30 years

Entry age (Maximum)

85 years

79 years

Deferment Period (Minimum)

Not available

1 year

Deferment Period (Maximum)

Not available

20 years (depending on vesting age)

Vesting Age (Minimum)

Not available

31 years

Vesting Age (Maximum)

Not available

80 years

Let us understand the difference between an immediate annuity and deferred annuity with the help of an example.

For instance, Mr. Z has Rs.1 Crore for investment in the LIC Jeevan Shanti plan.

If he goes for an immediate annuity plan, then he starts receiving Rs.43,125/- per month or Rs.6,17,000/- yearly.

If he goes for a deferred annuity plan, below is the comparison chart from 1 year to 12 years for a 1 crore single premium plan.

Comparison Chart

Deferment Period

Yearly

Half Yearly

Quarterly

Monthly

1 Year

5,47,000

2,67,800

1,32,475

43,683

2 Year

5,81,000

2,84,460

1,40,720

46,403

3 Year

6,17,000

3,02,100

1,49,450

49,283

4 Year

6,55,000

3,20,720

1,58,665

52,323

5 Year

6,80,000

3,32,970

1,64,727

54,323

6 Year

7,22,000

3,53,550

1,74,912

57,683

7 Year

7,66,000

3,75,110

1,85,583

61,203

8 Year

8,12,000

3,97,650

1,96,737

64,883

9 Year

8,61,000

4,21,660

2,08,620

68,803

10 Year

8,97,000

4,39,300

2,17,350

71,683

11 Year

9,48,000

4,64,290

2,29,717

75,763

12 Year

10,00,000

4,89,770

2,42,328

79,923

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Joint Investments in LIC Jeevan Shanti Plan

Co-investing under this plan is possible. A policyholder can invest along with his/her parents, children, grandparents, grandchildren, spouse, or siblings.

  1. Benefits

    Benefits under this LIC annuity plan are as follows:

    • It is a kind of lifelong pension plan with just a one-time investment.
    • The plan guarantees a fixed investment return when compared to mutual funds, equity, or any other kind of investment.
    • It offers different types of annuity covering diverse requirements of individuals who wish to buy the plan.
    • During the deferment period, it provides guaranteed additions.
    • Under the deferred option, 105% insurance cover is provided to the insured.
    • The policyholder has the option of selecting either an immediate annuity or deferred annuity plan.
    • It offers a guaranteed rate of the annuity.
    • It comes with a 15-day free look period.
    • A policy surrender option is also available after 3 months
    • In case of death under the joint purchase of the policy, the person other than the principal proposer starts receiving the return. In case of death of both, the nominee receives the one-time premium amount. 
    • Benefit on Death (accrued) end of each policy month shall be accrued, till the deferment period.
  2. LIC Jeevan Shanti Features

    Features under this LIC Annuity plans are:

    • Purchase price (minimum): Rs.1,50,000 (keeping in mind the minimal annuity amount)
    • The purchase price has no maximum limit
    • The minimum age criteria to buy the policy is 30 years
    • The maximum age criteria depend upon the plan opted for
    • The policy can be either bought individually or jointly
    • A joint annuity can be purchased either with parents, children, grandparents, grandchildren, spouse, or siblings

Documents Required LIC Jeevan Shanti

An application form needs to be filled by the policyholder at the time of the policy purchase along with correct medical details and required documents like KYC and address proof. Also, medical tests may be required in specific cases depending upon the policy document.

Wrapping it!

LIC Jeevan Shanti is a state-backed plan that gives a lifetime opportunity to the insured to receive income in the form of pension by just investing a lump sum amount once. A great annuity plan for NRIs, LIC Jeevan Shanti will surely bring peace to their retired life.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ

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