Benefits of LIC New Jeevan Shanti

LIC New Jeevan Shanti is an insurance plan offered by the Life Insurance Corporation of India (LIC). It is a non-linked, non-participating, single premium annuity plan that provides regular income to the policyholder during their lifetime. Here are some benefits of LIC New Jeevan Shanti:

What are the Benefits of LIC New Jeevan Shanti?

Look at the below section to explore all the benefits a policyholder may avail by investing in LIC New Jeevan Shanti Plan.

• Guaranteed Income: The plan offers guaranteed regular income to the policyholder throughout their lifetime. The income payments can be received monthly, quarterly, half-yearly, or annually, as per the policyholder's choice.

• Flexibility: The plan offers flexibility in terms of annuity options. Policyholders can choose from immediate annuity or deferred annuity options as per their preference. The immediate annuity option starts providing regular income immediately after purchasing the policy. In contrast, the deferred annuity option allows the policyholder to defer the income payments later.

• Joint Life Option: The plan allows the option of joint life annuity, where the policyholder can include their spouse or any other family member as the nominee. In case of the policyholder's demise, the joint annuitant continues to receive the regular income for the rest of their lifetime.

• Tax Benefits: You can avail of tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, on the premiums paid and the benefits received, respectively.

• Death Benefit: In case of the policyholder's demise during the policy term, the death benefit is paid to the nominee or legal heir, which is higher of the purchase price or the surrender value of the policy.

• Loan Facility: After the completion of one policy year, the plan provides a loan facility to policyholders, subject to specific terms and conditions. The loan amount is based on the surrender value of the policy.

• Surrender Value: The plan allows for surrendering the policy after a certain lock-in period. In case the policyholder wants to surrender the policy, a surrender value is payable based on the terms and conditions of the plan.

Who are Eligible to Buy LIC New Jeevan Shanti Plan?

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In the End

Overall, LIC New Jeevan Shanti is a good investment option for individuals who are looking for guaranteed returns with flexibility in terms of annuity options and payout frequencies. It also provides tax benefits and a loan facility, making it a lucrative investment option

It is important to note that the specific benefits and features of LIC New Jeevan Shanti may vary based on the policyholder's age, premium amount, chosen annuity option, and other factors. It is advisable to carefully review the policy's terms and conditions and consult with an insurance advisor to understand the plan in detail before making a purchase decision.

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