LIC Jeevan Shanti vs Post Office MIS

Postal Life Insurance was founded on 1 February 1884. Initially, it was launched for the benefit of Post Office employees. The Post Office Monthly Income Scheme is now available for defence personnel, state and central government employees, etc. LIC, on the other hand, was launched on 1 September 1956. It became the household name for insurance in India. Both provide life insurance policies, and to make your selection easy, here is a comparative analysis of LIC Jeevan Shanti and Post Office MIS. Let's understand both plans in detail:

LIC Jeevan Shanti vs Post Office MIS

LIC of India launched its pension cum investment plan, LIC Jeevan Shanti on its 62nd anniversary. It is a single-premium deferred annuity plan that provides an option to select between joint and single-life deferred annuity plans. The death or survival benefits are fixed and payable as per the Annuity chosen at the beginning of the policy. Whereas the MIS scheme in the post office (POMIS) is an investment plan that offers guaranteed returns of 7.4% per year to the investor. The primary benefits of the scheme are capital protection, a minimal investment amount to begin with and the reinvestment facility. The POMIS allows you to open a joint account in which all the members shall have an equal share in the investment. In this, no TDS deduction is applicable, but the interest earned is taxable. POMIS also offers an option to appoint a nominee in case of the policyholder's unfortunate death.

Here is the table that illustrates the comparison between LIC Jeevan Shanti and Post office MIS:  

How to Open A POMIS Account?

As Post Offices do not offer online facilities to their customers, so here is a step-to-step guide about how to open Post office Monthly Income Scheme (POMIS) account offline:

• Open an account in a post office 
• Take the POMIS form from the Post office 
• Fill in all the details required in the form and submit it along with passport size photographs, ID photocopy, and address proof. 
• Always bring the original documents with you for detailed verification 
• Then, get your form signed by the witness or nominee. 
• The initial deposit will be done by cash or cheque. 
• After the approval of all the details, the Post office official will provide you all the documents related to your accounting opening process.

At Last

LIC Jeevan Shanti and Post Office Monthly Income Scheme (POMIS), both offer life insurance policies with unique benefits. The former is an investment cum pension scheme and the latter only offers the investment scheme. POMIS plans are ideal for risk-averse investors. But LIC offers an online and offline mode to buy the policy whereas Post office MIS has not started the online facility yet. Assess the insurance requirements and make an informed choice. Both plans are ideal options for a customer, the selection depends entirely on the customer’s requirements.

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