LIC Jeevan Shanti vs Post Office MIS

LIC and Post office, both are a renowned organization that offers welfare schemes for Indian citizens. LIC offers a wide variety of insurance plans ranging from pure protection plans i.e., term to savings and investment plans. The company shows a strong presence in both the urban and rural sectors of India. The main objective of LIC is the welfare of society.

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Postal Life Insurance was founded on 1st February 1884. It offers various welfare schemes that provide benefits to postal employees. This is also a government-owned organization. Both provide life insurance policies, and many of you might get confused in choosing the best insurance policy for you and your family. So, the primary question that comes to mind of every customer is how to go about it? How do choose the best plan? Which will be the best option? To make your selection easy, here is a comparative analysis of two life insurance plans offered by LIC and Post Office i.e., LIC Jeevan Shanti and Post Office MIS respectively. Let’s understand each plan in detail:

LIC Jeevan Shanti vs Post Office MIS

LIC of India launched its pension cum investment plan LIC Jeevan Shanti on its 62nd birthday. It is a non-linked and non-participating deferred annuity plan that embraces a tension-free tomorrow. This plan provides an option to select between joint and single life deferred annuity plans. Whereas Post Office Monthly Income Scheme (POMIS) is an investment plan that offers guaranteed returns of 6.6% per year to the investor. This plan has three major benefits as it keeps your capital intact, provides higher returns than the debt instruments, and also offers a fixed monthly income. A policyholder can open a POMIS with a minimum amount of Rs. 1,000. The POMIS provides you an option to open a joint account in which all the joint holders shall have an equal share in the investment. In this, no TDS deduction is applicable but the interests so earned are taxable. POMIS also offers an option to appoint a nominee in case of the unfortunate death of the policyholder. 

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


LIC Jeevan Shakti Plan 

Post Office MIS 

Type of Plan 

It is an investment and pension plan with two options: 

1. Deferred annuity for single life 

2. Deferred annuity for Joint Life 

Post Office MIS is an investment plan that provides 6.6% per annum of guaranteed returns. 


The rates of annuity are guaranteed at the starting of the plan. The annuities are payable after the time of deferment throughout the Annuitant lifetime.

It offers you fixed income every month that can become your income source for a long duration. 

Entry Age 

Minimum Entry Age –30 years 

Maximum Entry Age for Deferred Annuity – 79 years 

Entry Age – 10 years 

A 10-year-old minor can open a POMIS account in his name. 

Maturity/Vesting age 

Maturity Age - 31 years – 80 years 

Maturity – POMIS account gets closed on expiry of 5 years from the opening date. 

Maximum purchase price/amount 

The minimum price of purchase is Rs.1,50,000 and the maximum price of purchase is of no limit. 

The maximum amount that is allowed to be deposited in an account (single) is Rs. 4.50 lakh and for a joint account is 9 lakhs. 

Who are eligible? 

In the case of Joint life annuity, grandparents, parents, children, and grandchildren, spouse or siblings are eligible. 

·         a single adult 

·         Joint account for up to 3 adults 

·         A guardian can open an account on his/her child/minor name, or person with an unconscious mind. 

Mode of Payment 

Yearly, half-yearly, quarterly, and monthly 

Regular premium payment 

Death Benefit 

In LIC Jeevan Shanti, the beneficiary will receive the death benefit. He/she will get the highest of: 

·         The purchase price plus Accumulated additional death benefit minus Amount of total annuity payable till the death date. 

·         105 percent of the purchase price. 

In Post office MIS, you can settle claims in case of death of the policyholder by following simple steps: 

·         Submit the nomination form along with the certificate of death and all your KYC (Know your customer) documents. 

·         The person who is claiming is required to show the administration letter or certificate of succession or probate of a will. 

·         Probate of will is provided by the High court that requires a high court seal on it. 

·         Then the claimant is required to submit a claim form along with all other details related to the death of the policyholder. 

Buying Process 

The plan can be purchased online as well as offline. You can visit for buying a policy online. 

No online options are available yet. You can buy this plan offline by visiting the nearest post office. Downloads the forms related to this policy from 

Tax Benefits 

Get the tax benefits as per the prevailing Income Tax Laws 

No tax benefit is applicable 

Open A POMIS Account 

As post office does 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: 

  • 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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