Life Insurance Corporation of India, a name that is known by almost all the Indians. It is One of the most trusted insurance companies in decades, the Life Insurance Corporation of India (LIC) offers an array of policies. These policies are designed and launched in the insurance market keeping in mind the needs and requirements of every section of the society.
Read moreOne special LIC policy that offers lifelong pensions to the insured is the LIC Jeevan Shanti plan. The main offering under this plan is that it allows receiving a lifelong pension by investing a lump sum amount only once.
Let us explore this lifelong pension policy more for a better understanding before opting to buy it.
It is a 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 in the LIC Jeevan Shanti plan:
Here is the eligibility difference between a deferred annuity plan and an immediate 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 |
Under deferred annuity, two annuity options available are as follows:
Once the insured selects an annuity option, it cannot be changed throughout the policy term.
An individual interested in purchasing the LIC Jeevan Shanti plan can use both online and offline methods. Similarly, investors who are planning to invest in this single-premium, annuity plan can buy this policy either by
Co-investing under this plan is possible. A policyholder can invest along with their parents, children, grandparents, grandchildren, spouse, or siblings.
Benefits of this plan are as follows:
Benefit on Death (accrued) end of each policy month shall be accrued, till the deferment period.
Features under LIC Jeevan Shanti plan are as follows:
The minimum annuity amount is as follows:
Annuity Mode |
Monthly |
Quarterly |
Half-yearly |
Annual |
Minimum Annuity |
1000 per month |
3000 per quarter |
6000 per half-year |
12000 per annum |
Annuity Option |
Annuity Amount |
|||
Annually |
Half Yearly |
Quarterly |
Monthly |
|
Single Life Deferred Annuity |
99,400 |
48,706 |
24,105 |
7,952 |
Joint Life Deferred Annuity |
94,100 |
46,109 |
22,819 |
7,528 |
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. An easy and hassle-free annuity plan, which can be purchased both online and offline is a safe investment for the future.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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