Review of LIC New Jeevan Shanti

LIC New Jeevan Shanti is a blessing. I was quite worried about my post-retirement life. With no source of income and no one to depend upon, I was looking out for a solution. Then one of my colleagues told me about LIC’s New Jeevan Shanti plan. I called up Policybazaar to understand the plan more deeply. After having a talking session of about 1.15 hrs, I was convinced that this plan is the solution to all my worries. Mr. Naveen Mukjherjee 

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Mr. Naveen recently bought the LIC New Jeevan Shanti plan in order to secure his future after retirement. The sole reason for buying this plan was to secure his financial needs post-retirement. 

LIC New Jeevan Shanti is a deferred annuity single premium plan where the policyholder has the option to choose between Joint life and Single life Deferred annuity. The plan can be bought online as well as offline.

Let us explore LIC New Jeevan Shanti in detail and see what convinced Mr. Naveen to buy this plan:

Features of LIC New Jeevan Shanti Plan

LIC New Jeevan Shanti is a single premium plan wherein the policyholder needs to pay a lump sum premium once, and can avail of LIC policy benefits throughout the policy term.

  • Annuity Options: The plan comes with two deferment options and allows the policyholder to choose one as per their needs. The available options are:

    • Option 1: Deferred annuity for Single life

    • Option 2: Deferred annuity for Joint life

  • Flexibility to choose annuity payment mode, i.e., yearly, half-yearly, quarterly and monthly.

  • Under the plan, policyholders can choose the death benefit payout. They can opt for either a lump sum payout, Annuitisation or instalments

retire karo befikar retire karo befikar

Benefits of LIC New Jeevan Shanti Plan

  1. Death Benefit

    On the death of the policyholder, the death benefit payable will be the higher of:

    • Purchase Price plus Accrued Additional Benefit on Death (as specified below) minus Total annuity amount paid till the date of death, if any

    • 105% of the Purchase Price

  2. Flexibility

    With the Jeevan Shanti plan LIC allows you to opt for the most suitable annuity payment mode. The available payment modes are yearly, half-yearly, quarterly, and monthly.

  3. Option to cover Dependent with Disability

    In case the policyholder has a dependent family member with a disability, he/she can buy a Deferred Annuity for Single life (Option 1) on their own life for the benefit of a disabled person as a Nominee, provided the minimum purchase price is Rs. 50,000. The death benefit can be used to buy an immediate annuity.

  4. Tax Benefits

    Premiums paid against LIC Jeevan Shanti Plan are eligible for tax deductions under section 80C of the Income Tax Act.

  5. Incentives

    An additional annuity rate incentive is offered based on the purchase price of the annuity. This incentive is available in three purchase price slabs of ₹5,00,000 to ₹9,99,999, ₹10,00,000 to ₹24,99,999, and ₹25,00,000 and above. The higher your purchase amount and the longer the deferment, the greater the annuity benefit you receive.

  6. Options for Death Benefit Payments

    The annuitant can choose from the following options:
    Lump sum death benefit: Under this, the complete death benefit will be paid to the nominee in a lump sum.
    Annuitusation: Under this option, the death benefit can be used fully or partly to purchase an Immediate Annuity for the nominee(s), based on their age and prevailing annuity rates. If the benefit amount or eligibility doesn't meet the annuity plan conditions, the amount will be paid as a lump sum.
    In Instalments: Under this, the death benefit amount payable in case of death can be received in instalments over a period of 5, 10, or 15 years.

Summing it up

Not only Mr. Naveen but also other customers who have bought the LIC New Jeevan Shanti plan are happy with everything it offers. They say that now they don't have to worry about their financial expenses and are looking forward to enjoying their post-retirement life to the fullest.

FAQs

  • Q: What is the grace period in LIC New Jeevan Shanti?

    Ans: The New Jeevan Shanti LIC plan has no grace period as it is a single premium plan, and the policyholder must pay the premium only once.
  • Q: What is the free-look period in LIC New Jeevan Shanti plan?

    Ans: : LIC New Jeevan Shanti offers a 30-day free-look period during which the policyholder can cancel it if he/she is not satisfied.
  • Q: What is the eligible entry age in LIC New Jeevan Shanti plan?

    Ans: Anyone between the age of 30 years to 79 years is eligible to buy the Jeevan Shanti LIC plan.
  • Q: Can I withdraw money from LIC Jeevan Shanti?

    Ans: Yes, policyholders can withdraw money from the Jeevan Shanti LIC plan by surrendering it. The policy can be surrendered after three months from the date of purchase. The surrender value will be calculated as per the plan's original terms.
  • Q: Is LIC Jeevan Shanti tax-free?

    Ans: The premium paid for the LIC Jeevan Shanti plan is eligible for tax deduction under Section 80CCC, up to a limit of ₹1.5 lakh. The annuity income you receive from the policy is taxable, added to your total income, and taxed according to the prevailing income tax slab rate.

*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
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. 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. 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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Review of LIC New Jeevan Shanti Reviews & Ratings

4.8 / 5 (Based on 27 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Jyotsana
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Nimesh
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amit
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Azam
, April 09, 2021
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
Seema
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Ashraf
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Naman
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Chetan
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Bibek
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
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