Review of LIC New Jeevan Shanti

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.

• 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 

• Under the plan, policyholders have the option to choose the death benefit payout. They can opt for either a lump sum payout or in installments

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

   The plan 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 Dependant 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 life for the benefit of a disabled person as a Nominee, provided the minimum purchase price is Rs. 50,000.

4. Loan Facility

   One can avail of policy loans against their LIC New Jeevan Shanti plan after the 3 months from the date of issuance of the policy or after the expiry of the free-look period, whichever is later.

5. Tax Benefits

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

Summing it up

Not only Mr. Naveen, but other customers who have bought the LIC New Jeevan Shanti plan are happy with everything that the plan 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.

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