India’s Life Insurance Corporation ( LIC) also offers pension schemes apart from offering term insurance plans and endowment insurance plans. LIC Jeevan Shanti is one of the pension schemes that the country’s biggest life insurer is offering. LIC Jeevan Shanti plan is a one time premium plan in which the policyholder has an option to select an immediate annuity or a deferred one.
LIC has stated on its website licindia.in about this plan. Under the LIC Jeevan Shanti scheme, rates of annuity or pension are guaranteed from the beginning of the policy for both Immediate and Deferred Annuity, and annuities are payable over the policyholder ‘s lifetime.
The policy holder have to choose between the pension options listed below:
- Option A: Immediate Annuity for life.
- Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
- Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
- Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
- Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
- Option F: Immediate Annuity for life with return of Purchase Price.
- Option G: Immediate Annuity for life increasing at a simple rate of 3 per cent per annum.
- Option H: Joint Life Immediate Annuity for life with a provision for 50 per cent of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
- Option I: Joint Life Immediate Annuity for life with a provision for 100 per cent of the annuity payable as long as one of the Annuitant survives.
- Option J: Joint life immediate annuity for life with a provision for 100 per cent of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.
Frequently asked questions about LIC Jeevan Shanti
LIC Jeevan Shanti plan can be purchased by any individual in the age group of 30 years and 79 years for deferred annuity and 85 years for immediate annuity.
Minimum purchase price of the Jeevan Shanti policy is ₹ 1,50,000 lakh and there is no maximum limit for the investment, according to LIC Jeevan Shanti brochure.
The premium paid towards LIC Jeevan Shanti Policy qualifies under Section 80C of the Income Tax Act for tax relief on income.
The annuity or pension amount will be transferred to policyholders account by NEFT. You have to submit your bank details at the time of taking policy.
