LIC Jeevan Shanti policy is a single premium pension plan.Life Insurance Corporation of India (LIC), the country's largest life insurance company, among its various insurance products also offers annuity plans.
One such single premium annuity or pension product offered by LIC is LIC Jeevan Shanti plan.
LIC Jeevan Shanti plan is a single premium plan wherein the policy holder has an option to choose an immediate or deferred annuity, according to LIC's website - licindia.in.
The annuity rates are guaranteed at the inception of the policy for both immediate and deferred annuity and annuities are payable throughout the life time of annuitants.LIC's Jeevan Shanti plan can be purchased by paying single premium of minimum Rs 1.5 lakh and it has no upper limit for the premium.Policy holders get nine different annuity options to choose from.
The nine annuity options are as follows according to information on LIC's website.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 the last survivor.For instance an individual purchases Jeevan Shanti plan at the age of 45 with a deferment period of 20 years he /she will get the following annuity amount under the annuity option chosen by the policy holder.Annuity OptionAnnuity Amount (Rs.)Immediate Annuity:Option A: Immediate Annuity for life74,300Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter74,200Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter73,900Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter73,500Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter72,900Option F: Immediate Annuity for life with return of Purchase Price65,400Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a56,200Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant71,100Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives68,300Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor64,900Deferred Annuity:Option 1: Deferred annuity for Single life206,600Option 2: Deferred annuity for Joint life227,200Source: LICIf the policyholder is not satisfied with the terms and conditions of the Jeevan Shanti policy, the policy may be returned to the LIC of India within 15 days of commencement.Get the latest election news, live updates and election schedule for Lok Sabha Elections 2019 on TheIndianSubcontinent.com/elections.
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