INSUBCONTINENT EXCLUSIVE:
LIC Jeevan Shanti plan: Pension rates are guaranteed at the inception of the policy.Life Insurance Corporation (LIC) of India apart from
offering term and endowment insurance plans is also offering pension plans
LIC Jeevan Shanti is one of the pension plans being offered by the country's largest life insurer
LIC Jeevan Shanti plan is a single premium plan wherein the policyholder has an option to choose an immediate or deferred annuity, LIC noted
on its website licindia.in
Under the LIC Jeevan Shanti plan, the annuity or pension rates are guaranteed at the inception of the policy for both Immediate and Deferred
Annuity and annuities are payable throughout the life time of the policyholder, LIC added.The policyholder gets nine different annuity
options to choose from to suit every need and circumstance, LIC said.LIC Jeevan Shanti plan can be purchased by any individual in the age
group 30 years and 79 years for deferred annuity and 85 years for immediate annuity.Minimum purchase price of the policy is Rs 1.5 lakh and
there is no maximum limit for the purchase price, according to LIC.The policy holder gets to choose from the pension options mentioned
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.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:
LICThe premium paid towards LIC Jeevan Shanti Policy qualifies for income tax relief under the Section 80C of the Income Tax Act.
