LIC Jeevan Shanti Policy: Premium, Pension And Other Details Here – NDTV News

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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.

Here are the details about LIC’s Jeevan Shanti plan:

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 Option Annuity Amount (Rs.)
Immediate Annuity:  
Option A: Immediate Annuity for life 74,300
Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter 74,200
Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter 73,900
Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter 73,500
Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter 72,900
Option F: Immediate Annuity for life with return of Purchase Price 65,400
Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a 56,200
Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant 71,100
Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives 68,300
Option 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 survivor 64,900
Deferred Annuity:  
Option 1: Deferred annuity for Single life 206,600
Option 2: Deferred annuity for Joint life 227,200

Source: LIC

If 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.

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