LIC Jeevan Shanti Plan is a single premium plan. The policy holder can choose to pick Immediate or Deferred Annuity and enjoy guaranteed life time income. Jeevan Shanti is suitable for all pension seekers and Senior citizens for guaranteed pension for life time.
There are two main Annuity Options available under
Immediate pension for Life
Immediately Annuity starts with guaranteed period of 5 years and thereafter
Immediate Annuity with guaranteed period of 10 years and thereafter
Immediate Annuity with guaranteed period of 15 years and thereafter
Immediate Annuity with guaranteed period of 20 years and thereafter
Immediate Annuity for Life with return of Purchase Policy
Immediate Annuity for Life with a simple rate increase of 3% p.a:
The remaining Immediate Annuity options under LIC Jeevan Shanti Plan details are applicable for joint policy holders.
Joint Life Immediate Annuity for Life and a provision of 50% of annuity to the secondary policy holder on death of the primary annuitant.
Joint Life Immediate Annuity for Life with a provision for 100% of annuity payable as long as one of the policy holder is living
Joint Life Immediate Annuity for life and provision for 100% annuity payable as long as one of the Annuitant survives with return of Purchase Price on death of the last surviving policy holder.
Deferred Annuity for Single Life
Deferred Annuity for Joint Life
LIC Jeevan Shanti plan is the best option for senior citizen and Handicapped dependents as this plans given Annuity till lifetime with returns of purchase price at the end.
|Summary of LIC Jeevan Shanti Plan|
|Minimum Amount of Purchase||Rs. 1,50,000|
|Age of Investment||30 to 100 years|
|Option for annuities||9 in the case of an Immediate plan, 2 in case of deferred annuity plan|
|Returns||Immediate or Deferred|
|Life Cover||Individual or Joint|
|Surrender||After 3 months of purchase|
|Free Lookup15 days||15 days|
|Annuity payments||Monthly, quarterly, half-yearly or annually|