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LIC Jeevan Shanti Plan

lic jeevan shanti plan, for an Immediate or Deferred annuity

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.

LIC Jeevan Shanti Plan offers to the policy holder-

  • LIC Jeevan Shanti Policy offers 9 annuity options to choose from to meet your different needs.
  • This Policy can be purchased in single or joint lives assured.
  • Minimum purchase price to avail LIC Jeevan Shanti Plan benefits is Rs.1.50,000.

LIC Jeevan Shanti Plan Benefits:

  • Guaranteed annuity rates since the date of the issue of the policy.
  • Guaranteed additions are offered during deferment.
  • Surrender: The policy can be surrendered after three months of the completion of the policy.
  • Free Look Period of 15 days from the issue date to discontinue the policy in case of dissatisfaction.
  • LIC Jeevan Shanti Plan also offers an optional benefit for handicapped dependant life.

There are two main Annuity Options available under

LIC Jeevan Shanti Plan Benefits – Immediate and Deferred and their variations are mentioned below:

I IMMEDIATE ANNUITY OPTIONS

Option A

Immediate pension for Life

Option B

Immediately Annuity starts with guaranteed period of 5 years and thereafter

Option C

Immediate Annuity with guaranteed period of 10 years and thereafter

Option D

Immediate Annuity with guaranteed period of 15 years and thereafter

Option E

Immediate Annuity with guaranteed period of 20 years and thereafter

Option F

Immediate Annuity for Life with return of Purchase Policy

Option G

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.

Option H

Joint Life Immediate Annuity for Life and a provision of 50% of annuity to the secondary policy holder on death of the primary annuitant.

Option I

Joint Life Immediate Annuity for Life with a provision for 100% of annuity payable as long as one of the policy holder is living

Option J

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.

II. DEFERRED ANNUITY OPTIONS

Option A

Deferred Annuity for Single Life

Option B

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 PurchaseRs. 1,50,000
Annuity TermLifetime
Age of Investment30 to 100 years
Option for annuities9 in the case of an Immediate plan, 2 in case of deferred annuity plan
InvestmentOne time
ReturnsImmediate or Deferred
Life CoverIndividual or Joint
SurrenderAfter 3 months of purchase
Free Lookup15 days15 days
Annuity paymentsMonthly, quarterly, half-yearly or annually

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