Jeevan Shanti ensuring prosperity
Life Insurance Corporation of India (LIC)’s Jeevan Shanti is securing the future of several families
Jeevan Shanti is a single premium plan wherein the policyholder has J an option to choose an immediate or deferred annuity/pension. The annuity/pension rates are guaranteed at the inception of the policy for both immediate and deferred annuity and annuities are payable throughout the lifetime of annuitant(s). This plan can be purchased offline as well as online.
FEATURES
The minimum purchase price is Rs 1,50,000, subject to minimum annuity. The maximum purchase price has no limit. The minimum age at entry is 30 years (completed).
The joint life annuity can be taken between any lineal descendant or ascendant of a family (i.e. grandparent, parent, children, grandchildren) or spouse or siblings. Minimum annuity in this plan is Rs 1,000 per month, Rs 3,000 per quarter, Rs 6,000 per half year or Rs 12,000 per annum.
Lower purchase price may be allowed in specific cases, such as NPS and if this plan is purchased for the benefit of Divyangjan, as per terms and conditions of this plan. In such a case, for NPS, the annuity rates shall be subject to a reduction factor.
BENEFITS
With it one can make a one-time investment and get guaranteed lifelong income. There are ten different annuity/ pension options to choose from to suit every need and circumstance. There is also option to choose either immediate annuity or postpone it to a future date as deferred annuity.
The annuity rates are also guaranteed from inception of the policy. There are guaranteed additions during deferment period. This policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings.
Loan Available: Loan facility is available after completion of one policy year. Surrender Allowed: The policy can be surrendered at any time after three months from the completion of policy when annuity option is there with return of purchase price.
Free look Period: If the policyholder is not satisfied with the 'terms and conditions' of the policy, the policy may be returned to the corporation within a fortnight.