LIC Jeevan Shanti

Benefits of the LIC Jeevan Shanti Plan

The benefits of the LIC Jeevan Shanti plan can be summed up as follows:

1. The LIC Jeevan Shanti plan assures a lifetime income through a one-time investment.
2. It offers guaranteed additions during the period of deferment.
3. The LIC Jeevan Shanti plan offers 9 different options of annuity to help serve the requirement of different individuals who are planning to buy the plan.
4. The rates of the annuity are guaranteed from the inception of the plan.
5. The LIC Jeevan Shanti plan offers the policyholder the option to choose between Immediate Annuity and Deferred Annuity options.
6. After the completion of one policy year, the policyholder can avail the facility of loans.
7. The LIC Jeevan Shanti policy offers a free-look period of 15 days. A policyholder will be eligible to return the policy to the Corporation within these 15 days, in case he/she is not satisfied with the Terms and Conditions.
8. The policy also offers the option of buying the plan for the benefit of handicapped dependent (Divyangjan) life.
9. The LIC Jeevan Shanti policy offers the option of surrendering the plan. A policyholder will be able to surrender the plan anytime after 3 months from the completion of policy.
10. The LIC Jeevan Shanti policy can be taken for own life or joint life with grandparent, parent, siblings, spouse, children, or grandchildren.

Features of the LIC Jeevan Shanti Policy

The features of the LIC Jeevan Shanti plan are as follows:

1. Minimum Purchase Price: Rs.1.5 lakh subject to the minimum annuity mentioned below
2. Maximum Purchase Price: No limit
3. Minimum Age of Entry: 30 years (completed)Minimum Annuity:

Annuity Options available under the LIC Jeevan Shanti Plan

The LIC Jeevan Shanti plan offers a number of annuity options under the Immediate Annuity and Deferred Annuity options. These options are listed below:

1. Immediate Annuity: The options available under the Immediate Annuity Option are as follows: Own Life:
   1. Option A: For life.
   2. Option B: Guaranteed period - 5 years and life thereafter.
   3. Option C: Guaranteed period - 10 years and life thereafter.
   4. Option D: Guaranteed period - 15 years and life thereafter.
   5. Option E: Guaranteed period - 20 years and life thereafter.
   6. Option F: For life with return of Purchase Price.
   7. Option G: For life and increase at a simple rate of 3% p.a.
2. Joint Life:
   1. Option H: For life along with a provision for 50% of the annuity to be paid to the Secondary Annuitant on the event of the death of the Primary Annuitant.
   2. Option I: For life with a provision for 100% of the annuity payable to the annuitant(s) as long as one of the Annuitants is alive.
   3. Option J: For life with a provision for 100% of the annuity. It will be paid out as long as one of the Annuitants is alive. The return of Purchase Price is made on the death of the last Annuitant.
3. Deferred Annuity: The options available under the Deferred Annuity Option are as follows:
   1. Option 1: For Single Life.
   2. Option 2: For Joint Life.

Exclusions of the LIC Jeevan Shanti Plan

The exclusions of the LIC Jeevan Shanti Plan are as follows:

1. Suicide:
   1. For Immediate Annuity (applicable for Option F and Option J only): The policy will be invalid if the annuitant or any of the annuitants commits suicide within the time period of 12 months from the date of inception of the policy. The corporation will be liable to pay only the Surrender Value or 100% of the Purchase Price paid, whichever is higher.
   2. For Deferred Annuity: The policy will be invalid if the annuitant or any of the annuitants commits suicide within the time period of 12 months from the date of inception of the policy. The corporation will be liable to pay only the Surrender Value or 80% of the Purchase Price paid, whichever is higher.

Documents Required to Buy LIC Jeevan Shanti Policy

The documents required to buy the LIC Jeevan Shanti Policy are as follows:

1. Proof of address (Passport, Aadhaar card, driving licence, etc.,)
2. Proof of identity (PAN card, Aadhaar card, passport, etc.,)

Why Should You Buy the LIC Jeevan Shanti Policy?

The Life Insurance Corporation (LIC) of India is one of the oldest and most popular organisations in the country. It has a huge customer base of more than 250 million people. Being in the business for more than 60 years, the Life Insurance Corporation (LIC) of India is one of the most sought-after insurance providers. It has been one of the most trusted organisations across the nation.

Reasons to Consider Purchasing the LIC Jeevan Shanti Plan

1. Ease of Purchase: Anyone can purchase the LIC Jeevan Shanti plan both online and offline. However, making a purchase online makes it simpler to track the status, payments, etc.

1. Guaranteed Returns: The returns are included in the LIC Jeevan Shanti Plan on a monthly basis and can be easily obtained after the deferred period.

1. Various Annuity Options: The LIC Jeevan Shanti policy provides immediate as well as deferred annuity options, allowing the insured to choose from the many choices offered by the policy.

1. Tax Benefits: Tax is levied according to the government's established tax laws and rates. Tax paid will not be taken into account when calculating benefits under the plan.

1. Guaranteed Monthly Income: For the duration of the policyholder's life, they are entitled to a monthly income. There are multiple ways that the nominee or secondary annuitant may get the guaranteed income even in the event of the primary annuitant's untimely death.

Additional Benefits of the LIC Jeevan Shanti Policy

The following are some important additional benefits of the LIC Jeevan Shanti Policy:

1. Annuity Frequency Flexibility: The policyholder can receive the annuity on a monthly, quarterly, half-yearly, or annual basis, depending on your convenience.

1. Death Benefit: Under certain Options F and J of the immediate annuity plan, the nominee will be given a death benefit. Death benefits are offered in a deferred annuity plan for single as well as joint plans.

1.  Surrender Value: The policyholder can surrender the LIC Jeevan Shanti policy three months after purchasing the policy. Option F and Option J are eligible for the surrender value under the immediate annuity plan. The surrender value is available for both choices in a deferred annuity plan.

1. Free Look Period: The free look period is 15 days if the policy is purchased offline. In case of purchases made online, it is 30 days. If the policyholder is dissatisfied with the relevant terms and conditions of the policy during this time, they may cancel the policy.

1. Facility of Loan: After the first year of the policy's term has passed, the policyholder may apply for a loan. Only the immediate annuity plan is eligible for the loan facility for Options F and J. Deferred annuity plans allow for access under both single and joint life conditions.

1. Unique Coverage: The policy is designed with the handicapped (divyangjan) in mind and specific provisions are made for such scenarios.