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LIC Jeevan Shanti

The LIC Jeevan Shanti is a single premium plan which is offered by the Life Insurance Corporation (LIC) of India. Under this plan, a policyholder has the liberty to choose from an Immediate Annuity option or a Deferred Annuity option. For both the options, the rates of the annuity are guaranteed at the time of the inception of the policy. The annuities are payable to the annuitant(s) throughout their lifetime. An individual willing to buy the policy can easily do so through both online and offline methods.

Eligibility - Who is the LIC Jeevan Shanti Plan for?

The eligibility criteria for the LIC Jeevan Shanti plan is listed below:

Parameters Criteria for Eligibility
Immediate Annuity Deferred Annuity
Minimum age of entry 30 years (completed) 30 years (completed)
Maximum age of entry 85 years (completed)/ 100 years (completed) [for Option F] 79 years (completed)
Minimum Deferment Period Not Applicable 1 year
Maximum Deferment Period Not Applicable 20 years (subject to Maximum Vesting Age)
Minimum Vesting Age Not Applicable 31 years (completed)
Maximum Vesting Age Not Applicable 80 years (completed)

Benefits of the LIC Jeevan Shanti Plan

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

  • The LIC Jeevan Shanti plan assures a lifetime income through a one-time investment.
  • It offers guaranteed additions during the period of deferment.
  • 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.
  • The rates of the annuity are guaranteed from the inception of the plan.
  • The LIC Jeevan Shanti plan offers the policyholder the option to choose between Immediate Annuity and Deferred Annuity options.
  • After the completion of one policy year, the policyholder can avail the facility of loans.
  • 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.
  • The policy also offers the option of buying the plan for the benefit of handicapped dependent (Divyangjan) life.
  • 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.
  • 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:

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

Mode of Annuity Monthly Quarterly Half-Yearly Annually
Minimum Annuity Rs.1,000 per month Rs.3,000 per quarter Rs.6,000 every six months Rs.12,000 per annum

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:

  • Immediate Annuity: The options available under the Immediate Annuity Option are as follows: Own Life:
    • Option A: For life.
    • Option B: Guaranteed period - 5 years and life thereafter.
    • Option C: Guaranteed period - 10 years and life thereafter.
    • Option D: Guaranteed period - 15 years and life thereafter.
    • Option E: Guaranteed period - 20 years and life thereafter.
    • Option F: For life with return of Purchase Price.
    • Option G: For life and increase at a simple rate of 3% p.a.

Joint Life:

    • 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.
    • 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.
    • 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.
  • Deferred Annuity: The options available under the Deferred Annuity Option are as follows:
    • Option 1: For Single Life.
    • Option 2: For Joint Life.

Exclusions of the LIC Jeevan Shanti Plan

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

  • Suicide:

    • 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.
    • 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.

Why you should 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.

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