LIC’s New Jeevan Shanti

The New Jeevan Shanti insurance policy offered by Life Insurance Corporation (LIC) of India is an individual, non-participating, and non-linked plan. The policyholder must pay the premium in full and can choose either a Joint life or Single life Deferred Annuity. Individuals can purchase the policy offline or by visiting the official website of LIC.

Annuity Options

The two different annuity options that are offered are mentioned below:

  • Single life Deferred annuity
  • Joint life Deferred annuity

Eligibility Criteria

The eligibility criteria that must be met in order to purchase the New Jeevan Shanti insurance policy are mentioned in the table below:

Maximum Purchase Price No limit
Minimum Purchase Price
  • Monthly: Rs.1,000
  • Quarterly: Rs.3,000
  • Half-Yearly: Rs.6,000
  • Yearly: Rs.12,000
Minimum Annuity No limit
Deferment Period – Maximum 12 years (depends on the maximum vesting age)
Deferment Period – Minimum 1 year
Vesting Age – Maximum 80 years (at the time of last birthday)
Vesting Age – Minimum 31 years (at the time of last birthday)
Age of Entry – Maximum 79 years (at the time of last birthday)
Age of Entry – Minimum 30 years (at the time of last birthday)

Ways to Purchase the Policy

The different ways by which the New Jeevan Shanti policy can be purchased are mentioned below:

  • Offline:The policy can be purchased by visiting an LIC office.
  • Online: You can visit the official website of LIC to purchase the policy.

Pension and Death Benefits

  • Maturity benefit option is not provided.
  • Depending on the annuity option that is selected, benefits will be paid on death or survival.
  • Death benefit is paid in case the annuitant passes away at the time of the deferment period.
  • Effective from the day the policyholder passes away, the annuity option can be changed.
  • Pension will be paid once the deferment period has been completed only if the secondary and primary policyholders are alive.
  • The annuitant’s nominee will be paid the death benefit during the deferment term.
  • Loans

    Loans can be availed only after three months from the date the policy has been issued or after the free-look period has expired (whichever is later). As per the terms and conditions, loans may be provided at the time or after the deferment period.

    Free-Look Period

    In case the policyholder is not happy with the terms and conditions of the New Jeevan Shanti plan, he/she can return the policy within 15 days from the receipt date to the Corporation. In case the policy has been purchased online, the policy can be returned within 30 days.

    The individuals must state the reasons for the cancellation of the plan. Once the policy has been cancelled, the premium that has been paid will be returned after the annuity paid and stamp duty have been deducted.

    Exclusions

    Suicide: In case the last survivor/ annuitant of the joint life annuity commits suicide within 12 months from the date the policy commences, LIC will void the policy. Under such cases, the Surrender Value or 80% of the premium that is paid, whichever is higher, will be payable. No other claims will be entertained by LIC.

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