LIC Jeevan Shanti Plan

LIC Jeevan Shanti plan is a single premium plan with dual option of returns that can be immediate or deferred annuity. It's a kind of pension plan where the benefit can be availed in many ways. It is completely non-linked, non-participating plan. People can be benefited in multiple ways with the aid of this plan. In both Immediate and deferred plans there are a lot of options to choose from. In the case of immediate annuity plans out of 9 options, 2 of them got option of life cover as well. In a deferred annuity plan, there are 2 options to buy, both covers the risks of life. In the case of immediate annuity plans, returns can be availed immediately. In deferred annuity plans, we can choose the time when we want the returns.

This plan is launched to give people multiple options to choose from. They can decide to get their pension immediately or can defer it with returns. The plan is further bifurcated in many options. For an immediate annuity, there are around 9 different options to choose from. Deferred annuity got 2 major options to select from. All these options are customized keeping in mind the need of the policyholder. This is a good way of getting an assured amount at the time of retirement. Both Immediate and deferred got their features and benefits. The plan that we can choose from is based on our needs. Jeevan Shanti plan can be taken both online as well as offline.

Types & Features of LIC Jeevan Shanti Plan

Jeevan Shanti offers two types of annuities Immediate and deferred with the one time premium payment. In the Immediate type of annuity, we can get the returns immediately after paying the premium. In the case of deferred annuity plan, we can get the returns only after some time period. Policy term can be decided by us in the case of deferred. The minimum term of the policy is one year, with a maximum term of around 20 years. Within immediate and deferred we have many options to choose from. All the different types of options are elaborated below.

Immediate Annuity

Option A - This is an immediate annuity plan in which the annuitant gets the returns immediately. He or she can enjoy these return for the lifetime. Payments can be received in convenient monthly, quarterly, bi-annual or annual returns. After the demise of the policyholder, annuity stops.

Option B - According to this option, there's a guaranteed payment for the period of 5 years. Since it's an immediate annuity plan, payments start immediately. If during these 5 years annuitant expires than also the beneficiary can get the assured amount. In the case of his survival, the amount can be availed till his lifetime.

Option C - This option assures returns for the period of 10 years. If something happens to the policyholder during this period than his nominee gets the amount of pension.

Option D - It's an immediate annuity with a guaranteed period of 15 years. After that period if policyholder survives than he can still avail the annuity amount till his lifetime.

Option E - This option assured annuity for the period of 20 years. During this time if annuitant expires than his beneficiary can still get the amount as decided amount for 20 years.

Option F - This is one of the immediate annuity plans in which the beneficiary can get the death benefits. In the case of demise of the policyholder, the nominee is entitled to get entire sum insured with the returns as applicable.

Option G - In this kind of immediate annuity plan, there's 3% increase every year.

Option H - It's kind of a joint annuity plan. At the time of the death of one policyholder, other person get 50% of pension amount till their survival.

Option I - It is also a kind of joint annuity plan. As per this option, if something happens to one of the annuitants, another person can enjoy 100% benefits.

Option J - In this joint life annuity plan If something happens to the annuitant, another person can get 100% annuity. They even get the cover at the time of the death of the policyholder. The amount that they are entitled to get is equivalent to the sum insured along with remaining returns if any.

Deferred Annuity

As per the deferred annuity plans, the policyholder can get the benefit after a certain time period only. In this type of plan, there are 2 options to choose from. Both of them has been explained below.

Option 1

Before the deferred term - In this option, only a single life is covered. At the time of the death of the policyholder before the deferred annuity period beneficiary gets the death benefits.

After the deferred period - The annuity is given with returns as per the guarantee. In the case of the death of the policyholder, the beneficiary gets the death benefits annuity ceases immediately.

Option 2

Before the Deferred Term - During the period of deferred annuity plan, if one of the annuitant demises than other get the death benefits.

After the deferred period - If one of the annuitants dies after the deferred period than annuity ceases, other survivor gets the death benefits.