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.

Meaning Of Annuity

In simple term, you can say it as a Pension, where you will get regular income up to the specified period or conditions. There are two types of annuity.

1) Immediate Annuity-In this case, you invest a lump sum in a product and your pension or annuity starts immediately. Let us say you have around Rs.1 Cr and if you buy immediate annuity plans, then the pension will start immediately from next month.

2) Deferred Annuity-In this case your annuity starts after a certain period. Let us say your current age is 30 years and you are planning to retire at the age of 60 years. If you buy a deferred annuity plan, then you will invest up to your retirement age i.e. up to 60 years of age. After 60 years of retirement, your pension will start.

Benefits

·         Make one time investment and get Guaranteed life long income.

·         9 different annuity options to choose from to suit every need and circumstance.

·         Option to choose either Immediate Annuity or postpone it to a future date as Deferred Annuity.

·         Annuity rates are guaranteed from inception of the policy.

·         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 shall be available after completion of 1 policy year.

·         Surrender Allowed: The policy can be surrendered at anytime after three months from the completion of policy when Annuity Option is 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 15days.