LIC Jeevan Shanti plan is a single premium plan with dual option of returns that can be the 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 the 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 recent plan launched by LIC got multiple features. It can act as a great plan for someone looking out for assured Income. At the same time, it covers the life risk too in some options.
Minimum Investment – LIC Jeevan Shanti starts with a minimum investment of Rs. 1,50,000, there is no limit on the maximum amount.
Age criteria – Minimum age to take this plan is 30 years, maximum can be between 79 – 100 years.
Premium Payment – Premium just need to be paid once as a lump sum amount. It can be started with the minimum payment of Rs. 1,50,000. There is no limit for the investment on the maximum amount.
Maturity Terms – Maturity can be taken either as an immediate annuity or deferred payment.
Immediate Annuity – If you choose this type of annuity than returns starts immediately after the payment of premium. There are lots of options to choose from within this plan as explained above.
Deferred Annuity – Deferred annuity starts after the certain time period as decided by the policyholder. The minimum time period of deferred annuity starts from 1 year, the maximum period is 20 years.
Loan Facility – The loan can be taken after the 1 year of the policy. In the case of immediate annuity this facility is available only in option F & J. For deferred annuity plan, it can be availed in both the options.
Surrender Value – Policy can be surrendered after 3 months of purchase. In an immediate annuity, surrender option is available only in option f & j. In a deferred annuity plan, this option is available in both the plans.
|Summary of LIC Jeevan Shanti Plan|
|Minimum Amount of Purchase||Rs. 1,50,000|
|Age of Investment||30 to 100 years|
|Option for annuities||9 in the case of an Immediate plan, 2 in case of deferred annuity plan|
|Returns||Immediate or Deferred|
|Life Cover||Individual or Joint|
|Surrender||After 3 months of purchase|
|Free Lookup15 days||15 days|
|Annuity payments||Monthly, quarterly, half-yearly or annually|