LIC Jeevan Shanti Policy | Guaranteed Pension Plan
LIC Jeevan Shanti is a non-linked, non-participating, single
premium guaranteed pension plan. LIC Jeevan Shanti is an annuity plan in which you
can choose from the immediate pension or deferred pension options.
The annuity rates are guaranteed at the beginning of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the life time of Annuitant(s).
In this post, let’s take a look at the details of LIC Jeevan Shanti policy.
The annuity rates are guaranteed at the beginning of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the life time of Annuitant(s).
In this post, let’s take a look at the details of LIC Jeevan Shanti policy.
LIC Jeevan Shanti policy can be taken on own life or
as joint life with grandparent, parent, children, grandchildren, spouse or
siblings.
It is a comprehensive annuity plan with unique features for benefit of individuals and support for the family too.
LIC Jeevan Shanti plan can be purchased through offline and online mode. To purchase LIC Jeevan Shanti Plan online, please log on to LIC official website.
It is a comprehensive annuity plan with unique features for benefit of individuals and support for the family too.
LIC Jeevan Shanti plan can be purchased through offline and online mode. To purchase LIC Jeevan Shanti Plan online, please log on to LIC official website.
Features and Benefits of LIC Jeevan Shanti Plan
Following are the key features and benefits of LIC
Jeevan Shanti Plan.
1. LIC Jeevan Shanti is a single premium guaranteed pension
plan. Just make one-time investment and
get guaranteed life-long income.
2. The policyholder has an option to choose an Immediate Annuity or postpone
it to a future date as Deferred Annuity.
3. The annuity rates are guaranteed at the beginning of the policy for both
Immediate and Deferred Annuity.
4. Ten different annuity options to choose from to
suit your need and circumstance.
5. The policy can be taken on own life or as joint
life with grandparent, parent, children, grandchildren, spouse or siblings.
6. Guaranteed additions during the deferment period.
7. If the Policyholder is not satisfied with the
“Terms and Conditions” of the policy, the policy may be returned to LIC within
15 days (30 days if this policy is purchased online).
8. Loan facility shall be available after the completion of 1 policy year.
9. The policy can be surrendered at any time after
three months from the completion of policy when Annuity Option is with the return of purchase price.
10. Option to take the plan for the benefit of
handicapped dependant (Divyangjan) life.
Eligibility for LIC Jeevan Shanti Plan
Eligibility for LIC
Jeevan Shanti Plan
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Criteria
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Immediate Annuity
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Deferred Annuity
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Minimum Age at Entry
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30 years
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30 years
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Maximum Age at Entry
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85 years except
Option F and 100 years for Option F
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79 years
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Minimum Deferment Period
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Not Applicable
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One year
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Maximum Deferment Period
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20 years subject to Max. Vesting Age
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Minimum Vesting Age
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31 years
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Maximum Vesting Age
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80 years
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Minimum Purchase Price
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Rs.1,50,000
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Maximum Purchase Price
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No Limit
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Minimum Annuity
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Rs.1000 for monthly, Rs.3000 for quarterly, Rs.6000
for half yearly and Rs.12000 for yearly
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Note that lower purchase price
may be allowed in exceptional cases such as NPS and if the policy is purchased
for the benefit of Divyangjan, as per terms and conditions of this plan.
Annuity Options under LIC Jeevan Shanti Policy
Following options are available
under LIC Jeevan Shanti Policy
Immediate Annuity
Option A
Immediate Annuity for life
Option B
Immediate Annuity with guaranteed period of five years and life
thereafter
Option C
Immediate Annuity with guaranteed period of ten years and life
thereafter
Option D
Immediate Annuity with guaranteed period of fifteen years and life
thereafter
Option E
Immediate Annuity with guaranteed period of twenty years and life
thereafter
Option F
Immediate Annuity for life
with return of Purchase Price
Option G
Immediate Annuity for life
increasing at a simple rate of 3% per annum
Option H
Joint Life Immediate Annuity
for life with a provision for 50% of the annuity to the Secondary Annuitant on the
death of the Primary Annuitant.
Option I
Joint Life Immediate Annuity
for life with a provision for 100% of the annuity payable as long as one of the
Annuitant survives.
Option J
Joint Life Immediate Annuity
for life with a provision for 100% of the annuity payable as long as one of the
Annuitant survives and return of Purchase Price on the death of the last survivor.
Deferred Annuity
Option 1
Deferred annuity for single life.
Option 2
Deferred annuity for joint life.
Note that Annuity option fixed at the time of opting
policy. No change in the selected option is allowed at a later stage of the
policy period.
Benefits payable under LIC Jeevan Shanti Plan
Benefits payable on Survival or on Death under LIC
Jeevan Shanti Plan
1. Immediate Annuity
Benefits payable under
Immediate Annuity options are
Option
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Benefits Payable
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Option A
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1. The annuity payments shall be made in arrears for as long as the
Annuitant is alive, as per the chosen mode of annuity payment. 2. On death of Annuitant, nothing shall be payable
and the annuity payment shall cease immediately.
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Option B,C,D,E
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1. The annuity payments shall be made in arrears for as long as the
Annuitant is alive, as per the chosen mode of annuity payment. 2. On death of the Annuitant during the guaranteed
period, the annuity shall be payable to the nominee(s) till the end of the
guaranteed period. 3. On death of the
Annuitant after the guaranteed period, nothing shall be payable and the
annuity payment shall cease immediately.
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Option F
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1. The annuity payments shall be made in arrears for as long as the
Annuitant is alive, as per the chosen mode of annuity payment. 2. On death of the annuitant, the annuity payment
shall cease immediately and Purchase Price shall be payable to nominee(s).
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Option G
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1. The annuity payments shall be made in arrears for as long as the
Annuitant is alive, as per the chosen mode of annuity payment. 2. On death of annuitant
nothing shall be payable and the annuity payment shall cease immediately.
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Option H
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1. The annuity payments shall be made in arrears for as long as the
Primary Annuitant is alive, as per the chosen mode of annuity payment. 2. On death of Primary Annuitant, 50% of the
annuity amount shall be payable to the surviving Secondary Annuitant as long
as the Secondary Annuitant is alive. The annuity payments will cease on the
subsequent death of the Secondary Annuitant. 3. If the Secondary Annuitant
predeceases the Primary Annuitant, the annuity payments shall continue to be
paid and will cease upon the death of the Primary Annuitant.
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Option I
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1. 100% of the annuity amount shall be paid in arrears for as long as
the Primary Annuitant and/ or Secondary Annuitant is alive, as per the chosen
mode of annuity payment. 2. On death of
the last survivor, the annuity payments will cease immediately and nothing
shall be payable.
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Option J
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1. 100% of the annuity amount shall be paid in arrears for as long as
the Primary Annuitant and/ or Secondary Annuitant is alive, as per the chosen
mode of annuity payment. 2. On death of
the last survivor, the annuity payments will cease immediately and Purchase
Price shall be payable to the Nominee(s).
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2. Deferment Annuity
Benefits payable under Deferment
Annuity options are
Option
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Benefits Payable
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Option 1
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During Deferment Period: 1. On survival of the Annuitant
nothing shall be payable. 2. On death
of the Annuitant, Death Benefit as defined below shall be payable to nominee(s). After Deferment Period: 1. The annuity payments, as per the chosen
mode, shall be made in arrears for as long as the Annuitant is alive. 2. On death of the Annuitant, the annuity payments
shall cease immediately and Death Benefit as defined below shall be payable
to nominee(s).
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Option 2
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During Deferment Period: 1. On
the survival of the Primary Annuitant and/or Secondary Annuitant, nothing
shall be payable. 2. On death of the
last survivor, Death Benefit as defined below shall be payable to nominee(s). After Deferment Period: 1. The annuity payments, as per the chosen
mode, shall be made in arrears for as long as the Primary Annuitant and/or
Secondary Annuitant is alive. 2. On death
of the last survivor, the annuity payments shall cease immediately and Death
Benefit as defined below shall be payable to nominee(s).
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Death Benefit under LIC Jeevan Shanti Policy
Death Benefit shall be higher
of
1. Purchase Price plus
Accrued Guaranteed Additions minus Total annuity payments made till the date of death, if any
OR
2. 110% of Purchase Price
(Death benefit is applicable
only in case of Deferred Annuity).
Accrued Guaranteed Additions under LIC Jeevan Shanti Policy
Accrued Guaranteed Additions
(applicable only in case of Deferred Annuity): Guaranteed Additions shall
accrue at the end of each policy month, till the end of Deferment Period only.
The rate of Guaranteed Additions during the deferment Period shall be as under:
The rate of Guaranteed Additions during the deferment Period shall be as under:
Guaranteed Additions per
month = (Purchase Price*Annuity rate p.a. payable monthly) / 12.
Where Annuity rate p.a.
payable monthly shall be equal to monthly tabular annuity rate and shall depend
on the age at entry of the annuitant(s) and the deferment period opted for.
In case of death of the annuitant during the deferment period, Guaranteed Additions for the policy year in which the death has occurred shall accrue till the completed policy month as on the date of death.
In case of death of the annuitant during the deferment period, Guaranteed Additions for the policy year in which the death has occurred shall accrue till the completed policy month as on the date of death.
Mode of Annuity Payment under LIC Jeevan Shanti Policy
The modes of annuity
available under the Immediate and Deferred annuity are yearly, half-yearly,
quarterly, and monthly. The Annuity shall be payable in arrears.
Also read: LIC Jeevan Akshay VI Pension Plan
Also read: LIC Cancer Cover Policy
Also read: LIC E-Term Plan
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