LIC Jeevan Shanti plan
LIC Jeevan Shanti plan is a deferred pension plan from LIC of India to be launched on 11th September 2018. LIC Jeevan Shanti policy is a non-linked, non-participating, single premium annuity plan wherein the Policyholder has an option to choose an Immediate Annuity or Deferred Annuity. This plan shall be allowed to lives including third gender.
Premium Payment Mode: Single Premium
Annuity Mode: Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals.
Minimum Entry Age : 30 Year Completed
Maximum Entry Age :
• 100 years (last birthday) for Option F in Immediate Annuity
• 85 years (last birthday) except Option F in Immediate Annuity
• 79 years (last birthday) Deferred Annuity
Minimum Sum Assured : Rs.1,50,000/-
Maximum Sum Assured : NO LIMIT
Annuity Option :
1. IMMEDICTE ANNUITY OR 2. DEFERRED ANNUITY
10 OPTIONS FOR IMMEDIATE ANNUITY
2 OPTION FOR DEFERRED ANNUITY : 1. SINGLE LIFE 2. JOINT LIFE
DEFERMENT PERIOD : 1 year to 20 years
CLOSE RELATIVES AS JOINT LIFE ANNUITANTS [ MEANS : GRAND PARENTS / PARENTS / CHILDREN / GRAND CHILDREN OR SPOUSE OR SIBLINGS ]
Surrendered Value :
The policy can be surrendered at any time after three months from the completion of policy.Surrendered shall be allowed under the following annuity options only:
a. Immediate annuity-
i) Option F: Immediate Annuity for life with return of Purchase Price.
ii) 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 death of last survivor.
b. Deferred annuity-
i) Option 1: Deferred annuity for Single life
ii) Option 2: Deferred annuity for Joint life
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