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Advantages of LIC Jeevan Shanti Plan
Single Premium Plan
LIC Jeevan Shanti plan is a one time premium plan to buy annuity. After the payment of premium, LIC will pay a pre fixed pension amount on regular interval of time for the rest of your life.
Death Benefit
The policy holder has the option to choose death benefit in this plan. This means on the death of the policy holder the purchase price will be returned to the nominee.
Annuity Options
This pension plan offers options of immediate annuity and deferred annuity. Under immediate annuity, pension starts immediately and under deferred annuity, the pension starts after a certain number of years.
Free look Period
There is a free look period of 15 days. If the policy holder is not satisfied with the terms and conditions then the policy can be cancelled and returned to the corporation.
Benefits of LIC Jeevan Shanti Plan
Death Benefit
- LIC Jeevan Shanti pension plan gives an option to cover the death benefit of primary annuitant in case of Single life option and death of secondary annuitant/last survivor in case of Joint Life option.
- In case of Single life, on the death of policy holder, the purchase price gets returned to the nominee.
- In case of Joint life, on the death of both the members, the purchase price gets returned to the nominee.
Flexibility of annuity payment
- Under LIC Jeevan Shanti pension plan, policy holder or annuitant has the flexibility to choose the pension amount either yearly, half yearly, quarterly or monthly.
- You have an option to opt for immediate annuity where pension starts immediately after the purchase period.
- This single premium pension plan also offers option for deferred annuity where pension starts after a certain number of years.
Guaranteed Income
- Jeevan shanti plan provides guaranteed income. By paying one time premium, the policy holder gets the surety of income either yearly, bi-yearly, quarterly or monthly depending upon the option chosen at the inception.
- The payment of pension continues till the death of the annuitant.
- This annuity plan offers the pension amount to the secondary annuitant after the death of primary annuitant.
Frequently Asked Questions
Following are the options available under Immediate annuity:-
Option [A]- In this LIC one time investment plan, pension starts immediately till the life time of the annuitant. Nothing shall be payable at the time of death of the annuitant and pension stops.
Option [F]- Under this option, pension starts immediately till the annuitant is alive and stops on the death of the annuitant. However, the purchase price gets returned to the nominee on the death of the policy holder/annuitant.
Option [J]- It is a joint life option where the primary annuitant gets the pension till the life time and on the death of primary annuitant, secondary annuitant gets 100% pension amount till life time and on the death of secondary annuitant, the purchase price gets returned to the nominee.
Under LIC Jeevan Shanti pension plan, two types of maturity terms are availabla i.e. immediate annuity and deferred annuity. In case of immediate annuity, pension starts immediately after the payment of premium or purchase price. However, in case of deferred annuity, pension starts after a certain period of time as decided by the annuitant at the inception of the policy. Minimum period for deferred annuity is 1 year and maximum period is 20 years.
In case of both immediate as well as deferred annuity plan, the minimum age requirement is above 30 years. The maximum age requirement in case of immediate annuity plan is 85 years (completed) except in case of option [F] i.e. immediate annuity for life with return of purchase price, it is till completion of 100 years. Whereas maximum age in case of deferred annuity is till 79 years.
This option in lic single premium plan provides coverage to only single life. During deferment period, if the annuitant survives, nothing is payable and at the time of death of the annuitant, death benefit will be payable to the nominee. And after deferment period, the pension will be payable as long as annuitant is alive and at the time of death, pension payment stops and death benefit is given to nominee. Death benefit means higher of purchase price (deposit paid at the inception of the policy) plus accrued annuity payments minus total annuity payments made till date of death, if any or 110% of Purchase Price (deposit amount).
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