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Jeevan Shanti Surrender Value Calculator

 Jeevan Shanti Surrender Value Calculator

https://www.insurance21.in/surrender-value-calculator/lic-jeevan-shanti-850.html

In LIC Jeevan Shanti plan (Plan 850), only options "F" & "J" under immediate annuity and both options available under deferred annuity can be surrendered after 3 months of purchase. Following calculator provides surrender value for above 4 options which are eligible for surrender value. Please note, it is not official surrender value calculator of LIC. The surrender value is based on various surrender factors applicable to those policies which will come for surrender before April-2019. These factors will be declared for each subsequent year in the future. The method of calculation is explained after the calculator.

How to calculate surrender value in Jeevan Shanti Pension plan

Surrender Value in Jeevan shanty pension is calculated as per following formulas.
1. During deferment period under Deferred Annuity:
Surrender Value = F3 * (F1 * Equivalent annuity amount payable for yearly mode + F2 * 110% of Purchase Price)
Where F1 and F2 are the Annuity Factor and Risk Factor respectively applicable at the age when annuity will start and F3 is the factor applicable for the outstanding deferment period in complete full years as at the date of surrender.
2. After deferment period under Deferred Annuity and Under Immediate Annuity:
Surrender Value = (F1 * Equivalent annuity amount payable for yearly mode + F2 * 110% of Purchase Price) - Annuity installments paid under the policy during the policy year of surrender up to the date of surrender
Where F1 and F2 are the Annuity Factor and Risk Factor respectively applicable at the age when policy is surrendered.

Example of calculation in case of "after deferment period under Deferred Annuity"

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A policy with following details has been taken for explanation purpose.

Age at purchase	50
Purchase Price	10,00,000
Deferement Period (Years)	10
Purchase Year	2018
Surrender Year	2038
Annuity(Yearly)	128300

As per above details, pension will start after 10 years when policy holder's age will be 60 years. As the policy is surrendered after 20 years, so age of the policyholder at the time of surrender will be 70 years.
As per surrender factor circular for Jeevan Shanti policy, F1 and F2 will 7.3250 and 0.3091 respectively for surrender age 70 years. So calculation goes as follows.
Surrender Value= (7.3250 x 1,28,300 - 0.3091 x 1.1 x 10,00,000) - (1,28,300/2) =1215658
Assumptions: Annuity installments paid under the policy during the policy year of surrender up to the date of surrender is taken as half of yearly annuity (1,28,300/2). Years and ages are counted as whole years.

JEEVAN SANTHI PENSION CALCULATOR

CLICK ON BELOW LINK TO CALCULATE THE PENSION AMOUNT
https://www.insurance21.in/pension-calculator/lic-jeevan-shanti-850.html

Annuity, Death Claim, Guaranteed Additions in LIC Jeevan Shanti

LIC Jeevan Shanti is a single premium guaranteed return annuity plan which has immediate and deferred annuity options. For purpose of explanation, suppose a 50 year person purchases deferred annuity option with 25 Lakh purchase price and 10 years deferment period. The pension and death claim for above policy has been explained below.

Annuity (Pension) Details

Deposit Amount	GST	Final One Time Deposit
Rs. 2500000	Rs. 45000	Rs. 2545000

After payment of Rs. 2545000, the pension as per following table will start from 60 years of age and continue as long as Annuitant or Policyholder survives. Any of the four Pension Receiving Mode may be selected.

Pension Mode	Amount
Yearly	321625
Half Yearly	157533
Quarterly	77946
Monthly	25709

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Death Claim Details - During Deferment Period

In case of death of policyholder(s) during deferment period (i.e. before 10 years), death claim shall be higher of following two values.

1. Purchase Price + Accumulated Guaranteed Additions (GAs), OR
2. 110% of Purchase Price

Where Guaranteed Additions per month = (Purchase Price * Annuity rate p.a. payable monthly) / 12.
Following table provides policy year-wise death claim details as per above formula.

Policy Year	Age	Purchase Price	Guaranteed Additions	Death Claim
1	51	2500000	302880	2802880
2	52	2500000	605760	3105760
3	53	2500000	908640	3408640
4	54	2500000	1211520	3711520
5	55	2500000	1514400	4014400
6	56	2500000	1817280	4317280
7	57	2500000	2120160	4620160
8	58	2500000	2423040	4923040
9	59	2500000	2725920	5225920

For calculation purpose, whole years have been considered, for example, 1 year and 5 months are counted as 2 years. The GAs has been added on yearly basis to simply the calculations.

Death Claim Details - After Deferment Period

In case of death of policyholder after deferment period (i.e. after 10 years), death claim shall be higher of following two values.

1. Purchase Price + Accumulated Guaranteed Additions (GAs) - Total annuity payouts till date of death, OR
2. 110% of Purchase Price

Following table provides death claim details, for purpose of convenience policy year-wise death claims have been given after a frequency of 5 years.

Policy Year	Age	Purchase Price + Accumulated GA	Cumulative Annuity Paid	Death Claim
10	60	5528800	321625	5207175
15	65	5528800	1929750	3599050
20	70	5528800	3537875	2750000
25	75	5528800	5146000	2750000
30	80	5528800	6754125	2750000
35	85	5528800	8362250	2750000
40	90	5528800	9970375	2750000
45	95	5528800	11578500	2750000
50	100	5528800	13186625	2750000
55	105	5528800	14794750	2750000
60	110	5528800	16402875	2750000
65	115	5528800	18011000	2750000

The death claim amount will be paid to the nominee. However nominee will have the option to take death claim as lumpsum amount or in installments or in the form of annuity (pension). If nominee decides to take it as annuity, then it will be like, buying a new policy against death claim amount.

Please note, above calculations are for the purpose of explanation.

JEEVAN SANTHI

LIC Jeevan Shanti – Single Premium Guaranteed Pension Plan

Key Features

• Single Premium Annuity Plan – Immediate or deferred annuity
• Guaranteed Annuity Rates at the inception of the policy for both annuity types
• Annuity Option fixed at the time of opting policy. No change in the selected option is allowed.
• 10 different immediate annuity options.
• Joint life annuity option available.

Eligibility

From above eligibility details it is clear that minimum purchase price for this policy is 1.5 Lakh and minimum annuity is Rs.1000 per month. (Rs.12000 yearly).
Annuity Options

The annuity options under immediate annuity are given below.

• Option A Immediate Annuity for life
• Option B Immediate Annuity with a guaranteed period of 5 years and life thereafter
• Option C Immediate Annuity with a guaranteed period of 10 years and life thereafter
• Option D Immediate Annuity with a guaranteed period of 15 years and life thereafter
• Option E Immediate Annuity with a guaranteed period of 20 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% p.a.
• 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

The annuity options under deferred annuity are given below.

• Option 1 Deferred annuity for Single Life at vesting age
• Option 2 Deferred annuity for Joint Life at vesting age

Annuity payment interval is monthly, quarterly, half-yearly and yearly.
LIC Jeevan Shanti Plan – Benefits
Benefits of LIC Jeevan Shanti plan for immediate annuity.
Benefits payable on Survival
Annuity Option A to F – For Single Life – Annuity Payments in arrears as per the chosen mode of annuity.
Annuity Option G – For Single Life – Annuity Payments in arrears as per the chosen mode of annuity + Increase in annuity payment @3% per annum for every completed policy year.

Annuity Option H to J – For Joint Life – Applicable Annuity will be paid in arrears as per the chosen mode of annuity.
Benefits payable on Death
Annuity Option A & G – Annuity Payment shall cease.
Annuity Option B to E – On death of annuitant during guaranteed period of 5/10/15/20 years, nominee receives annuity payments till expiry of guaranteed period.
Annuity Option F – Annuity Payment shall cease. Purchase price shall be payable to nominee.
Annuity Option H – On the death of the primary annuitant – 50% of the annuity amount to the surviving secondary annuitant till his/her survival.
Annuity Option I & J – 100% of the annuity amount shall continue to be paid as long as one annuitant is alive.
Benefits of LIC Jeevan Shanti plan for the Deferred annuity.
Benefits payable on Survival
Option 1 – No payment during deferment period. Annuity payments will be made in arrears to the Annuitant as per mode of annuity.
Option 2 – No payment during deferment period. Annuity payments will be made in arrears to the primary and secondary annuitant.
Benefits payable on Death
Option 1 – On the death of the annuitant during Deferment period – Death benefit to Nominee as per the option exercised by the Annuitant. On the death after deferment period no payment shall be made.
Option 2 –
During the Deferment Period – On first death of either of the covered Life – No payment. On death of the last survivor – Death benefit to Nominee as per option exercise by annuitant.
After Deferment Period – On first death of either of the covered Life – 100% of Annuity amount shall continue to be paid as long as one of the Annuitant is alive. On death of last survivor – No Annuity payment.
LIC Jeevan Shanti – Review
The positive and negative about LIC Jeevan Shanti Policy are given below.

• This plan provides new deferred Annuity option for single and joint life.
• This plan also covers Divyangjan Lives (Handicapped)
• Interest rate (Pension) increases with the increase in Deferment Period.
• Single Policy with Immediate & Deferment Annuity Type.
• First policy to have Joint Life pension option with parents and grandparents.
• Annuity increase with rate of 3% is at lower side. Inflation is increasing at much faster rate.
• This plan offers 2% discount on online purchase so, it is better to purchase online.

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