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

Advertisement

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.