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3 October 2018

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
LIC Jeevan Shanti
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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