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.
![LIC Jeevan Shanti](https://moneyexcel.com/wp-content/uploads/2018/09/lic-jeevan-shanti.png)
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
- 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
- Option 1 Deferred annuity for Single Life at vesting age
- Option 2 Deferred annuity for Joint Life at vesting age
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.
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.