Life Insurance Corporation of India (LIC), the country's largest life insurance company offers pension plans for immediate or deferred annuity apart from the endowment and term insurance products being sold by the state-run insurer. Jeevan Shanti Policy is one such single premium plan wherein the policy holder has an option to choose from an immediate or deferred annuity, LIC said on its website. Under the Jeevan Shanti Plan an individual can choose to receive pension from the LIC on a monthly, quarterly, half-yearly or yearly basis, LIC noted. (Also Read: LIC New Jeevan Anand Insurance Policy: Premium, Sum Assured And Other Key Details)
Here are details of pension, premium, pension options being offered by LIC under the Jeevan Shanti Plan:
Under LIC Jeevan Shanti plan an individual has to make one time investment to earn a guaranteed lifelong income, LIC said.
Also Read: LIC Jeevan Akshay-VI: Pensions, Premium, Benefits And Other Details Here
LIC Jeevan Shanti Plan can be purchased online or offline by making a single premium payment of minimum of Rs 1.5 lakh and it has no maximum limit for the single premium payment.
Also Read: LIC Jeevan Pragati Policy: Sum Assured, Premium, Other Details Here
LIC Jeevan Shanti policy holders can choose from the following annuity or pension options as mentioned below:
- Option A: Immediate Annuity for life.
- Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
- Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
- Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
- Option E: Immediate Annuity with 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 per cent per annum.
- Option H: Joint Life Immediate Annuity for life with a provision for 50 per cent of the annuity to the secondary annuitant on death of the primary annuitant.
- Option I: Joint Life Immediate Annuity for life with a provision for 100 per cent 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 per cent of the annuity payable as long as one of the annuitant survives and return of purchase price on death of the last survivor.
For instance an individual invests Rs 10 lakh in Jeevan Shanti plan at the age of 45 with a deferment period of 20 years he/she will get the following yearly pension amount under the particular annuity option chosen by the policy holder: (Also Read: All You Need To Know About LIC Pradhan Mantri Vaya Vandana Yojana)
| Annuity Option | Annuity Amount (Rs.) |
|---|---|
| Immediate Annuity: | |
| Option A: Immediate Annuity for life | 74,300 |
| Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter | 74,200 |
| Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter | 73,900 |
| Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter | 73,500 |
| Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter | 72,900 |
| Option F: Immediate Annuity for life with return of Purchase Price | 65,400 |
| Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a | 56,200 |
| Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant | 71,100 |
| 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 | 68,300 |
| 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 death of last survivor | 64,900 |
Source: LIC
Jeevan Shanti Policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings, according to LIC.
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