This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity. The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the life time of Annuitant(s).

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What is the new rate of interest in LIC Jeevan Shanti?
A. LIC Jeevan Shanti is one of the best pension plan available. The plan offers upto 11.68% interest which remains fixed and guaranteed for life.

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This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity. The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the life time of Annuitant(s).

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Life Insurance Corporation of India (LIC) has recently launched a new plan called Jeevan Shanti. It is a non-linked, non-participating, and single premium immediate annuity plan. This plan offers guaranteed returns for the policyholder and is designed to provide a regular flow of income to the policyholder and their spouse.

Features of LIC’s Jeevan Shanti Plan:

1. Two Options:

LIC’s Jeevan Shanti Plan offers two options to choose from. The first option is the immediate annuity for the single life, and the second option is the immediate annuity for the joint life. The joint life option provides annuity to the policyholder and their spouse.

2. Policy Term:

The policy term of the plan varies from 1 year to the lifetime of the policyholder and spouse.

3. Premium Payment:

This is a single premium payment plan, wherein the policyholder needs to pay the premium only once.

4. Guaranteed Income:

LIC’s Jeevan Shanti Plan offers a guaranteed income for the entire policy term, irrespective of the market fluctuations.

5. Tax Benefits:

The policyholder can avail of tax benefits under Section 80CCC of the Income Tax Act, 1961.

Benefits of LIC’s Jeevan Shanti Plan:

1. Guaranteed Income:

The policyholder will receive a fixed income throughout the policy term, irrespective of the market fluctuations.

2. Flexible Policy Term:

The policy term can be selected by the policyholder, and it can vary from 1 year to the lifetime of the policyholder and spouse.

3. Death Benefit:

In case of the policyholder’s death, the entire purchase price will be paid to the nominee as death benefit.

4. Surrender Benefit:

If the policyholder wants to surrender the policy, they can do so after the completion of one year, and the surrender value will be paid to them.

Eligibility Criteria for LIC’s Jeevan Shanti Plan:

1. Minimum Age:

The minimum age for the policyholder is 30 years.

2. Maximum Age:

There is no maximum age limit for the policyholder and their spouse.

3. Minimum Purchase Price:

The minimum purchase price for the policy is Rs. 1,50,000.

Conclusion:

LIC’s Jeevan Shanti Plan is a great investment option for individuals looking for a regular flow of income post-retirement. The policy offers guaranteed returns and is flexible in terms of policy term. Moreover, the plan offers tax benefits, death benefit, and surrender benefit. Therefore, individuals should consider LIC’s Jeevan Shanti plan while planning their retirement.