Exploring LIC’s Latest Trending Product- Jeevan Shanti: A Brief Look at the Life Insurance Plan in Shorts

by | May 4, 2023 | Retirement Annuity

Exploring LIC’s Latest Trending Product- Jeevan Shanti: A Brief Look at the Life Insurance Plan in Shorts




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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 introduced a new policy, Jeevan Shanti, which has become quite the talk of the town. The policy has become quite popular among those who are looking for a secure and reliable investment option for their retirement days. The Jeevan Shanti policy is a pension plan that offers guaranteed returns for the customers. In this article, we will discuss the features and benefits of LIC’s new Jeevan Shanti policy.

The policy offers two options for the customers, i.e., immediate annuity and deferred annuity. Under immediate annuity, the policyholders can start receiving the pension immediately after purchasing the policy. In contrast, under deferred annuity, the policyholders can defer the payment of the pension until a certain period. They can choose the deferment period ranging from one to 20 years. During this period, the policyholders can either pay the premiums in a lump sum or in installments.

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The pension amount that the policyholders receive depends on the premium they pay, the age at which they purchase the policy, the deferment period, and the option they choose. LIC assures the policyholders that they will receive a fixed amount as a pension throughout their lifetime. The policy offers different pension options like Annuity Certain, Life Annuity, and Joint Life Annuity.

One of the significant benefits of the Jeevan Shanti policy is the option to surrender the policy at any time during the term. If the policyholders face any financial difficulties, they can surrender the policy and receive a lump sum amount. However, it is essential to note that surrendering the policy may result in the loss of some benefits, and the amount received may be less than the premium paid.

LIC has also introduced some additional benefits for the policyholders. In the case of the policyholder’s death, the nominee will receive the death benefit that will be equal to the purchase price of the policy. If the policyholder survives the policy term, they will receive the maturity benefit that will be the sum of the purchase price and the accumulated interest.

In conclusion, LIC’s Jeevan Shanti policy is an excellent investment option for those who are looking for guaranteed pension returns. It offers flexible options, attractive benefits, and ensures financial security during the policyholder’s retirement days. Therefore, if you are looking for a secure and hassle-free investment option for your retirement days, the Jeevan Shanti policy may be an ideal choice for you.

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