Life Insurance Corporation of India (LIC) has recently introduced a pension policy scheme called LIC Jeevan Shanti. This is an affordable policy plan for the customers who want to choose the immediate or deferred pension. You can purchase or take this LIC Jeevan Shanti plan using both online and offline mediums. This annual pension scheme can give more profits to the policyholder and his/her family. The benefits of LIC Jeevan Shanti can be availed in different ways. In both the immediate and deferred pension plans, you will find plenty of options to choose. LIC Jeevan Shanti is totally non-linked and non-participating plan for the policyholders.
This LIC Jeevan Shanti offers you one time investment and life time benefits idea. As a policyholder, you will have 9 different annuity options which could be perfect for different situations and circumstances. Loan facility is also available for the policyholders. The variety if annuities are payable throughout the life of pension holder. By browsing the official website of LIC, you can easily purchase this LIC Jeevan Shanti pension plan. This policy can be surrendered anytime and this will depend on the decision of policyholder.
Key features of LIC Jeevan Shanti
As mentioned earlier, this pension plan is introduced by LIC Company to help their customers. Here are some of the main key features of LIC Jeevan Shanti:
- The policyholder can pick immediate and deferred pension in a single premium
- Pension rates are guaranteed
- Both these immediate and deferred annuity plans are payable throughout the life for policyholder
- LIC Jeevan Shanti could easily be purchased online and offline
- One time investment and long life benefits
- Additions during the deferment periods
- 9 different pension schemes to choose
- LIC Jeevan Shanti could be taken on your own life or joint life with grandparent, parent, children, spouse and siblings.
- After the completion of one year, loan facility will be available for policyholder
- LIC Jeevan Shanti can easily be surrendered at any timejust after completing the three months. Pension option is with return of purchased price.
- Within starting 15 days of this policy, if customer doesn’t understand the terms& conditions easily then he/she can easily return this policy.
- You can take LIC Jeevan Shanti plan for the benefit of handicapped dependent life.
These are some of the main features of LIC Jeevan Shanti, which can help the customers in plenty of ways. Understanding these points, you would surely be able to understand what LIC Jeevan Shanti is really is. Hence, prefer this LIC Jeevan Shanti pension plan as according to your estimated budget and requirements.
Check out the Criteria of immediate and deferred annuity in the following table:
|Criteria||Immediate Annuity||Deferred Annuity|
|Maximum Age at Entry||85 years (completed) except Option F||79 years (completed)|
|100 years (completed) for Option F|
|Minimum Deferment Period||Not Applicable||1 year|
|Maximum Deferment Period||20 years subject to Maximum Vesting Age|
|Minimum Vesting Age||31 years (completed)|
|Maximum Vesting Age||80 years (completed)|
|Minimum Annuity||Rs.1000 per month||Rs.3000 per quarter||Rs.6000 per half year||12000 per annum|
Types of LIC Jeevan Shanti Plans
As mentioned earlier this LIC Jeevan Shanti is divided into 9 annuity options. This means that you have 9 different pension options to choose. Let’s check the types of LIC Jeevan Shanti plan:
In this Immediate annuity plan you will have variety of pension plans to choose. There will be enough options available for policyholders to pick in this immediate annuity plan. Here are the available immediate annuity plans:
Option A: This is a part of immediate annuity plan, in which the pension holder can take his/her benefits/return immediately. The policyholder can enjoy this plan for life-time. Payment can be collected in monthly, quarterly, annual and bi-annual. After the death of policyholder this plan will be stopped.
Option B: This plan offers you guaranteed for the period of 5 years easily. The payments will start immediately as this plan a part of immediate annuity. If in between these 5 years, the policyholder expires then his/her beneficiary can get the assured amount.
Option C: This option C offers you guaranteed payment for the period of 10 years. If something happen to the policyholder then benefits of this pension plan can be collected by his/her nominees.
Option D: This is another immediate annuity which offers payment for the period of 15 years. If the policyholder survivesin these 15 years then he/she can take the benefits of this immediate annuity throughout their life.
Option E: Likewise, this option offers payment for the period of 20 years, in which the nominee can also get the after death benefits easily.
Option F: This is another profitable type of immediate annuity plan in which the beneficiary of policyholder can take the benefits of this scheme after death of policyholder.
Option G: In this type of annuity plan, there is 3% increase every year.
Option H: It is a kind of joint annuity plan. At the time of death of policyholder, his/her nominees will get the 50% pension amount till their survival.
Option I: In this option, if something happen to the policyholder then his/her beneficiary can take 100% benefits of this plan.
Option J: If suddenly the policyholder expires during this policy then his/her nominees can get the cover of this plan at the actual death time. This can be the best joint annuity plan which offers variety of benefits to the both policyholder and their nominees.
Deferred Annuity Plan
In this deferred annuity plan the policyholder can get the required benefits of this plan after a certain time period only. This deferred annuity plans offer you two options to choose which are explained as:
Option 1: Before the deferred term:In this deferred annuity plan only a single life will be covered. If suddenly the policyholder expires then before the deferred annuity time period then his/her benefits can be collected by the nominees.
After the deferred period:In this type of a deferred annuity at the death time of policyholder, his/her beneficiary gets the death benefits and annuity ceases immediately.
Option 2: Before the deferred term: This is among the first joint life deferred plan, in which the beneficiary can get the death benefits after the death of policyholder.
After the deferred period: The survivor will get the death benefits in this second joint life deferred annuity plan. If annuitant dies during this policy then deferred periods could be ceased.
Hence these two immediate and deferred plans will be there for the policyholders to choose. You can compare the features and benefits of both these plans and can choose out the best one which is matching with your requirements.
Summary of LIC Jeevan Shanti Plan
|Minimum Amount of Purchase||Rs. 1,50,000|
|Age of Investment||30 to 100 years|
|Option for annuities||9 in the case of an Immediate plan, 2 in case of deferred annuity plan|
|Returns||Immediate or Deferred|
|Life Cover||Individual or Joint|
|Surrender||After 3 months of purchase|
|Free Lookup||15 days|
|Annuity payments||Monthly, quarterly, half-yearly or annually|
|Deferred Period||1 to 20 years|
|Additional Cover||Divyangjan (handicap dependent can be covered) with lesse investment|
Characteristics of LIC Jeevan Shanti Pension Plan
After collecting basic information about the LIC Jeevan Shanti Pension Plan, you would be curious to know its attributes. Why this LIC Jeevan Shanti Pension Plan is becoming much popular these days? Well, let’s check out the special attributes of LIC Jeevan Shanti plan:
Minimum investment and maximum returns
At the starting of LIC Jeevan Shanti plan the policyholder can startup with investment of Rs. 1, 50,000 easily. There are no maximum limits of starting this LIC Jeevan Shanti plan. As the starting investment is really affordable, the policyholders can get maximum returns from this policy.
Age criteria of LIC Jeevan Shanti Plan
Policyholders will be able to take this LIC Jeevan Shanti plan if they are above 30 years in terms of age. Maximum age will be in between 79 years to 100 years. Let’s check the age criteria of this plan in the form of tables:
|Age Criteria||Immediate Annuity||Deferred Annuity|
|Minimum Age||30 years||30 years|
|Maximum Age||85 years||79 years|
100 Years – only for Option F*
Pension payment flexibility
In this type of annuity plan, the annuity can be paid in different time intervals as according to the desires of policyholders. Without any hesitation, this plan offers a great time flexibility of the policyholders, as they can take their returns in monthly, quarterly and annually.
Yes, this is another amazing and profitable benefit of LIC Jeevan Shanti pension plan. The nominees of policyholder can get the returns after his/her death in the immediate annuity plan easily. Similarly, in the deferred annuity death benefits are available for the nominees.
In the case of handicap dependent, there is a special provision of reducing the minimum amount of investment in this LIC Jeevan Shanti pension plan. This means that the handicap dependent will get special coverage to startup this pension plan.
Free trial period of 15 days
The LIC Jeevan Shanti pension plan offers you a reliable free trial period of 15 days. According to which, you can easily cancel this policy within 15 days of startup.
Great surrender value
After completion of 3 months of this policy, LIC Jeevan Shanti pension plan can be surrendered easily. This surrender option is available in both the deferred and immediate annuity plans. Hence, you can get great surrender value in LIC Jeevan Shanti pension plan.
Loan facility is being provided
In both the immediate and deferred annuity schemes of LIC Jeevan Shanti pension plan, the loan facility will be available after the 1 year completion. This means that you can take loan during this plan after surviving this LIC Jeevan Shanti pension plan for at least one year.
The maturity terms will be divided in both the immediate and deferred annuity plans.
The policyholders will need to pay the premium amount only once. As mentioned earlier, you can startup this policy with minimum amount of Rs.1, 50, 000.
Hence, these upper listed points can help you a lot in the case, when you want to check and understand the attributes of this LIC Jeevan Shanti pension plan. So stay smart and choose this policy after making yourself assure about the returns and benefits.
Cases studies of LIC Jeevan Shanti Pension Plan
1st case study of immediate annuity
If anyone purchases the LIC Jeevan Shanti pension plan with investment amount of Rs. 1, 50, 000 then what could he/she expect from this pension plan? Let’s find out the amount of annuity payable in the case of immediate annuity plan:
- The monthly amount of annuity will be around Rs.1, 000
- Quarterly annuity amount will be around Rs.3, 000
- Yearly amount of annuity will be closer to Rs.12, 000
- Half yearly annuity payment will be Rs.6, 000
Let’s understand this amount of annuity in the case of immediate annuity plan in the form of the following table:
|Period||Amount of Annuity|
2nd case study of deferred and immediate annuity plan
If any policyholder has purchased this LIC Jeevan Shanti Plan with the investment amount of Rs.1, 0, 00, 000 at the age of 42 years then the returns options for that specific policyholder will surely be different from others. The following options will be there for such policyholders:
|Options||Immediate Annuity||Deferred Annuity|
|Option 1||2,06,600 (Period 20 years)|
|Option 2||2,27,200 (Period 20 Years)|
These listed options will be there for such mentioned policyholders easily. Hence, you can use these both case studies, in the same case where you want to know more about the LIC Jeevan Shanti pension plan.
Calculation of Annuity Amount in LIC Jeevan Shanti Plan
If you successfully applied for this LIC Jeevan Shanti plan with investment of Rs.10 lakh at the age of 45 years, then you will surely get different benefits of LIC Jeevan Shanti plan. You can see and understand the official illustration chart of LIC Jeevan Shanti plan below:
Annuity option Annuity Amount (Rs)
Option A: Immediate Annuity for life will be: 74,300
Option B: Immediate Annuity with
Guaranteed period of 5 years and life afterward: 74,200
Option C: Immediate Annuity with
Definite Period of 10 years and life thereafter: 73,900
Option D: Immediate Annuity with
Guaranteed period of 15 years and life afterward: 73,500
Option E: Immediate Annuity with
Guaranteed period of 20 years and life afterward: 72,900
Option F: Immediate Annuity for
Life with return of buying Price: 65,400
Option G: Immediate Annuity for life
Increasing at aneasier rate of 3% p.a: 56,200
Option H: Joint Life Immediate Annuity for
Life with a facility for 50% of the annuity to
The Secondary Annuitant on death of the Primary policyholder: 71,100
Option I: Joint Life Immediate Annuity for life
With a provision for 100% of the annuity available
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 policyholder survives and return of buying
Price on death of last survivor: 64,900
Option 1 – deferred annuity for single life would be: 2, 06,600
Option 2 – deferred annuities for joint life would be: 2, 27,200.
Hence, with the help of these upper mentioned or listed points and data, you can easily understand the calculation of annuity amount in this LIC Jeevan Shanti pension plan. Now, it would surely become simpler and easier for you to choose the best immediate or deferred plans in this profitable scheme introduced by LIC.
How You Can Buy LIC Jeevan Shanti Pension Plan?
The customers, who are looking to purchase this pension plan,can use both the offline and online methods as according to their convenience. Most of the customers love to prefer the online buying method as it can save their valuable time. You can use the following methods to purchase the LIC Jeevan Shanti plan:
Browse Official Website of LIC
Yes, you just need to browse the official website of Life Insurance Corporation of India (LIC) to purchase this LIC Jeevan shanti plan. After doing the transaction online, you can get the successful submitting messages from LIC in your own inbox.
If you are not able to purchase this plan by using online resources then don’t worry you can purchase LIC Jeevan Shanti plan in offline mode also. In this same situation, you will need to visit the nearest LIC branch. From any specific LIC branch, you can purchase this LIC Jeevan shanti plan easily.
Therefore, you can use both these online and offline methods for purchasing the LIC Jeevan Shanti plan easily. Stay smart while choosing such plans and make a strong buying decision after thinking and understanding the terms& conditions.
Comparison of Immediate and Deferred Annuity Amount
To be truly honest, the task of selecting the best between both these annuities of LIC Jeevan Shanti plan could become complex and confusing for you. That is why you can compare the annuity amount of both these immediate and deferred annuities. Here is a brief comparison of both these annuities:
|Plans Options||Type of Annuity||Policy Tenure||Annuity Amount|
|Option A||Immediate||0 years||74300|
|Option J||Immediate||0 years||64900|
|Option 1||Deferred||20 years||206600|
|Option 2||Deferred||20 years||227200|
According to your specifications and requirements, you can prefer any of these two annuities. Both immediate and deferred annuities will profit the policyholders in different-different ways.
Why to buy LIC Jeevan Shanti Plan Instead of Other Similar Plans?
It is quite obvious and general to think or ask this question especially when you are investing your money. As a smart customer, you will have to collect every possible details and information about such plans. Let’s check out some of the reasons which can make you agree to prefer the LIC Jeevan Shanti plan instead of others:
- Variety of options: The LIC Jeevan Shanti plan offers you deferred and immediate plans. According to the suitability of policyholders, they can prefer or buy the best plan from both these pension plans.
- You get 9 options to choose: Along with the deferred and immediate plans, you will surely get 9 different pension plans to choose.
- Tax related benefits:Tax benefits could easily be availed from this LIC Jeevan shanti plan. One-time payment can easily be covered in the payment of tax without thinking twice.
- Ease of buying: As stated earlier, the buying procedure of this plan is not so much complex. The policyholders can use online method to get this policy. Also, the offline method could be used by the policyholders to buy this LIC Jeevan Shanti plan.
- Guaranteed income: After buying this plan, the policyholder can make himself/herself assure that they will get monthly income. The period of such income is available for the life-time of policyholders.
- Death benefits: At some time period when the policyholder suddenly expires away, then his/her beneficiary will surely get the required death benefits. Hence, this LIC Jeevan Shanti Plan is not only profitable for policyholders but also it is fairly profitable for his/her nominees.
- Surety of getting returns: This LIC Jeevan Shanti plan offers you a great surety according to which returns will be payable to the policyholder.
- Plan introduced from a reliable company: Last but not the least reason could be the reliable name of LIC.
Because of these upper listed reasons, you can also think to buy the LIC Jeevan shanti pension plan instead of others. As a policyholder, you will surely get these mentioned benefits of this plan.
Frequently asked questions (FAQs) of LIC Jeevan Shanti plan
Q.1 How the nominees of policyholders can get benefits of this policy?
Answer. Well the nominees of policyholders can play an important role when suddenly the policyholder expires. The death benefits of policyholder will be payable to the beneficiary of pension holder.
Q.2 what is the minimum investment amount in LIC Jeevan Shanti Plan?
Answer. The policyholders can startup this LIC Jeevan Shanti Plan by investing minimum Rs. 1, 50, 000. There is no maximum limit of investment starting up this plan. The handicap dependent can get some special coverage in this plan.
Q.3 what is the age criteria of LIC Jeevan Shanti pension plan?
Answer. The minimum age of policyholder in this pension plan is 30 years. Policyholders, who are under the age of 30, would not be able to apply. Likewise, the maximum age limit to buy this policy is in between 79 years to 100 years.
Q.4 Do you have different options in this LIC Jeevan Shanti plan?
Answer. Yes, in this LIC Jeevan Shanti plan, you have almost 9 different options to choose. The immediate and deferred plans are included in this pension plan. According to your requirement and desires, you can prefer the best one between these two plans.
Q.5 Does LIC Jeevan Shanti plan offers trial days to the customers?
Answer: The policyholders will have 15 days’ time to decide whether they want to take this policy or not. In these total 15 days, you will have to tell your final decision to company.
Q.6 In how much time policyholders can surrender their policy?
Answer. After completing the 3 months successfully, the policyholders will be liable to surrender their policy. The policyholders will get great surrender value in this LIC Jeevan shanti pension plan.
Q.7 is the loan facility available in LIC Jeevan Shanti plan?
Answer. Yes the policyholders can take some loan, but after surviving with this policy for minimum one year. After completing one year with this policy, you as a policyholder can get the required loan without thinking twice.
Q.8 Tell me about the flexibility of annuity return amount?
Answer. This LIC Jeevan Shanti plan offers great time flexibility to the policyholders, as they can take their returns monthly, quarterly and annually.
Q.9 which kind’s ofLife covers are available in this LIC Jeevan Shanti plan?
Answer. In LIC Jeevan Shanti pension plan you have two life covers as individual and joint.
Q.10 how many options are available in the case of immediate and deferred annuity?
Answer. In the case of immediate annuity, the policyholders have 9 different options to choose in the form of option A, option B and so on. But, while in the case of deferred annuity, you only have two options to choose.