LIC Jeevan Shanti pension plan holders get nine different annuity selections to choose from.
Lifestyle Insurance coverage Company (LIC), the country’s greatest life insurance policy corporation, which gives coverage insurance policies like term insurance strategies, endowment ideas and revenue back programs also give pension plans. LIC’s Jeevan Shanti Coverage prepare is a single of the pension programs remaining offered by the condition-operate coverage corporation. LIC Jeevan Shanti coverage is a one high quality plan wherein the policyholder has an solution to pick an rapid or deferred annuity or pension, LIC explained on its web site www.licindia.in. LIC Jeevan Shanti plan can be taken on own existence or as joint lifestyle with grandparent, guardian, children, grandchildren, husband or wife or siblings, LIC added. (Also Read through: Scheduling To Acquire LIC Coverage? Below Is All You Need to have To Know About LIC New Jeevan Anand Strategy)
LIC Jeevan Shanti Pension Program: Pensions, Rates, Advantages, Pension Solutions and Other Facts in this article:
LIC’s Jeevan Shanti approach can be purchased by spending a solitary high quality of a minimum amount Rs 1.5 lakh. There is no upper limit for the high quality. (Also Read through: LIC Jeevan Labh Plan: Eligibility, Quality And Other Information Right here)
Policy holders get nine distinct annuity selections to pick from. The different annuity possibilities are as follows, in accordance to data on LIC’s web-site. (Also Read through: All You Require To Know About LIC New Cash Again Program 20 Decades)
Below are the pension choices becoming offered by LIC less than Jeevan Shanti Pension System:
- Alternative A: Fast annuity for existence
- Option B: Rapid annuity with assured interval of 5 years and everyday living thereafter
- Alternative C: Rapid annuity with confirmed period of 10 years and life thereafter
- Choice D: Speedy annuity with certain interval of 15 a long time and everyday living thereafter
- Possibility E: Rapid annuity with guaranteed period of time of 20 years and existence thereafter
- Option F: Instant annuity for lifestyle with return of acquire cost
- Possibility G: Quick annuity for existence expanding at a very simple price of 3 for every cent per annum
- Possibility H: Joint Lifestyle Fast Annuity for daily life with a provision for 50 per cent of the annuity to the secondary annuitant on demise of the most important annuitant
- Possibility I: Joint lifetime instant annuity for lifestyle with a provision for 100 for every cent of the annuity payable as very long as a person of the Annuitant survives
- Option J: Joint everyday living rapid annuity for existence with a provision for 100 per cent of the annuity payable as prolonged as a single of the annuitant survives and return of order value on demise of the very last survivor
For instance an individual buys Jeevan Shanti plan at the age of 45 with a deferment interval of 20 many years he/she will get the following annuity amount under the annuity option chosen by the plan holder:
| Annuity Selection | Annuity Total (Rs.) |
|---|---|
| Instant Annuity: | |
| Choice A: Rapid Annuity for lifestyle | 74,300 |
| Selection B: Quick Annuity with certain time period of 5 yrs and daily life thereafter | 74,200 |
| Option C: Speedy Annuity with confirmed time period of 10 several years and lifetime thereafter | 73,900 |
| Choice D: Quick Annuity with confirmed period of 15 many years and existence thereafter | 73,500 |
| Solution E: Speedy Annuity with confirmed period of time of 20 yrs and lifetime thereafter | 72,900 |
| Selection F: Immediate Annuity for lifetime with return of Purchase Value | 65,400 |
| Selection G: Fast Annuity for lifestyle expanding at a basic charge of 3% p.a | 56,200 |
| Alternative H: Joint Everyday living Immediate Annuity for lifetime with a provision for 50% of the annuity to the Secondary Annuitant on demise of the Principal Annuitant | 71,100 |
| Option I: Joint Lifetime Fast Annuity for daily life with a provision for 100% of the annuity payable as very long as one particular of the Annuitant survives | 68,300 |
| Choice J: Joint Existence Instant Annuity for lifetime with a provision for 100% of the annuity payable as long as 1 of the Annuitant survives and return of Order Rate on loss of life of last survivor | 64,900 |
| Deferred Annuity: | |
| Choice 1: Deferred annuity for One lifestyle | 206,600 |
| Possibility 2: Deferred annuity for Joint lifetime | 227,200 |
Resource: LIC
If the policyholder is not contented with the conditions and conditions of the Jeevan Shanti plan, the coverage could be returned to the LIC of India in just 15 days of graduation, in accordance to the insurer’s website.
