We all know how much you love LIC and our articles on LIC policies. Today we are telling you about such a policy that you will have to give only 1 instalment and you will get income every month after retirement. The policy is called LIC Jeevan shanti. Let us tell you about this policy in detail.

Note:  “All the Immediate Annuity Options (i.e. Option A to J) available under LIC’s Jeevan Shanti (Plan No. 850) (UIN: 512N328V02) have been withdrawn with effect from 25.08.2020.”

Two options of Jeevan Shanti Yojana can be availed immediately by making a lump sum investment in it. For those people who are worried about pension planning in future, this policy can be called better. By depositing a lump sum in it, you can get pension after retirement. Actually, while taking the policy, the policyholder has two options regarding pension. First intermediate second deferred annuity. Immediate means that the pension is immediately after taking the policy, while the deferred annuity means payment of pension after some time (5, 10, 15, 20 years) of taking the policy. There are 7 options available in intermediate annuity.

Pension of Rs 7550 per month If you invest a lump sum of Rs 1527000 in this policy and choose the intermediate option, then you will get a pension of Rs 7550 every month. Let us explain in easy language how you can get such pension. Assuming age: 37 Sum Assured: 1500000 Lump sum premium: 1527000 Pension: Annual: 93450 Half-yearly: 45975 Quarterly: 22706 Monthly: 7550 Suppose if a 37-year-old person has the option ‘A’ ie Immediate Annuity for life (Pension per month) Chooses With this, he chooses the sum assured option of Rs 1500000. So he will have to pay a lump sum premium of Rs 1527000. After this investment, he will get a pension of Rs 7550 per month. This pension will be received as long as the policy holder survives. At the same time, this pension will stop coming after death.

Benefits

• Make one time investment and get Guaranteed life long income.
• 9 different annuity options to choose from to suit every need and circumstance.
• Option to choose either Immediate Annuity or postpone it to a future date as Deferred Annuity.
• Annuity rates are guaranteed from inception of the policy.
• Guaranteed additions during deferment period.
• This policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings.
• Loan Available: Loan facility shall be available after completion of 1 policy year.
• Surrender Allowed: The policy can be surrendered at anytime after three months from the completion of policy when Annuity Option is with return of purchase price.
• Free look Period: If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15days.
• Option to take the plan for the benefit of handicapped dependant (Divyangjan) life

Know who can buy Jeevan Shanti Plan

Under this scheme any citizen of India can buy the plan of LIC Jeevan Shanti Yojana. Under this scheme, a man of 30 years to 79 years can also buy a plan. However, for option F of this plan a 100 year old man can also buy its plan. The minimum investment amount under LIC Jeevan Shanti Yojana has been fixed at Rs 1.5 lakh and there is no upper limit. Premium amount can also be deposited in this lump sum.

The policy can be purchased offline and online. This plan of LIC can be taken by a person up to 30 years and maximum 85 years. Explain that the loan in Jeevan Shanti Plan can be done after 1 year of the commencement of pension and 3 months after the start of the surrender, pension. In addition to this, annual rates will be guaranteed at the time of taking the policy for both immediate and deferred annuity options. Various annuity options and mode of annuity payment are available under this scheme. Keep in mind that the option once selected cannot be changed. This plan can be purchased offline as well as online. This plan is similar to LIC’s old plan Jeevan Akshay.