LIC Jeevan Shanti

LIC Jeevan Shanti Plan 

LIC Jeevan Shanti Plan (858) is a guaranteed LIC pension plan obtainable by the LIC (Life Insurance Corporation) of India that offers a consistent and regular income flow against one-time premium payment. When you invest in other investment options such as property, mutual funds, equity, or gold, they might not generate good returns, but pension plans of LIC offer a guaranteed fixed investment return along with the option to provide monthly income regularly either for a deferred or immediate time. 

By making a 1-time investment in pension plans of LIC, NRIs can protect their future and are eligible to receive a fixed/static income periodically whenever they wish. Moreover, the plan also has the deferred annuity option of 105 percent of insurance coverage provided to the insured. 

Key Features of LIC Jeevan Shanti 

• Plan can be purchased with a minimum 1-time investment of Rs.1,50000 lacs. 
• No upper age limit of investments is available under the plan. 
• The policyholder has the option to select the deferment tenure of the plan i.e. from 1 year to 12 years. 
• This plan can be bought for spouses, grandparents, grandchildren, children, and parents. 
• An additional benefit is also offered for differently-abled policyholders in this plan.

Annuity Options 

There are two variants available under LIC Jeevan Shanti Plan: 

Option 1: Deferred Annuity 

Option 2: Immediate Annuity 

Eligibility of LIC Jeevan Shanti Plan 

Benefits 

1. Plan Variants 

   There are two annuity options available under the plan: 

   • Immediate option of annuity provides you regular income every month depending on the payment mode you select i.e. monthly/quarterly/half-yearly/yearly. 
   • Whereas, in the deferred option, one can select a deferment time of one year to twelve years. This simply means that you can start getting your income after the deferred time completion you choose. A higher return rate is received under this option. 

2. Returns 

   Jeevan Shanti plan is a guaranteed policy that means the returns will remain fixed within the policy term irrespective of the rate of the repo. For instance, if Ram invests Rs.1 Crore and opts for an immediate annuity, then he starts getting Rs.43125 and Rs.533500 monthly and annually respectively. This remains constant for the entire policy. Whereas deferred annuity means that you do not want to go for an immediate annuity plan and wish to wait for some time to start the annuity. 

   After 3 years, an option of a deferred annuity, the returns turn out to be higher which is Rs.49283 and Rs.617000 on a monthly and annual basis. 

3. Death Benefits 

   LIC Jeevan Shanti's plan can be bought individually or jointly with children or spouses. In case of the proposer’s death, another individual starts getting the return. In case of the demise of both individuals, the nominee receives the one-time amount of premium. 

Sample Premium Rates 

The below table illustrates the premium comparison for the deferred annuity payment for 1 Cr.- single premium under this plan: 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply.

Policy Details 

1. Surrender 

   The policyholder can always choose to surrender the policy and then receive the annuity and the due amount of return after the ending of a 3-month time. 

2. Grace period 

   A grace period of 15 days is offered by the LIC, wherein in case of dissatisfaction you are allowed to return the plan. The complete amount will be refunded to you without any responsibility.

FAQ's