LIC Jeevan Shanti vs Post Office MIS

Postal Life Insurance was founded on 1^st February 1884. It offers various welfare schemes that provide benefits to postal employees. This is also a government-owned organization. Both provide life insurance policies, and many of you might get confused in choosing the best insurance policy for you and your family. So, the primary question that comes to mind of every customer is how to go about it? How do choose the best plan? Which will be the best option? To make your selection easy, here is a comparative analysis of two life insurance plans offered by LIC and Post Office i.e., LIC Jeevan Shanti and Post Office MIS respectively. Let’s understand each plan in detail:

LIC Jeevan Shanti vs Post Office MIS

LIC of India launched its pension cum investment plan LIC Jeevan Shanti on its 62^nd birthday. It is a non-linked and non-participating deferred annuity plan that embraces a tension-free tomorrow. This plan provides an option to select between joint and single life deferred annuity plans. Whereas Post Office Monthly Income Scheme (POMIS) is an investment plan that offers guaranteed returns of 6.6% per year to the investor. This plan has three major benefits as it keeps your capital intact, provides higher returns than the debt instruments, and also offers a fixed monthly income. A policyholder can open a POMIS with a minimum amount of Rs. 1,000. The POMIS provides you an option to open a joint account in which all the joint holders shall have an equal share in the investment. In this, no TDS deduction is applicable but the interests so earned are taxable. POMIS also offers an option to appoint a nominee in case of the unfortunate death of the policyholder. 

Here is the table that illustrates the comparison between LIC Jeevan Shakti and Post office MIS: 

Open A POMIS Account 

As post office does not offer online facilities to their customers, so here is a step-to-step guide about how to open Post office Monthly Income Scheme (POMIS) account: 

• Open an account in a post office 
• Take the POMIS form from the Post office 
• Fill in all the details required in the form and submit it along with passport size photographs, ID photocopy, and address proof. 
• Always bring the original documents with you for detailed verification 
• Then, get your form signed by the witness or nominee. 
• The initial deposit will be done by cash or cheque. 
• After the approval of all the details, the Post office official will provide you all the documents related to your accounting opening process.

At Last

LIC Jeevan Shanti and Post Office Monthly Income Scheme (POMIS), both offer life insurance policies with unique benefits. The former is an investment cum pension scheme and the latter only offers the investment scheme. POMIS plans are ideal for risk-averse investors. But LIC offers an online and offline mode to buy the policy whereas Post office MIS has not started the online facility yet. Assess the insurance requirements and make an informed choice. Both plans are ideal options for a customer, the selection depends entirely on the customer’s requirements.