LIC Jeevan Shanti





LIC Jeevan Shanti Plan Review

LIC Jeevan Shanti is a Single Premium Annuity Plan. This plan can be used to secure fixed payouts at regular intervals for the rest of your life.

How it works: You pay a Single Premium (also called the 'Purchase Price') to purchase an Annuity. LIC will then pay you regular amounts for the rest of your life. You could receive this regular payouts monthly, quarterly, half-yearly or annually. This regular payout amount is called an Annuity. You have 2 options in this plan - Immediate Annuity & Deferred Annuity. Collectively there are 12 options to receive you regular annuity payments. 

Annuity Options in LIC Jeevan Shanti Policy

You first have to opt for any of the following 2 options:

Immediate Annuity - In this option, your payments will start immediately. You purchase the plan by making a single payment and depending on the payout chosen, the payouts will start. In case you have chosen monthly payouts, your annuity payouts will start after the first month. In case you choose annual payouts, you will start receiving your first annuity after a year. The immediate annuity options are as follows:
  • Option A: Immediate Annuity for life.
  • Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
  • Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
  • Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
  • Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
  • Option F: Immediate Annuity for life with Return of Purchase Price.
  • Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.
  • Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
  • Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.
  • Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.
Deferred Annuity - In this option, you purchase the plan by making a single payment and choose to start receiving the payouts only after a certain number of years. This option is useful for those who have some extra money when young and want to lock-in some retirement income when they turn older. For the period of deferment, you will receive guaranteed additions which are again fixed when you buy the plan. The options for Annuity under this are as follows:
  • Option 1: Deferred annuity for Single life
  • Option 2: Deferred annuity for Joint life

  • Other Benefits in LIC Jeevan Shanti Plan

    Loan Availability: Loan facility shall be available after completion of 1 policy year. You will have to check with LIC for the applicable interest rate when you apply for the loan.

    Surrender the plan: The policy can be surrendered at anytime after three months from the completion of policy when Annuity Option is with Return of Purchase Price - Option F only.

    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 15 days of receiving the policy documents
    .
    Handicapped dependent - You can take the plan for the benefit of handicapped dependent (Divyangjan Life).
     


Comments

Post a Comment

Popular posts from this blog

Star Super Surplus ‘Gold’ Plan

Image
  Star Super Surplus ‘Gold’ Plan: A Star super surplus gold plan which caters to any unforeseen event, offering enhanced protection to policyholders. Designed primarily to offer enhanced protection, this is ideal for individuals who wish to avail the best in health insurance. Provisions of air-ambulance, absence of room rent cap, lifelong renewal and affordable premiums have made the Gold Plan a perfect ally for people accustomed to a certain way of life. Entry age Minimum – 18 years Maximum – 65 years Children can avail protection under this plan, subject to the parent being a policyholder. Children aged between 3 months and 25 years can be protected under this policy Basis Individual or Floater Sum assured Minimum – Rs 5 lakhs (Floater and Individual) Maximum – Rs 25 lakhs (Floater and Individual) Maximum- Rs.10 lakhs (Individual) Premium charged Ranges between Rs 1,950 and Rs 36,360, depending on the entry age and sum assured Co-payment 10% of claim amount for policyholder with ...
Read more

Star Super Surplus Insurance Policy

Image
  Star Super Surplus Insurance Policy:  Star super surplus  Provides greater protection than that offered by the average run-of-the-mill plans. It can be availed by individuals for themselves or on a floater basis to include their families as well. Entry Age 3 months to 65 years; only renewals beyond 65 years Basis Individual or Floater Sum assured Individual- Rs.7 lakh/ 10 lakh Family Floater- Rs.10 lakh Premium charged Premiums will vary on the basis of the plan type, sum insured, age at entry, and other factors Individual Plans: Premiums start at Rs.1,300 Family Floater Plans: Premiums start at Rs.1,800 Coverage Silver Plan: Hospitalisation cover Surgeon’s fees, anaesthetist charges, etc. Cost of blood, drugs, anaesthesia, etc. Gold Plan: Hospitalisation cover Surgeon’s fees, anaesthetist charges, etc. Cost of blood, drugs, anaesthesia, etc. Air ambulance cover Emergency ambulance charges Option to avail second opinion Provides greater protection than that offered by t...
Read more

LIC Jeevan Umang

Image
  LIC Jeevan Umang Plan LIC Jeevan Umang is an endowment cum whole life plan which offers a regular payout from the end of the premium payment term till the date of your survival. This is in addition to the life insurance cover which is being offered throughout the policy term. The policy ends when the policyholder reaches the age of 100 or on her/his death when a lumpsum amount is payable. This plan is a participating plan eligible for Simple Reversionary Bonus and Final Addition Bonus. You can avail a loan against this policy. An earlier version of this plan which has been withdrawn can be seen here -  LIC Jeevan Umang - Table No. 845 .   Plan Name LIC Jeevan Umang Policy Type Endowment & Whole Life Plan Details Plan No. 945 UIN 512N312V02 Launch Date 01st February, 2020 Key Features of LIC Jeevan Umang Policy  This is an endowment cum whole life policy Offers 8% of Basic Sum Assured after the premium payment term - till you are alive or till the age of 100 Pla...
Read more