LIC Jeevan Shanti Plan 850, Benefits of LIC Jeevan Shanti Policy, Eligibility, Jeevan Shanti Plan Calculator, Interest Rates & Details
In the modern day, retirement planning is something that everyone does early on which is because people need money more in their senior years. Furthermore, due to a person’s declining physical capabilities as they age, it is difficult to make money through employment or business. The LIC New Jeevan Shanti Plan might be quite advantageous for you if you are concerned about becoming older and are seeking for a pension plan. The LIC Jeevan Shanti Plan is an individual, single premium, non-linked, non-participating deferred annuity plan. You simply need to make one investment in this strategy. Following that, you can get a lifelong monthly pension. You may finance your post-retirement costs with the help of this pension. So, let’s learn more about the LIC Jeevan Shanti Plan today.
LIC Jeevan Shanti Plan 2022
On October 21, 2020, Life Insurance Corporation of India (LIC) introduced the Jeevan Shanti Plan. The Jeevan Shanti Plan is an individual, single premium, non-linked, non-participating deferred annuity plan. This plan offers you two different sorts of possibilities. You must deposit a lump sum of money when you buy this coverage. After then, you begin receiving a fixed-period pension. You may get this insurance by making a single premium payment. After then, LIC will keep paying you a certain sum at regular intervals for the rest of your life. Neither the stock market nor this policy are related. The LIC Jeevan Shanti Plan offers monthly, quarterly, half-yearly, or annual payments. At the time the insurance is first issued, the policyholder is guaranteed a pension.
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| LIC JEEVAN SHANTI PLAN |
LIC Jeevan Shanti Plan Key Highlights
| article name | LIC Jeevan Shanti Plan |
| launched | by Life Insurance Corporation of India (LIC) |
| beneficiary | citizens of the country |
| purpose | life long pension benefits |
| policy term | 12 years |
| grade | Central Government Schemes |
| year | 2022 |
| Application Process | online |
| official website | https://www.licindia.in/ |
What are the ways to invest under LIC jeevan Shanti Plan?
LIC offers the policyholder two investing possibilities under the Jeevan Shanti Insurance. Deferred Annuity for Single Life and Deferred Annuity for Joint Life are the two options. If the policyholder choose the first choice, he or she receives a pension for life and, in the event of death, the nominee receives the return of the investment money. If two people choose the joint life option, the pension is distributed to the second person whose name is on the joint upon the death of the first person whose name is on the joint. All of the investment money is distributed to the nominee if they both pass away.
Other plans of LIC
LIC New Children Money Back Plan
Options for pension under LIC Jeevan Shanti Plan
The LIC Jeevan Shanti Plan offers the policyholder two pension alternatives. The first option, known as an Immediate Annuity, makes a pension facility available as soon as the policy is purchased. The second option, known as a Deferred Annuity, does not. After 1, 5, 10, or 12 years of purchasing the insurance, the policyholder has the choice of a pension under the Deferred Annuity option. However, the amount of pension you will receive will depend on the length of the deferral period (the time between investing and the start of the pension) or your age. You have the choice of annual, half-yearly, quarterly, or monthly payments with the Jeevan Shanti plan.
What are rewards to get from investment in LIC Jeevan Shanti Plan?
The LIC Jeevan Shanti Plan investor will get several rewards from their investment. If you purchase the Jeevan Shanti plan at the age of 45 for Rs 10 lakh and retain the deferral term for 12 years, you will begin receiving Rs 1,20,700 per year after the first 12 years. As an alternative, if you select the half-yearly pension option, you will begin receiving Rs 59,143 in 6 months. The policyholder would receive Rs 29,270 for selecting the quarterly pension option and Rs 9,656 for selecting the monthly pension option.
What is the Age limit to buy LIC Jeevan Shanti Plan?
Anyone between the ages of 30 and 79 can purchase the Jeevan Shanti Plan. This insurance can be purchased for as little as Rs. 1,50,000. To acquire the Jeevan Shanti Plan, you must deposit 1 lakh 50 thousand rupees. You can cancel the policy at any time if you decide after acquiring it that you do not like it for whatever reason. In addition to this, you can also obtain a loan based on this policy.
Terms and Conditions for participating in LIC Jeevan Shanti Plan
Immediate Annuity Option
| Minimum | Maximum | |
| purchase price | Rs 1,50,000 | No limits |
| Entry Age (Full Age) | 30 years | 85 years |
Deferred Annuity Options
| Minimum | Maximum | |
| purchase price | 1,50,000 | No limits |
| Entry Age (Full Age) | 30 years | 79 years |
| deferment period | 1 year | 20 years |
| Vesting Age (Full Age) | 31 years | 80 years |
Minimum annuity amount
| monthly | quarter | half year | annual |
| Rs 1,000 | Rs 3,000 | Rs 6,000 | Rs 12,000 |
Features of LIC Jeevan Shanti Plan
- If you chose a Jeevan Shanti Plan for 5, 10, or 15 years, you can pay the death benefit in instalments during the course of the plan.
- Policyholders may use the funds under either choice.
- The policyholder will get the Purchase Price, accumulated bonus, or 105% of the Sum Assured, whichever is larger.
- This policy may also be advantageous to those with impairments.
- At any point throughout the term of the policy, the policyholder may cancel the insurance. The guaranteed surrender amount, however, will be greater than the sum given in.
- No medical examination is required to purchase the coverage.
- After three months from the day you bought the insurance, you can use the borrowing feature.
Benefits under Jeevan Shanti Policy
- Loan facility: Under the Jeevan Shanti policy of LIC, you may utilise the loan option after a year of residency. You must stop by the LIC branch that is most convenient for you to learn the interest rate.
- Surrender facility: If you purchased the policy with the annuity option, you may only surrender it three months after purchasing it.
- Free Look Period: Within 15 days of receiving the policy documentation, the policyholder has the option to return the coverage if unsatisfied.
- Disabled Dependent: You may choose to use this plan to help a dependent who is handicapped.
How to buy LIC Jeevan Shanti Plan online?
To buy LIC Jeevan Shanti Plan online, please follow the given below steps:
- First of all you have to go to the official website of LIC.
- After this the home page of the website will open in front of you.
- On the home page, you have to click on LIC’s Jeevan Shanti under Buy Online Policy.
- After this you have to click on Buy Online.
- Now a new page will open in front of you.
- On this page you will have to enter all the necessary information sought.
- Now you have to click on Calculate Premium and then enter the OTP received on your registered number.
- After this you will have to enter your personal information.
- Now you have to check and confirm the premium details and click on proceed option.
- After paying the amount online, you will receive your insurance policy on the registered email id.