Life Insurance Corporation (LIC), the country's largest life insurance company, which offers insurance policies like term insurance plans, endowment plans and money back plans also offer pension plans. LIC's Jeevan Shanti Policy plan is one of the pension plans being offered by the state-run insurance corporation. LIC Jeevan Shanti policy is a single premium plan wherein the policyholder has an option to choose an immediate or deferred annuity or pension, LIC said on its website www.licindia.in. LIC Jeevan Shanti policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings, LIC added. (Also Read: Planning To Buy LIC Policy? Here Is All You Need To Know About LIC New Jeevan Anand Plan)
LIC Jeevan Shanti Pension Plan: Pensions, Premiums, Benefits, Pension Options and Other Details here:
LIC's Jeevan Shanti plan can be purchased by paying a single premium of a minimum Rs 1.5 lakh. There is no upper limit for the premium. (Also Read: LIC Jeevan Labh Policy: Eligibility, Premium And Other Details Here)
Policy holders get nine different annuity options to choose from. The various annuity options are as follows, according to information on LIC's website. (Also Read: All You Need To Know About LIC New Money Back Plan 20 Years)
Below are the pension options being offered by LIC under Jeevan Shanti Pension Plan:
- 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 per cent per annum
- Option H: Joint Life Immediate Annuity for life with a provision for 50 per cent 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 per cent 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 per cent of the annuity payable as long as one of the annuitant survives and return of purchase price on death of the last survivor
For instance an individual purchases Jeevan Shanti plan at the age of 45 with a deferment period of 20 years he/she will get the following annuity amount under the annuity option chosen by the policy holder:
| Annuity Option | Annuity Amount (Rs.) |
|---|---|
| Immediate Annuity: | |
| Option A: Immediate Annuity for life | 74,300 |
| Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter | 74,200 |
| Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter | 73,900 |
| Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter | 73,500 |
| Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter | 72,900 |
| Option F: Immediate Annuity for life with return of Purchase Price | 65,400 |
| Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a | 56,200 |
| 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 | 71,100 |
| 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 | 68,300 |
| 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 | 64,900 |
| Deferred Annuity: | |
| Option 1: Deferred annuity for Single life | 206,600 |
| Option 2: Deferred annuity for Joint life | 227,200 |
Source: LIC
If the policyholder is not satisfied with the terms and conditions of the Jeevan Shanti policy, the policy may be returned to the LIC of India within 15 days of commencement, according to the insurer's website.