LIC's Jeevan Shanti

Plan Details:

This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity.

The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the life time of Annuitant(s).

Benefits:

Make one time investment and get Guaranteed life long income.

9 different annuity options to choose from to suit every need and circumstance.

Option to choose either Immediate Annuity or postpone it to a future date as Deferred Annuity.

Annuity rates are guaranteed from inception of the policy.

Guaranteed additions during deferment period.

This policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings.

Loan Available: Loan facility shall be available after completion of 1 policy year.

Surrender Allowed: The policy can be surrendered at anytime after three months from the completion of policy when Annuity Option is with return of purchase price.

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 15days.

Option to take the plan for the benefit of handicapped dependant (Divyangjan) life

Features:

Minimum Purchase Price: Rs.1,50,000 subject to minimum Annuity as specified below

Maximum Purchase Price: No Limit

Note: However, lower Purchase Price may be allowed in specific cases such as NPS and if this Plan is purchased for the benefit of Divyangjan, as per terms and conditions of this Plan. In such a case, for NPS, the annuity rates shall be subject to a Reduction Factor.

Minimum Age at Entry:30 years (completed)

Minimum Annuity:

Annuity Mode

Monthly

Quarterly

Half-yearly

Annual

Minimum Annuity

Rs.1000 per month

Rs.3000 per quarter

Rs.6000 per half year

12000 Yearly

Joint Life: The joint life annuity can be taken between any lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings

Criteria

Immediate Annuity

Deferred Annuity

Maximum Age at Entry

85 years (completed) except Option F

79 years (completed)

100 years (completed) for Option F

Minimum Deferment Period

Not Applicable

1 year

Maximum Deferment Period

20 years subject to Maximum Vesting Age

Minimum Vesting Age

31 years (completed)

Maximum Vesting Age

80 years (completed)

Illustration:

Purchase Price:Rs. 10 lakh (excluding applicable taxes)

Age of Annuitant at entry :45 years (lbd)

Annuity Mode:Yearly

Deferment Period:20 years (applicable for Deferred Annuity only)

Age of Secondary Annuitant at entry:35 years (lbd) (applicable for Joint life annuity only)

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

Death Benefit: Death Benefit (applicable only in case of Deferred Annuity) shall be:Higher of 

Purchase Price plus Accrued Guaranteed Additions (as specified below) minus Total annuity payments made till date of death, if any

Annuity Options:

The options available under Immediate Annuity are:

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.

The options available under Deferred Annuity are:

Option 1: Deferred annuity for Single life

Option 2: Deferred annuity for Joint life