For most people who work eight hours a day, retirement is when they can enjoy and spend the leftover years of their life with near and dear ones. This phase of your life becomes even more blissful when you are financially independent. This is why a retirement plan becomes even more crucial.

There are many retirements plans but to make your retirement years free of financial hurdles, we have designed the LIC Jeevan Shanti Plan.

 

WHAT IS LIC’S NEW JEEVAN SHANTI PLAN?

LIC’S New Jeevan Shanti plan was launched on October 21, 2020. The LIC Jeevan Shanti Plan is a non-linked single premium annuity plan. It is a LIC plan for senior citizens that offers the policyholder the choice between single life and joint life annuities. At the policy’s inception, the annuity rates are guaranteed to the policyholders and are paid after the deferment period throughout the annuitant’s lifespan.

 

WHAT IS THE ELIGIBILITY CRITERIA FOR THIS PLAN?

The minimum entry age for this policy is 30 years. The maximum entry age is 79 years.

The minimum vesting age is 31 years, and the maximum age for vesting is 80 years. The minimum deferment period is one year. The maximum deferment period is 12 years, which is subject to a maximum vesting age.

 

WHAT IS THE MINIMUM ANNUITY AND ANNUITY PAYMENT MODE?

The annuity payment mode can be monthly, quarterly, half-yearly, or yearly. The minimum annuity every month is Rs. 1000, the quarterly basis is Rs. 3000, the half-yearly basis is Rs. 6000, and the annual basis is 12000.

 

WHAT ARE THE BENEFITS AND FEATURES OF THIS PLAN?

The benefits of this insurance plan are listed below:

(I) Policyholders can avail of the installment benefit for the amount payable upon death for the chosen period of 5, 10, or 15 years, instead of a lump sum amount.

(II) The loan facility can be availed any time after three months from the policy’s inception or the end of the free look period.

(III)The policyholder can benefit from a 2% rebate by increasing the annuity rate, which is only applicable to policies purchased online.

(IV) This insurance policy offers a decrement in the annuity rates. There is a 2% decrement available for half-yearly, 3 % for quarterly, and 4% monthly.

(V). There is no need for any medical examination.

 

HOW DOES LIC’S NEW JEEVAN SHANTI PLAN WORK?

To know how it works, let’s consider an example. Suppose the LIC’S New Jeevan Shanti plan’s purchase price is Rs. 20 lakhs and the annuitant’s age upon entry is 45 years and the deferment period is 12 years. Also, the secondary annuitant age (applicable only for a joint-life annuity) is 35 years.

If it is a deferred annuity for a single life, then the annuity amount payable through different modes will be:

(I) Monthly- Rs. 15,904

(II) Quarterly- Rs. 48,210

(III) Half-yearly- Rs. 97,412

(IV) Yearly – Rs. 1,98,800

If it is a deferred annuity for joint life, then the amount payable through different modes will be:

(I) Monthly- Rs. 15,056

(II) Quarterly- Rs. 45,638

(III) Half-yearly- Rs. 92,218

(IV) Yearly- Rs. 1,88,200

 

HOW IS LIC’S NEW JEEVAN SHANTI PLAN BETTER THAN THE OLD PLAN?

Policyholders can avail of the loan facility just three months after the issuance of the new policy, whereas in the old plan, the loan is available only after one year of the policy’s issuance. The policy can be surrendered anytime during the policy term. However, the old policy could only be surrendered after three months of purchase.

 

HOW CAN THIS PLAN BE PURCHASED ONLINE?

Policyholders can also purchase this plan on our website. Here are the steps to purchase the plan online:

(I) Visit the official LIC website.

(II) Scroll down and click ‘LIC’S JEEVAN SHANTI’ under the ‘Buy Policy Online.’

(III) Click ‘Buy Online’ and enter the required details.

(IV) After this, click ‘Calculate Premium ‘ and enter the OTP sent to your number.

(V). Enter all of your personal information.

(VI) Crosscheck the premium details and click ‘Confirm & Proceed.’

(VII) The last step involves paying the purchase price online and receiving the insurance policy in your email.

 

HOW TO CLAIM LIC’S NEW JEEVAN SHANTI POLICY?

To claim the policy, you are required to visit the nearest LIC branch. Our customer representative will guide you through further steps.

So, The LIC Jeevan Shanti Plan is an ideal pension plan for you after retirement. Apart from its numerous benefits, you can be financially secure and spend your retired life free of any monetary burdens.

 

It is a flexible pension scheme that allows choosing immediate pension options after purchasing the policy or after few years.

1. What are the key features of this policy?

• The option of an online and offline mode of buying the policy
• Availability of numerous pension plans under the single umbrella of the policy
• Single and joint pension plan scheme
• The reward of guaranteed pensions
• Single-Premium Option
• Death Benefits

2. What is the age limit for buying the policy?

The minimum age to buy the policy is 30 years, and the maximum age up to which the policy can be availed is 100 years.

3. What is the minimum purchase price of the policy?

The minimum purchase amount for buying the policy is Rs. 1.5 lakhs.

4. Is there a loan avail benefit against this policy?

Yes, a loan facility is available under few pension options.