LIC Jeevan Shanti
LIC Jeevan Shanti is another single premium ensured annuity plan which is propelling on twelfth September 2018. It offers the ensured benefits with alternatives like a quick annuity or conceded benefits.
You might know that LIC’s Jeevan Akshay VI additionally offers the ensured annuity plan. In any case, LIC’s Jeevan Akshay is a quick annuity plan. Perhaps consequently, LIC accompanied arrangement LIC Jeevan Shanti. This arrangement offers both prompt benefits and conceded annuity plan.
What is the importance of annuity?
In straightforward term, you can state it as a Pension, where you will get normal salary up to the predetermined period or conditions. There are two kinds of annuity.
1) Immediate Annuity-For this situation, you put a singular amount in an item and your benefits or annuity begins promptly. Give us a chance to state you have around Rs.1 Cr and on the off chance that you purchase prompt annuity designs, at that point the benefits will begin quickly from one month from now.
2) Deferred Annuity-For this situation your annuity begins after a specific period. Give us a chance to state your present age is 30 years and you are intending to resign at 60 years old years. On the off chance that you purchase a conceded annuity plan, at that point you will contribute up to your retirement age i.e. up to 60 years old. Following 60 long stretches of retirement, your annuity will begin.
LIC Jeevan Shanti – Single Premium
Guaranteed Pension Plan Eligibility
|Immediate Annuity||Deferred Annuity|
|Maximum Age||85 Yrs(except Options F)
And 100 Yrs for Option F
|Minimum Deferment Period||
|Maximum Deferment Period||20 Yrs|
|Minimum Vesting Age||31Yrs|
|Maximum Vesting Age||80Yrs|
|Minimum Annuity||Rs.1,000 for monthly, Rs 3,000 for Quarterly,
Rs 6,000 for Half Yearly and Rs.12,000 Yearly
|Max Annuity||No limity|
|Minimum Purchase Price||Rs.1,50,000|
|Maximum Purchase Price||No limit|
|Option A:||Immediate Annuity for life|
|Option B:l||Immediate Annuity with guaranteed period of 5 years and ife 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 theAnnuitant 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|
|Option 1||1.Deferred annuity for Single life|
|Option 2||2: Deferred annuity for Joint life|