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LIC Jeevan Shanti

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
Minimum Age 30yrs 30yrs
Maximum Age 85 Yrs(except Options F)

And 100 Yrs for Option F

79Yrs
Minimum Deferment Period

Not Applicable

1Yrs
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

 

Annuity Options
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
Deferred Annuity:
Option 1 1.Deferred annuity for Single life
Option 2 2: Deferred annuity for Joint life

 



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