LIC Jeevan Shanti Plan: Invest Once And Receive Lifelong Pension

The Jeevan Shanti Plan is a unique LIC policy that grants the insured a lifetime pension. The key benefit of this plan is that it enables lifelong pension payments by only requiring a single lump sum investment. Additionally, this plan is simple to purchase both offline and online.

In this article, we will take you through LIC’s Jeevan Shanti Plan so that you are well aware of its offerings before you opt to buy it.

LIC Jeevan Shanti is a non-participating, single-premium annuity product that offers the insurer two advantages. The plan will help a person easily meet their post-retirement expenses. The Jeevan Shanti plan comes with the following options:

• Option for deferred annuity

• Option for immediate annuity

There are two annuity alternatives available under the deferred annuity option. They are –

1.  Single life

2. Joint life deferred annuity

As for immediate annuity, a pension facility is accessible as soon as the policy is purchased.

An individual can use both online and offline procedures to buy the LIC Jeevan Shanti plan. Visit the LIC's official website at www.licindia.in to purchase the policy online. Additionally, you can purchase the policy offline from a local LIC branch or through a LIC agent.

Under this scheme, co-investing is available. You can do so along with your spouse, children, parents, grandchildren, grandparents, and even siblings.

The benefits of availing of this plan are many. They are as follows:

• It provides an annuity with a guaranteed rate

• It is a type of lifelong pension plan that only requires a single investment

• It provides several annuity options to meet the needs of people who want to purchase insurance

• After the policy has been in effect for a year, only then can a loan be obtained

• The free-look period for online insurance purchases has been extended to 30 days

• Single-life and joint-life deferred annuities' death benefits are – a) The policy's purchased value plus accrued benefits upon death minus any amount paid as an annuity to date, if any, or b) 105% of the purchase price (whichever is higher).

a) Minimum purchase price: Rs. 1,50,000 (subject to minimum annuity amount)

b) Maximum purchase price: No limit

c) Minimum age criteria: 30 years

d) Maximum age criteria: Depends on the selected plan

e) Minimum deferred period: 1 year

f) Maximum deferred period: 12 years depending on the maximum vesting age

Now that you know what the Jeevan Shanti Plan is, go ahead, invest, and secure your future. It is a hassle-free annuity plan that will enable individuals to purchase the plan online or offline. A lifetime opportunity to earn income in the form of a pension is provided to the insured by this state-backed LIC Jeevan Shanti plan.

Also read: LIC Jeevan Akshay Policy: Who can benefit from this?

Disclaimer: All of the above information has been recorded at the time of writing and the policy details are subject to change in the future. Please visit the official LIC website to know more about the Jeevan Shanti Plan.