LIC’s New Jeevan Shanti

LIC’s New Jeevan Shanti

Overview

LIC’s New Jeevan Shanti is a Non-Linked, Non-Participating, Individual, Single Premium, Deferred Annuity plan. It offers the policyholder the option to choose between Single life and Joint life Deferred annuity. The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the lifetime of Annuitant(s). This plan can be purchased offline through agents/other intermediaries as well as online directly through the LIC website.

Key Features

• Single Premium Deferred Annuity plan
• Two annuity options: Single Life Annuity and Joint Life Annuity.
• Flexibility in annuity payment modes: yearly, half-yearly, quarterly, and monthly.
• Option to take death benefit: as Lump-sum, in the form of Annuitisation, or in Installments.

Annuity Options

1. Deferred annuity for Single life
2. Deferred annuity for Joint life

Benefits

• Death Benefit: Higher of the Purchase Price plus Accrued Additional Benefit on Death minus Total annuity amount payable till date of death, or 105% of Purchase Price.
• Accrued Additional Benefit on Death: Additional Benefit on Death accrues at the end of each policy month, till the end of the Deferment Period.

Eligibility Criteria

• Minimum Purchase Price: Rs.1,50,000
• Minimum Age at Entry: 30 years
• Maximum Age at Entry: 79 years
• Minimum Vesting Age: 31 years
• Maximum Vesting Age: 80 years
• Minimum Deferment Period: 1 year
• Maximum Deferment Period: 12 years

Incentives

• Incentive for higher purchase price: Available for purchase price slabs of Rs 5,00,000 to Rs 9,99,999, Rs 10,00,000 to Rs 24,99,999, and Rs 25,00,000 and above.
• Incentive for existing Policyholder and Nominee/Beneficiary of the deceased Policyholder: Increase in Tabular Annuity Rate.
• Incentive for Direct Sale: Increase in the annuity rate for policies sold directly without any involvement of agents or intermediaries.

Surrender Value

• The policy can be surrendered at any time during the policy term.
• Surrender value payable shall be higher of Guaranteed Surrender Value or Special Surrender Value.

Loan Facility

• Policy loan allowed after three months from policy completion or after the free-look period, whichever is later.
• Maximum loan amount: 80% of Surrender Value.

For more detailed information, please refer to the official LIC website or contact an LIC agent.