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LIC Jeevan Shanti Pension Plan

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  • Get guaranteed lifelong income.
  • Get loan facility after completion of 1 year.
  • Guaranteed annuity rates from inception of the policy.
  • Option to take the plan for joint life as well.
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Advantages of LIC Jeevan Shanti Plan

Single Premium Plan
LIC Jeevan Shanti plan is a one time premium plan to buy annuity. After the payment of premium, LIC will pay a pre fixed pension amount on regular interval of time for the rest of your life.
Death Benefit
The policy holder has the option to choose death benefit in this plan. This means on the death of the policy holder the purchase price will be returned to the nominee.
Annuity Options
This pension plan offers options of immediate annuity and deferred annuity. Under immediate annuity, pension starts immediately and under deferred annuity, the pension starts after a certain number of years.
Free look Period
There is a free look period of 15 days. If the policy holder is not satisfied with the terms and conditions then the policy can be cancelled and returned to the corporation.

Benefits of LIC Jeevan Shanti Plan

Death Benefit

  • LIC Jeevan Shanti pension plan gives an option to cover the death benefit of primary annuitant in case of Single life option and death of secondary annuitant/last survivor in case of Joint Life option.
  • In case of Single life, on the death of policy holder, the purchase price gets returned to the nominee.
  • In case of Joint life, on the death of both the members, the purchase price gets returned to the nominee.

Flexibility of annuity payment

  • Under LIC Jeevan Shanti pension plan, policy holder or annuitant has the flexibility to choose the pension amount either yearly, half yearly, quarterly or monthly.
  • You have an option to opt for immediate annuity where pension starts immediately after the purchase period.
  • This single premium pension plan also offers option for deferred annuity where pension starts after a certain number of years.

Guaranteed Income

  • Jeevan shanti plan provides guaranteed income. By paying one time premium, the policy holder gets the surety of income either yearly, bi-yearly, quarterly or monthly depending upon the option chosen at the inception.
  • The payment of pension continues till the death of the annuitant.
  • This annuity plan offers the pension amount to the secondary annuitant after the death of primary annuitant.

FAQs

Following are the options available under Immediate annuity:-
  • Option [A]- In this LIC one time investment plan, pension starts immediately till the life time of the annuitant. Nothing shall be payable at the time of death of the annuitant and pension stops.
  • Option [F]- Under this option, pension starts immediately till the annuitant is alive and stops on the death of the annuitant. However, the purchase price gets returned to the nominee on the death of the policy holder/annuitant.
  • Option [J]- It is a joint life option where the primary annuitant gets the pension till the life time and on the death of primary annuitant, secondary annuitant gets 100% pension amount till life time and on the death of secondary annuitant, the purchase price gets returned to the nominee.

Under LIC Jeevan Shanti pension plan, two types of maturity terms are availabla i.e. immediate annuity and deferred annuity. In case of immediate annuity, pension starts immediately after the payment of premium or purchase price. However, in case of deferred annuity, pension starts after a certain period of time as decided by the annuitant at the inception of the policy. Minimum period for deferred annuity is 1 year and maximum period is 20 years.

In case of both immediate as well as deferred annuity plan, the minimum age requirement is above 30 years. The maximum age requirement in case of immediate annuity plan is 85 years (completed) except in case of option [F] i.e. immediate annuity for life with return of purchase price, it is till completion of 100 years. Whereas maximum age in case of deferred annuity is till 79 years.

This option in lic single premium plan provides coverage to only single life. During deferment period, if the annuitant survives, nothing is payable and at the time of death of the annuitant, death benefit will be payable to the nominee. And after deferment period, the pension will be payable as long as annuitant is alive and at the time of death, pension payment stops and death benefit is given to nominee. Death benefit means higher of purchase price (deposit paid at the inception of the policy) plus accrued annuity payments minus total annuity payments made till date of death, if any or 110% of Purchase Price (deposit amount).

Once the policy holder has submitted all the documents required to buy the policy whether immediate annuity or deferred annuity, LIC will transfer the pre-fixed pension amount directly to the policy holder's account. However in case of death, a few other documents are required. We make the process easier for you by providing end to end support with our experts who follow up with LIC in order to get the process done quickly.

In order to claim the sum assured/purchase price paid at the time of buying LIC one time investment plan , the nominee has to submit the death certificate, original policy bond, cancelled cheque, ID proof, a nominee application etc. Our experts will help you in making this process easier by co-ordinating with LIC on your behalf and getting the claims passed. The death claim can only be made if you have bought the option where death is covered.

Yes, the LIC pension plan can be surrendered after completing 3 months from issuance/inception of the policy or after the expiry of the free look period whichever is later. However, this annuity plan can be surrenderd only in case the policy holder has bought following options:-
  • Immediate annuity-
    • Option F: Immediate Annuity for life with return of Purchase Price.
    • Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitantsurvives and return of Purchase Price on death of last survivor.
  • Deferred annuity-
    • Option 1: Deferred annuity for Single life
    • Option 2: Deferred annuity for Joint life
Other than the above mentioned options, policy can not be surrendered.

Yes, if the proposer has a handicapped dependent in that case the plan can be purchase for the benefit of the handicapped dependent. The Proposer can purchase Single Life Deferred Annuity (Option 1) or Single Life Immediate Annuity with Return of Purchase Price (Option F) on own life. In case of death of the Annuitant (Proposer), the Death Benefit shall compulsorily be utilized to purchase Immediate Annuity (as per option chosen by the Annuitant) on the life of the Divyangjan. The Proposer can purchase Joint Life Immediate Annuity (Option I or J) with Divyangjan as Secondary Annuitant.

The minimum amount of investment/purchase price under Jeevan Shanti plan is Rs. 1,50,000 for both immediate as well as deferred annuity whereas there is no limit on the maximum amount of investment. GST of 1.8% will be applicable on the purchase price at the time of buying the policy.

Yes, the annuity/pension amount will be pre fixed under LIC Jeevan Shanti plan. Different purchase price will have different pension amounts which you can check through our calculator. You will have to choose the annuity term like yearly, half year, quarterly or monthly and that particular pension amount will be given to you as per the plan and term chosen by you.

No, as LIC jeevan shanti is a single premium pension plan you do not have to pay the premium every year as it is a single time premium plan. The proposer has to pay the purchase price only once i.e. at the time of buying/inception of the policy and afterwards pension will start to come depending upon the option that the proposer has chosen.

Once you fill in your contact details, you can calculate the pension amount as per your requirement of Sum Assured from our calculator. Our relationship manager will then call you and help you fulfilling all the requirements smoothly. In case of any doubts, our experts will assist you by providing their expert advice. After fulfilling all the requirements you can make the payment in favor of LIC and your policy bond will be issued.

In order to buy Jeevan Shanti pension plan, one need to submit KYC papers like proof of income, photo, contact details like mobile number, email id, signed proposal form and most importantly the bank details where the pension amount will flow. It is advised to check all the documents and details thoroughly before submitting in order to avoid descrepancies.

There is a free look period of 15 days (30 days in case policy is purchased online) available after the policy holder buys the policy. If the policy holder is not satisfied with any of the terms and conditions of the policy, he/she can cancel the policy within this peiod of time stating the reason behind cancelling the same after which the corporation will return the purchase price after deducting few charges like stamp duty and annuity paid etc.

Yes, policy holder can avail the loan facility on the completion of 1 year of the policy. However this benefit is available only in case of Option [F] and Option [J] of immediate annuity and Option 1 & 2 of [Deferred] annuity. The maximum amount of loan that can be given under this plan will be in such a way that the effective annual interest amount payable on loan should not exceed 50% of the annual annuity amount and will be subject to maximum of 80% of Surrender Value.

In case of immediate annuity, the policy will stand void/invalid if the annuitant (Primary or Secondary Annuitant) whether sane or insane at the time commits suicide within 12 months from the inception date of the policy, an amount which is higher of 100% of the Purchase Price paid or Surrender Value swill be paid. LIC will not entertain any other claim. Whereas in case of deferred annuity, an amount which is higher of 80% of the Purchase Price paid or Surrender Value will be payable and LIC will not entertain any other claim.

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