LIC Jeevan Shanti Scheme: One day, we all have to stop working, and that happens when we turn old, but even in old age a regular income would be needed to fulfill our basic needs.
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To remain financially independent even after retirement will require a disciplined investment young age. Nowadays, there are a lot of options available to invest to accumulate a large sum in a decent period. Stocks, Mutual funds, ULIPs, NPS, traditional FDs, and then there are pension policies offered by life insurers are among them. LIC’s new Jeevan Shanti, Scheme No. 858 is also such an investment instrument. The scheme offers the chance to earn a pension of over Rs 10,000 per month.
LIC Jeevan Shanti Scheme
LIC’s New Jeevan Shanti is an individual, single premium, non-linked, non-participating deferred annuity plan in which the policyholder has the option to select between a single-life annuity and a deferred joint-life annuity. The annuity rates are guaranteed at the inception of the policy, and the annuities are paid after the deferral period throughout the beneficiary’s life.
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It is a non-participating product in which the death or survivor benefit payable regardless of age is guaranteed and fixed (depending on the annuity option selected). As a result, the policy does not provide any discretionary rights to participate in profits or surpluses as a bonus, etc.
Features of New LIC Jeevan Shanti Scheme
It is a Single Premium Deferred Annuity Plan, that offers two annuity options as per customers’ need.
The LIC scheme provides flexibility to choose between a single life annuity and a joint life annuity, And a form of payment of the annuity (annual, semi-annual, quarterly, and monthly).
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It has the Option to receive the death benefit in the form of a lump sum, annuity or in installments.
