Key Benefits of LIC’s New Jeevan Shanti Plan
Updated On Jul 25, 2021
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LIC Jeevan Shanti Policy is a non-linked, non-participating policy that offers you the dual benefit of returns via immediate or deferred annuity. The payout modes for both of them are divided into multiple options which provide return of annuity purchase price plus returns. Both of them, however, have unique features and benefits of their own. The policy can be bought online by paying a one time premium amount. To know more about the plan benefit, read further.
Benefits of LIC New Jeevan Shanti Plan
LIC New Jeevan Shanti Plan comes with the following benefits:
Immediate Annuity Plan
- The annuity payment will be made according to the payment mode chosen for the time the policyholder is alive.
- Death benefit will not be payable in the misfortune event of death. The policy will cease immediately.
- In case of death of a policyholder during the guaranteed period, the nominee will receive the annuity amount till the guarantee period ends.
- In the misfortunate event of death after the guaranteed period, nothing will be paid and the policy will cease immediately.
- In the misfortunate event of death of the policyholder, the annuity payment will stop immediately and the nominee will get the Purchase Price.
- In case of death of primary policyholder, 50% of the annuity amount will be paid to the surviving secondary policyholder. In case of death of primary policyholder, the annuity amount will be stopped paying.
- 100% of the annuity amount will be paid according to the payment mode chosen as long as one of the annuitants is living.
- In the misfortune event of the death of the last survivor, the annuity payments will stop immediately.
Death Benefit (Deferred Annuity)
The amount of Purchase Price and Accrued Guaranteed Additions minus Total annuity payments made until death, if any, or 110% of the Purchase Price.
Accrued Guaranteed Additions (Deferred Annuity)
You will receive Guaranteed Additions every month where the value of Guaranteed Additions is (Purchase Price*Annuity rate per annum payable monthly)/12. The annuity rate per annum payable monthly will be equal to monthly tabular annuity rate and will be on the basis of entry age of the policyholders and chosen deferment period.
The policy provides an incentive for higher purchase price by way of increase in the annuity rate.
Who Can Buy LIC New Jeevan Shanti Plan?
The minimum entry age for LIC New Jeevan Shanti Plan is 30 years (completed). Whereas the maximum age for entry is 79 years (last birthday). The minimum and maximum vesting age is 31 years and 80 years and the minimum and maximum deferment period is 1 year and 12 years subject to maximum vesting age.
Apart from the benefits explained above, the policy also offers tax benefits under Section 80CCC of the Income Tax Act, 1961, guaranteed income on monthly basis, and assured returns every month to the policy, under deferred payout. These benefits combine together to make this policy a preferred choice for customers. So, buy yours today and stay protected!
Disclaimer: This article is issued in the general public interest and meant for general information purposes only. Readers are advised not to rely on the contents of the article as conclusive in nature and should research further or consult an expert in this regard.