Wednesday, September 19, 2018

LIC Chandigarh Unit Formally Launched ‘LIC’s Jeevan Shanti’ Plan


By Samachar Vishesh News
Chandigarh 19th September:- LIC Chandigarh  Sr. Divisional Manager, Rajat Mukherjee today formally launched a new plan, ‘LIC’s Jeevan Shanti’. LIC’s Jeevan Shanti Plan is a non-linked, non-participating, single premium annuity plan wherein the Policyholder has an option to choose an Immediate Annuity or Deferred Annuity. The Deferment period can range from 1-20 years. 
While interacting with media after the launch, Rajat Mukherjee  briefed about the LIC’s Jeevan Shanti Plan. He said that the joint life annuity option can be exercised with any lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings as secondary life. If the Proposer has a handicapped dependant (Divyangjan), the plan can be purchased for the benefit of Divyangjan as nominee or as a Second Annuitant under the Immediate Annuity option.He shared also that the plan was launched on 12th September, 2018 Pan India. In just 6 days the plan received good response from the public. Chandigarh unit also got good response and earn more than 5 crore of business from this plan.
He shared further that all the annuity options under Immediate Annuity shall be available to NPS subscriber. The NPS subscribers include government employees, private companies and also those who have subscribed to NPS lite.
He said that the annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity.
Accrued Guaranteed Additions: Under Deferred Annuity, Guaranteed Additions shall accrue at the end of each policy month, till the end of Deferment Period only. Under both Immediate Annuity and Deferred Annuity policies, where purchase price is high, incentive by way of increase in the tabular annuity rate will be given to the annuitant. 
Death claim proceeds, wherever payable, can be claimed as one lump sum, installments or in annuity form.
The policy also provides liquidity as there is provision for loan and surrender as well for annuity options with Death Benefit.
 ‘LIC’s Jeevan Shanti’ is a comprehensive annuity plan with unique features for benefit of the individual and support for the family too, especially for handicapped dependants.

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