‘LIC’s Jeevan Shanti’ New Product Luanched by LIC

By Samachar Vishesh News

Chandigarh 12th September:- LIC Chairman Shri V.K Sharma 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

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.

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.

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.