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Sunday, September 23, 2018

What are the benefits under New LIC Jeevan Shanti insurance Policy scheme ? Apply or buy online Now

LIC Jeevan Shanti is an Annuity plan which has option of purchasing both Immediate and Deferred annuity and can be purchased only by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant and There is option for surrender of policy under specified options. Loan will be available under the policy.
Benefits payable on Survival :
Under Deferred Annuity:

Nothing is payable during deferement period for single life / joint life option.
  • After deferement period,Annuity payments will be made in arrears as long as the Annuitant is alive, as per the chosen mode of annuity payment for single life option
  • After deferement period,Annuity payments will be made in arrears as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment for joint life option
Benefits payable on Death:
Under Immediate Annuity: 
  • On death of the Purchaser, the Purchase Price is returned only under option no. 3 & 7
Under Deferred Annuity: 
  • Death benefit shall be higher of Purchase Price plus Accrued Guaranteed Additions (as specified in Para 3) minus Total annuity payouts till date of death or 110% of Purchase Price.
Accrued Guaranteed Additions:
  • Under Deferred Annuity, Guaranteed Additions shall accrue at the end of each policy month, till the end of Deferment Period only.
  • In case of death of the annuitant during the deferment period, Guaranteed Additions for the policy year in which the death has occurred shall accrue till the completed policy month as on the date of death.
Maturity Benefit: 
  • There is no maturity benefit under this policy.
Sample Annual Rates as follows :
  • Amount of annuity payable at yearly intervals which can be purchased for Rs.10,00,000/- under different options for Immediate Annuity is as follows

  • Amount of annuity payable at yearly intervals which can be purchased for Rs.10,00,000/- under different options for Deferred Annuity for single life is as under:

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