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Launch Date Table No. UIN Status
3/9/2018 850 512N328V01 Active

About LIC Jeevan Shanti Plan

The LIC Jeevan Shanti plan is a non-linked, non-participating, single-premium annuity plan with a choice of two options for returns – immediate annuity and deferred annuity. This plan is mainly a pension plan where the individual receives returns based on the annuity option selected. Both immediate and deferred annuity options offer multiple options of their own to choose from.

What Is Annuity?

In an annuity plan, you receive a fixed sum of money at regular intervals for a specified and pre-decided period of time. In many ways, annuity plans behave just like retirement plans. The difference is that annuity plans are typically single-premium plans and can only be opted for after one is 40/45 years of age. There are two types of annuity, as follows:

  • Immediate – In this case, annuity pay-outs start immediately after you have invested a lump sum amount
  • Deferred – In this case, annuity pay-outs start a certain period of time after you have invested a lump sum amount

Let’s understand this plan in brief before getting into its details.

Mode of Payment

Single premium

(the purchase price of annuity has to be paid)

Claim Settlement Ratio of the Insurer

98.31%

USPs of the Policy

  • Single-premium plan
  • Option to choose between immediate or deferred annuity for returns
  • The annuities are payable to the insured individual throughout his/her lifetime
  • The policy can be purchased for oneself or jointly with one’s parents, spouse, and so on

Bonus Rate

-

Illustration with Premium of INR 10 Lakhs

On paying of a premium of INR 10 lakhs after having chosen the immediate annuity for life option, the customer receives INR 74,300 per annum till death.

How Does the Plan Work?

Firstly, the individual has to choose between the two types of annuities offered – immediate and deferred. Then the single premium (also known as the purchase price of the policy) has to be paid.

The LIC Jeevan Shanti plan comes with a variety of options under the two annuity options as well. Let’s visit these options briefly.

The options available under immediate annuity are:

  • Immediate annuity for life – The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of Annuitant, nothing shall be payable and the annuity payment shall cease immediately.
     
  • Immediate annuity with guaranteed period of 5 years and life thereafter – The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of the Annuitant during the guaranteed period, the annuity shall be payable to the nominee(s) till the end of the guaranteed period. On death of the Annuitant after the guaranteed period, nothing shall be payable and the annuity payment shall cease immediately.
     
  • Immediate annuity with guaranteed period of 10 years and life thereafter – The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of the Annuitant during the guaranteed period, the annuity shall be payable to the nominee(s) till the end of the guaranteed period. On death of the Annuitant after the guaranteed period, nothing shall be payable and the annuity payment shall cease immediately.
     
  • Immediate annuity with guaranteed period of 15 years and life thereafter – The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of the Annuitant during the guaranteed period, the annuity shall be payable to the nominee(s) till the end of the guaranteed period. On death of the Annuitant after the guaranteed period, nothing shall be payable and the annuity payment shall cease immediately.
     
  • Immediate annuity with guaranteed period of 20 years and life thereafter – The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of the Annuitant during the guaranteed period, the annuity shall be payable to the nominee(s) till the end of the guaranteed period. On death of the Annuitant after the guaranteed period, nothing shall be payable and the annuity payment shall cease immediately.
     
  • Immediate annuity for life with return of purchase price – The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of the annuitant, the annuity payment shall cease immediately and Purchase Price shall be payable to nominee(s).
     
  • Immediate annuity for life increasing at a rate of 3% per year – The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of annuitant nothing shall be payable and the annuity payment shall cease immediately.
     
  • Joint life immediate annuity for life with a provision of 50% of the annuity to the secondary annuitant on death of the primary annuitant – The annuity payments shall be made in arrears for as long as the Primary Annuitant is alive, as per the chosen mode of annuity payment. On death of Primary Annuitant, 50% of the annuity amount shall be payable to the surviving secondary Annuitant as long as the Secondary Annuitant is alive. The annuity payments will cease on the subsequent death of the Secondary Annuitant. If the Secondary Annuitant predeceases the Primary Annuitant, the annuity payments shall continue to be paid and will cease upon the death of the Primary Annuitant.
     
  • Joint life immediate annuity for life with a provision of 100% of the annuity payable as long as one of the annuitant survives – 100% of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. On death of the last survivor, the annuity payments will cease immediately and nothing shall be payable.
     
  • Joint life immediate annuity for life with a provision of 100% of the annuity payable as long as one of the annuitant survives and return of the purchase price on death of last survivor – 100% of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. On death of the last survivor, the annuity payments will cease immediately and Purchase Price shall be payable to the Nominee(s).

The options available under deferred annuity are:

  • Deferred annuity for single life
    During Deferment Period – On survival of the Annuitant nothing shall be payable. On death of the Annuitant, Death Benefit as defined below shall be payable to nominee(s).

    After Deferment Period – The annuity payments, as per the chosen mode, shall be made in arrears for as long as the Annuitant is alive. On death of the Annuitant, the annuity payments shall cease immediately and Death Benefit as defined below shall be payable to nominee(s).
     
  • Deferred annuity for joint life:

During Deferment Period – On the survival of the Primary Annuitant and/or Secondary Annuitant, nothing shall be payable. On death of the last survivor, Death Benefit as defined below shall be payable to nominee(s).

After Deferment Period – The annuity payments, as per the chosen mode, shall be made in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive. On death of the last survivor, the annuity payments shall cease immediately and Death Benefit as defined below shall be payable to nominee(s).

Why Should I Buy This Plan?

The LIC Jeevan Shanti plan has the following death benefits (applicable only in case of Deferred Annuity). The pay-out will be the higher amount between:

  • Purchase price plus accrued guaranteed additions minus total annuity payments made till date of death (if any)
  • 110% of purchase price

Here, accrued guaranteed additions (applicable only in case of Deferred Annuity) shall accrue at the end of each policy month till the end of the Deferment Period only. The rate of guaranteed additions during the deferment period shall be as follows:

Guaranteed additions per month = (purchase price * annuity rate per annum payable monthly) / 12

Here, annuity rate per annum payable monthly shall be equal to monthly tabular annuity rate and shall depend on the age at entry of the annuitant(s) and the deferment period opted for. 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.

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Who Should Buy This Plan?

The LIC Jeevan Shanti plan can be bought only by those who are at least 45 years of age (first annuitant). The joint annuitant has to be at least 35 years of age.

It is a very good plan for those who have lump sum cash in hand and want to enjoy interest-adjusted returns for the long term. Because the plan has many customized options for you to choose from, this is a must-have in one’s financial portfolio.

Riders

No riders are available with this plan.

Company Overview

Life Insurance Corporation is a government owned insurance and Investment Company with its headquarters in Mumbai. LIC offers a wide range of products such as term plans, pension plans, group schemes and unit-linked plans. With a huge presence in overall Indian markets, unmatched distribution network, strong brand value and a wide range of products, LIC is the largest public insurance company in India.

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