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About Jeevan Shanti

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Few Investments can be more important than the one you have made on your pension plan. Each individual needs to have a comprehensive financial plan to provide for a hassle free retirement. With the Jeevan Shanti plan of LIC you can now provide for a regular income for yourself and your dependents during your old age.
LIC’s Jeevan Shanti plan is a non-linked, non-participating single premium annuity plan wherein the policy holder has an option to choose an immediate annuity OR deferred annuity. This plan shall be allowed to all lives including third gender.
In today’s world dependence on relatives and friends are difficult to imagine. And any other source of income is hard to come by. So start building your pension benefits brick by brick. A small sacrifice today will result in greater family and old age pension benefits.
The annuity rates are guaranteed at the inception of policy for both immediate & deferred annuity.

Features & Conditions

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Minimum Purchase PriceRs. 1,50,000/- Subject to Minimum Annuity of Rs. 1,000/- per month.
Maximum Purchase PriceNo limit
Minimum age at entry30 years lbd for Single Life and both lives under Joint life.
Maximum age at entry Under Immediate Annuity
  • 100 years lbd under option F.

  • 85 years lbd under all other options.
Maximum age at entry Under Deferred Annuity
  • Maximum age at Entry : 79 years lbd

  • Minimum Deferent Period : 1 year

  • Maximum Deferment Period : 20 years

  • Minimum Vesting Age : 31 years lbd.

  • Maximum Vesting Age : 80 years lbd
Mode of PaymentSingle Premium only
Annuity ModesYearly, Half-yly, Qly or Mly. The first annuity instalment will start after one year, 6 months, 3 months or one month as per mode selected.
SurrenderAfter 3 months from issue of Policy.
Policy LoanAvailable after one policy year. (Loan and Surrender allowed only under Option F & J of Immediate Annuity and Both options under Deferred Annuity)
AssignmentAllowed for Loan from LIC only.
Back DatingNot Allowed
Suicide ClauseApplicable
Tax Benefits
  • Annuity :Taxable

  • Death Claim :Tax Free

Benefits of Jeevan Shanti Plan

ANNUITY OPTIONS:

The Options Available under immediate annuity are:

  • Option A : Immediate Annuity for life time.
  • Option B : Immediate Annuity for 5 years guaranteed and for life thereafter.
  • Option C : Immediate Annuity for 10 years guaranteed and for life thereafter.
  • Option D : Immediate Annuity for 15 years guaranteed and for life thereafter.
  • Option E : Immediate Annuity for 20 years guaranteed and for life thereafter.
  • Option F : Immediate Annuity for the life with return of purchase price.
  • Option G : Immediate Annuity for life increasing at a single rate of 3% p.a.
  • Option H : Joint life immediate annuity for life with a provision for 50% of the annuity to the second annuitant on death of the primary annuitant.
  • Option I : Joint life immediate annuity for life with a provision for 100% of the annuity payabe as long as one of the annuitant survives.
  •  Option J: Joint life immediate annuity for life with a provision for 100% of the annuity payable as long as one of the annuitant survives and return of purchase price on death of last survivor.

The Options Available under deferred annuity are:

  • Option A : Deferred Annuity for single life.
  • Option B: Deferred Annuity for joint life.

Modes of Anuity Payment :
Modes of Annuity Payment allowable under immediate and deferred annuity is Yearly, Haf Yearly, Quarterly or Monthly installments. modes available for under this plan.

Benefits payable on Survival under Immediate Annuity:

  •  Annuity Option A, Single Life : Annuity payment in arrear till annuitant is alive 
  •  Annuity Option B, Single Life : Annuity payment in arrear till annuitant is alive
  •  Annuity Option C, Single Life : Annuity payment in arrear till annuitant is alive
  •  Annuity Option D. Single Life : Annuity payment in arrear till annuitant is alive
  •  Annuity Option E, Single Life : Annuity payment in arrear till annuitant is alive
  •  Annuity Option F, Single Life : Annuity payment in arrear till annuitant is alive
  •  Annuity Option G, Single Life : Annuity payment in arrear till annuitant is alive. Annuity payment will be increased by 3% p.a.
  •  Annuity Option H, Joint Life : Annuity payment in arrear till primary and/or secondary annuitant is alive
  •  Annuity Option I, Joint Life : Annuity payment in arrear till primary and/or secondary annuitant is alive 
  • Annuity Option J, Joint Life : Annuity payment in arrear till primary and/or secondary annuitant is alive

Benefits payable on Survival under Deferred Annuity:

  1. Annuity Option 1, Single Life : During Deferment Period nothing is payable & After Deferment Period, annuity payment in arrear till annuitant is alive.
  2. Annuity Option 2, Joint Life : During Deferment Period nothing is payable & After Deferment Period, annuity payment in arrear till annuitant is alive.

Benefits payable on Death under Immediate Annuity:

  • Annuity Option A, Single Life : On death of annuitant nothing shall be payable. Annuity payments shall cease immediately & policy terminates.
  •  Annuity Option B. Single Life: (a) On death during guaranteed period of 5 years Annuity payments to the nominee till the expiry of guaranteed period. Annuity payments shall cease immediately & policy terminates. (b) On death after guaranteed period annuity payments shall cease immediately & policy terminates.
  •  Annuity Option C, Single Life: (a) On death during guaranteed period of 10 years Annuity payments to the nominee till the expiry of guaranteed period. Annuity payments shall cease immediately & policy terminates.
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