Life Insurance Corporation (LIC) is an Indian insurance company owned by the Government of India. It was founded on 1st September 1956 and is headquartered in Mumbai, India. LIC caters to different segments of insurance products including health, pension, unit-linked, and others.
One of its key pension plans- LIC's New Jeevan Shanti (Plan No.858), is a non-linked, single premium, deferred annuity plan that allows the policyholder to choose between Single Life and Joint Life Annuity. The annuity rates are guaranteed to the policyholders at the inception of the policy and are paid post deferment period throughout the lifetime of annuitants.
This policy was launched on 21st October 2020. Before this, the LIC Jeevan Shanti was available in two different variants- Immediate and Deferred Annuity under which Option A to Option J was available under Immediate Annuity Option. With the issuance of a new policy, the deferred annuity option is available under LIC's New Jeevan Shanti Plan.
|Minimum Entry Age||30 years|
|Maximum Entry Age||79 years|
|Minimum Vesting Age||31 years|
|Maximum Vesting Age||80 years|
|Minimum Deferment Period||1 year|
|Maximum Deferment Period||12 years subject to maximum vesting age|
|Minimum Annuity||Monthly- Rs.1,000 |
|Minimum Purchase Price||Rs.1,50,000|
|Maximum Purchase Price||No Limit|
|Free Look Period||15 days|
|Annuity Payment Mode||Monthly, Quarterly, Half-Yearly, and Annually|
|Surrender||After 3 months of issuance of a policy|
Mentioned below are some of the important features and benefits of LIC’s New Jeevan Shanti Insurance:
Let's take the help of an example to answer the above question.
Purchase Price (excluding applicable taxes): Rs.20 lakh
Age of Annuitant at entry: 45 years
Deferment Period: 12 years
Age of Secondary Annuitant at entry: 35 years (applicable for Joint Life Annuity only)
|Annuity Option||Annuity Amount Payable through Different Modes|
|Deferred Annuity for Single Life||1,98,800||97,412||48,210||15,904|
|Deferred Annuity for Joint Life||1,88,200||92,218||45,638||15,056|
|Features||LIC New Jeevan Shanti (Plan No.858)||LIC Jeevan Shanti (Plan No.850)||LIC Jeevan Akshay VII (Plan No.857)|
|Types of Annuity Option||Deferred Annuity||Immediate and Deferred Annuity||Option A to Option J|
|Loan Availability||Anytime after three months from the issuance of a policy||Anytime after one year of issuance of a policy||Anytime after three months from the issuance of a policy|
|Purchase Price||Rs.1.50 lakh||Rs.1.50 lakh||Rs.1 lakh|
|Surrender Value||Can be surrendered any time during the policy term||Can be surrendered after 3 months of purchase||Can be surrendered after 3 months of purchase|
Policyholders are required to follow the below-mentioned steps to purchase LIC's Jeevan Shanti Insurance Policy online:
To file a claim for LIC's New Jeevan Shanti Insurance, you are required to visit the nearest branch of LIC. Get in touch with the customer representative and (s)he will guide you through the further steps.
Call: Individuals can call the customer care number (02268276827).
SMS: SMS LICHELP < Policy No.>and send it to 9222492224 or SMS LICHELP < Policy No.>and send it to 56767877.
Last updated on July, 2020