On September 12th, LIC Chairman Shri V. K Sharma launched the latest product Jeevan Shanti. This is a single premium plan with dual annuity options. The annuitant can take an immediate annuity or deferred annuity. This plan is non– linked and non-participating plan. In the case of the immediate annuity, the returns can be availed from day one. In the case of deferred plan time period of investment is between 1 to 20 years.
Both the type of plans got multiple options to choose from. In the immediate plan there are almost 9 options, in the case of the deferred plan, there are 2 options to select. Both single and joint life is covered as well. In joint life any dependent can be covered by grandparents, parents to children. Special provision is provided for the handicapped dependent also called as divyangjan.
NPS members got special privilege to become the member of the immediate annuity. In the deferred plan, there’s guarantee addition at the end of the policy month. In the case of the demise of the annuitant, the beneficiary gets the benefits in some options. Jeevan Shanti can be purchased easily online as well as offline. Addition of this product is indeed a boon for LIC.