Blog

LIC launches a dynamic product, Jeevan Shanti

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.

You May LIke

LIC Launches E-Services On Monday, Life Insurance Corporation of India announced the launch of its own repository- Lic E-services. The LIC-E service will allow its existing customers to verify details of policies, including settlement status, and can buy the new one as well. The portal will ensure easy access to policy-re...
Insurance Sector Expected To Reach 280 $ USD By FY20 The insurance industry has always been considered an underdog for decades. Many people are not even aware of the benefits of some basic policies. Until 2001 only 2.71% of the market was captured by the Insurance sector. Within a span of sixteen years, it has penetrated to 3.7% in 2017. During the pe...
Linking Of Aadhaar With Insurance Policy Is Mandatory, Says IRDA On Wednesday, 8th Nov 2017, the Insurance Regulatory And Development Authority Of India (IRDA) said that the linking of Aadhar number with insurance plans is compulsory and asked insurance companies to implement the statutory norms.  “The Authority clarifies that, linkage of Aadhaar number to insur...
25% Policy Lapse Annually is Increasing the Asset Under Management (AUM) As per the latest statistics by IRDA, almost 25% of people don't care to renew their policies every year. This is more common with the insurance products that are of a low premium amount. Insurance giant LIC has earned 5,000 crores because of lapse of premium in the fiscal year (FY) of 2016-17. The ...
LIC 62nd jubilee, a Milestone for its Further Expansion Life Insurance Corporation of India (LIC) is one of the oldest Insurance company in India. Ever since it's foundation on 1st September 1956 it has come a long way. LIC got a net worth of Rs. 29 lakh crores and almost 300 million policies. In spite of the arrival of so many private players, LIC is ab...