LIC Jeevan Shanti plan: Review, Features, Benefits, Chart- 2020

 LIC’s Jeevan Shanti is an anniversary plan where there are immediate and deferred anniversary purchase options and only one-time payments. In this plan, you can get regular amounts monthly, quarterly, half-yearly, or annually for life. The money you pay regularly is called an annuity. There are 12 options available to get these regular payments. I will try to give you a good idea for this post.


LIC Jeevan Shanti plan Details

Plan Name Jeevan Shanti
Table No. 850
Policy Type Annuity
UIN 512N328V02
Minimum purchase price 1,50,000
Maximum Purchase Pirce No Limit
Age Limits 30 Years to 79 Years
Investment One Time
Annuity Term Life Time

Features of LIC Jeevan Shanti Plan

  1. Online Incentive:- You will get 2% discount by increasing the Basic Anniversary Rate.
  2. Instant Anniversary:- Starts early next month.
  3. Delayed Anniversary:- Available after minimum 1 year and maximum 20 years deferment.
  4. Single-Premium: – Gives the facility to enjoy a lifelong pension by making a one-time premium.
  5. Purchase limit: – Minimum purchase price: Rs. 1,50,000 / –
  6. There is no maximum limit on the purchase price, anniversary, etc. An incentive for higher purchase price: – If your purchase price is Rs. 5,00,000 / – or more, you will get more annuity due to the available incentives.
  7. Age limit: – Minimum age of entry: 30 years
  8. Maximum age of entry: 85 years and 79 for pending anniversaries
  • Proof of age required
  1. Treatment: – No medical examination is required.
  2. Anniversary Model: – Anniversary can be paid monthly, quarterly, half-yearly, or annually. You can choose any method of paying for the anniversary.

The amount of annuity payable on an annual break under various options for instant anniversaries which can be purchased at Rs. 10,00,000 

Yearly annuity option

Age Annuity payable for life at a uniform rate Annuity payable for 5,10,15,20 years certain and thereafter as long as the annuitant is alive. Annuity for life with return of purchase price on death of the annuitant. Annuity payable for life increasing at a simple rate of 3% p.a. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.
30 61362 61056 56568 43716 60138 59016 56466
40 64830 64320 56874 47184 62994 61260 56670
50 71154 69930 57180 53814 68196 65442 56976
60 83190 78906 57690 65952 77886 73296 57384
70 107262 91044 58608 90024 97674 89718 58200
80 174072 97980 59934 154386 148878 130110 59220


Deferment Period

Age 5 Years 10 Years 15 Years 20 Years
30 76662 103998 141534 187638
35 77172 105528 143778 187638
40 77886 107262 145512 185394
45 78702 109302 146736 179478
50 79926 111546 147246 167034
55 81354 114300 144186 147858
60 83394 117156 133170 127560
65 86250 116136 117258 N.A.
70 90024 108384 N.A. N.A.
75 92574 N.A. N.A. N.A.


LIC Jeevan Shanti Immediate Annuity

Anniversary payable at the same rate.
  • The year limit is fixed at 5 years and then payable as long as the accountant is alive.
  • The annuity is fixed for 10 years and then payable as long as the accountant is alive.
  • The annuity is payable for a specified 15 years and thereafter as long as the uninvent survives.
  • An annuity is payable for a specified 20 years and thereafter as long as the uninvent survives.
  • Anniversary for life by returning the purchase price after the death of the anniversary.
  • Applicable annuity for life 3% P.A. It is growing at a normal rate
  • An annuity for life with a provision of 50% of the annuity payable to the spouse during her lifetime at the time of death.
  • Anniversary for life with a provision of 100% of the annuity payable to the spouse during his lifetime after the death of the annuity.

FAQ

Why should you buy Jeevan Shanti Plan Online?

Buying a plan online is the most economical way to save your time and money. With the advent of e-commerce, the world has become more competitive. Also, online purchases will receive an annual 2% incremental annuity.

What are the incentives available under this plan?

A.Incentives for online sales.
In case of online policy (for both immediate and delayed annuity) NPS subscribers will get 2% incremental annuity on an annual basis.
B. Encouragement for higher purchase prices …
Incentives for higher purchase prices will be added after providing incentives for online sales.
What are the benefits of this plan?

1. Benefits payable for survival
Under suspended anniversaries:
Nothing is payable during the delay period for a single life / co-life option.
After the delay period, the annuity will be paid while the annuity survivor, according to the annuity payment mode selected for the single-life option.
At the end of the delay period, arrears will be paid as long as the primary annuity and/or secondary annuity survive, according to the annuity payment method selected for the joint-life option.
2. Death benefits:
Under Instant Anniversary: Upon the death of the buyer, the purchase price is refunded only under F and J options.
Under deferred annuity: Guaranteed addition (referred to in paragraph 3) accrued in excess of the purchase benefit price of death will be minus up to the date of death or 110% of the annual purchase price plus the annuity.
3. Guaranteed additions collected:
Guaranteed additions under the delayed annuity are only credited at the end of each defensive month, until the end of the deferral period.
In case of annual death during the period of delay, the guaranteed additions of the policy year will be credited up to the full policy month as the date of death of the deceased.
Maturity Benefit: There is no maturity benefit under the LIC Jeevan Shanti plan policy.

How can you pay for a new life peace plan for online purchases?

You can pay your installment through NetBanking, Debit Card, Credit Card, Amex Card, or by NEFT / RTGS.

What are the applicable taxes? 


Statutory tax, if any, is imposed by the government on such insurance plans. India or any other constitutional tax authority of India shall be in accordance with the tax law and the tax rate shall be applicable from time to time.

The amount of applicable tax payable by the policyholder will be determined on the purchase price payable under any applicable tax (such as GST) policy at the prevailing rate, which will be collected separately along with the purchase price payable by the policyholder. The amount of tax paid will not be considered for calculating the benefits payable under the plan.

Can you contact me to know the status of your application?

You can write to us at [email protected]com or call our toll free number 1800227717 or landline numbers 022-26117044, 022-26127303-05,022-67819282,022-67819284,022-67819287-88. 

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