LIC Jeevan Shanti is an Single Investment Annuity plan wherein the Policyholder has an option to choose an Immediate or Deferred (1yr to 20yrs) Annuity payment option. The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the life time of Annuitant(s).

 

Survival Benefits of LIC Jeevan Akshay VI 

There are 9 different annuity options to choose from to suit every need and circumstance.

Option A: Immediate Annuity for life.
Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
Option F: Immediate Annuity for life with return of Purchase Price.
Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.
Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable 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 1: Deferred annuity for Single life
Option 2: Deferred annuity for Joint life

Death Benefit: Death Benefit (applicable only in case of Deferred Annuity) shall be:
Higher of
o Purchase Price plus Accrued Guaranteed Additions (as specified below) minus Total annuity amount payable till date of death, if any
 OR
o 110% of Purchase Price
 

• Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act

Pension received is Taxable as per individual tax slab though there is no TDS by LIC.

In case of Immediate Pension you have the Option to start receiving the Pension from Next Month, Quarterly, Half-Yearly or Yearly in case of Immedicate Pension Option. It depend on mode you Select.

In case of Deferred Pension you have the Option to Defer the receiving of Pension starting Min 1 year to Max 20 years

 

• Single Premium Investment with Guaranteed Returns.
• No upper annuity limit for LIC Jeevan Shanti, but minimum will be 1.5 Lakhs.
• Loan facility shall be available after completion of 1 policy year.
  
• Rebate on Higher Sum Assured.
• Option to purchase this plan as QROPS (Qualifying Recognized Overseas Pension Scheme).
• Option to take the plan for the benefit of handicapped dependant (Divyangjan) life.

 

LIC's Jeevan Shanti Plan - Eligibility Criteria
	MIN.	MAX.
Age	30 Years	85 Years
Term	NA	NA
Sum Assured	1,50,000	No Upper Limit
Modes of Pension	Yearly, Half-Yearly, Quarterly and Monthly & Deferred