The annuity rates under LIC Jeevan Shanti pension plan 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).
Here are the key things to know about LIC Jeevan Shanti pension plan:
-Minimum entry age under this plan is 30 years. Maximum entry age under the plan is as below:
#Immediate annuity plan: 85 years (last birthday)except option F, 100 years (last birthday)for option F
#Deferred annuity plan: 79 years (last birthday)
-The pension plan can be bought for a minimum ₹1.50 lakh. There is no limit on the maximum purchase price.
-Minimum annuity allowed under the plan is ₹1,000 for monthly pay option, ₹3,000 for quarterly payment, ₹6,000 per half yearly and ₹12,000 for yearly option. There is no limit on the maximum annuity.
-Under the deferred annuity plan, annuities can be deferred for a minimum period of one year and maximum upto 20 years.
-Minimum vesting age under the plan is 31 years, maximum vesting age is 80 years. Vesting age is the age at which a policyholder starts receiving pension.
-Annuity rates are guaranteed from inception of the policy.
-The plan offers guaranteed additions during deferment period
-This policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings.
-The plan offers 12 annuity options under immediate annuity to choose from:
A:Immediate Annuity for life
B:Immediate Annuity with guaranteed period of 5 years and life thereafter
C:Immediate Annuity with guaranteed period of 10 years and life thereafter
D:Immediate Annuity with guaranteed period of 15 years and life thereafter
E:Immediate Annuity with guaranteed period of 20 years and life thereafter
F:Immediate Annuity for life with return of Purchase Price
G:Immediate Annuity for life increasing at a simple rate of 3% p.a.
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
I:Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the annuitant survives
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:
1:Deferred annuity for Single life
2:Deferred annuity for Joint life
-Loan facility for policyholders is available after completion of one policy year.
-The policy can be surrendered at anytime after three months from the completion of policy when annuity option is with return of purchase price.
-The policy provides death benefit only in case of Option F and Option J under Immediate Annuity and both the options under Deferred Annuity.
-Death benefit in case of deferred annuity shall be higher of:
#Purchase Price plus Accrued Guaranteed Additions minus total annuity amount payable till date of death, if any
#110% of Purchase Price
-If the policyholder is not satisfied with the terms of the policy, the policy may be returned within 15 days.
-This plan allows an option to take the plan for the benefit of handicapped dependent (Divyangjan) life
-There is no maturity benefit under this policy.