- Introduction to LIC Jeevan Shanti Plan
- Types of LIC Jeevan Shanti Plan
- What is the LIC Jeevan Shanti Calculator?
- Annuity Options under LIC Jeevan Shanti Plan
- Benefits of LIC Jeevan Shanti Plan
- Deferred Annuity Plan Under LIC Jeevan Shanti Plan
- Death Benefit (Applicable only for Deferred Annuity)
Everything You Need to Know About LIC Jeevan Shanti Plan: The Ultimate Guide
Are you looking for a secure and reliable investment plan that can provide you with a steady income stream? Look no further than the LIC Jeevan Shanti Plan! This comprehensive guide will give you all the information you need to know about this innovative insurance policy, including its features, benefits, and eligibility criteria. Whether you’re an experienced investor or new to the world of finance, this post is your ultimate resource on everything related to LIC Jeevan Shanti Plan. So sit back, relax, and let’s dive into what makes this plan such a smart choice for anyone looking to secure their financial future!
Introduction to LIC Jeevan Shanti Plan
LIC Jeevan Shanti is a unique pension plan offered by Life Insurance Corporation of India (LIC) that provides guaranteed income during retirement years. The plan can be purchased by anyone between the ages of 18 and 60 years. It offers various features and benefits that make it an attractive investment option for those looking to secure their financial future.
The main features of LIC Jeevan Shanti Plan are:
-Guaranteed income for life: The annuity payments under this plan are guaranteed for life, no matter how long you live. This ensures that you will have a regular source of income even in your old age.
-Flexible payout options: You can choose to receive your annuity payments monthly, quarterly, half-yearly, or yearly. You can also choose to receive a lump sum payment at the end of the policy term.
-High returns: This plan offers one of the highest returns on investment among all pension plans available in India. The rate of return is guaranteed and will not be affected by market fluctuations.
-Death benefit: In case of death during the policy term, the nominee will receive the death benefit, which is equal to the total premiums paid under the policy.
If you are looking for a pension plan that offers guaranteed income and high returns on investment, then LIC Jeevan Shanti Plan is worth considering.
Types of LIC Jeevan Shanti Plan
There are two types of LIC Jeevan Shanti Plans – annuity plan and lump sum plan.
The annuity plan offers a regular income for a pre-determined period of time, while the lump sum plan provides a one-time payment at the maturity of the policy.
Both plans have their own set of benefits and features, so it is important to choose the right one based on your needs and requirements.
What is the LIC Jeevan Shanti Calculator?
The LIC Jeevan Shanti calculator is an online tool that helps policyholders calculate their premium and maturity sum. It takes into account factors such as the policyholder’s age, gender, smoking status, and health condition. The calculator provides an estimate of the premium and maturity sum, which can be used to make informed decisions about the policy.
Annuity Options under LIC Jeevan Shanti Plan
Pension is an important aspect of post-retirement life. It ensures a regular income and financial security in old age. LIC Jeevan Shanti is a pension plan offered by Life Insurance Corporation of India (LIC) that provides guaranteed pensions with the option to receive lump sum payments at the beginning and/or end of the term. Under this plan, there are two annuity options – immediate annuity and deferred annuity.
Immediate annuity option: Under this option, the policyholder receives an immediate income stream starting from the first year itself. The income is paid out at regular intervals, either monthly, quarterly, half-yearly or yearly, as per the policyholder’s choice.
Deferred annuity option: Under this option, the policyholder does not receive any income during the first few years (the ‘deferral period’). After the deferral period ends, an income stream is provided for the remaining term of the policy. Like the immediate annuity option, even under deferred annuity, regular payments are made at chosen intervals.
Benefits of LIC Jeevan Shanti Plan
LIC Jeevan Shanti is a single premium annuity plan that offers several benefits to policyholders. Some of the key benefits of this plan include:
-Guaranteed income for life: The biggest benefit of this plan is that it provides policyholders with a guaranteed income for life. This means that you will have a regular source of income even after retirement, which can help you maintain your lifestyle.
-Flexible payment options: This plan offers three different payment options – single, limited and continuous. This flexibility allows you to choose the option that best suits your needs and requirements.
-Attractive interest rates: Another benefit of this plan is that it offers attractive interest rates on the annuity payments. This means that you can earn more from your investment than what you would earn from other fixed income instruments such as bank deposits.
-Death benefit: In case of death of the policyholder during the policy term, the nominees will receive the annuity payments till date as death benefit.
Deferred Annuity Plan Under LIC Jeevan Shanti Plan
A deferred annuity plan is a long-term investment product offered by life insurance companies. It is similar to a retirement plan, in that it allows you to save for your future and provides a stream of income during retirement.
The key difference between a deferred annuity and a retirement plan is that with a deferred annuity, you do not pay taxes on the money you contribute. The money grows tax-deferred until you begin taking withdrawals, at which point it is taxed as ordinary income.
LIC Jeevan Shanti Plan is a deferred annuity plan offered by Life Insurance Corporation of India (LIC). It allows you to save for your future and provides a regular stream of income during retirement. The key features of the LIC Jeevan Shanti Plan include:
Minimum contribution: Rs 1,000 per annum
Maximum contribution: No limit
Policy term: 10 – 20 years (depending on the age at entry)
Vesting age: 60 years (70 years for those who join the plan after attaining the age of 55 years)
Withdrawal options: Lump sum or systematic withdrawal option available after vesting age
Annuity options: Immediate or deferred annuity options are available
Death Benefit (Applicable only for Deferred Annuity)
When you die, your beneficiary will receive the death benefit from your deferred annuity. The death benefit is the amount of money that you have accumulated in your annuity account, plus any interest that has accrued. If you die before you start receiving payments from your annuity, your beneficiary will receive the death benefit minus any fees and charges that were deducted from your account.
The LIC Jeevan Shanti Plan is an excellent choice for anyone looking to invest in a life insurance policy. It provides the coverage you need, along with the flexibility and customization options to suit your individual needs. With its death benefits, annuity payments, and other features, this plan can be tailored to meet both short-term and long-term financial goals. If you are considering taking out a life insurance policy, then a Jeevan Shanti Plan from LIC could be just what you need.