LIC Jeevan Shanti Policy

LIC New Jeevan Shanti Policy No 958 Review

LIC has Relaunched New Jeevan Shanti No 958 which is a conceded annuity plan. This resembles an upgrade to the old LIC Jeevan Shanti Pension plan with a couple of changes. The annuity rates are ensured at the commencement of the arrangement. LIC is a believed brand and many would pick protection and annuity items as these are lifetime responsibilities. Prior LIC dispatched Jeevan Akshay 7 which was a quick benefits plan through LIC’s New Jeevan Shanti is conceded annuity plan. What is conceded annuity and how can it work? What are the highlights of this LIC New Jeevan Shanti Plan No 958?

What is deferred annuity Work?

LIC New Jeevan Shanti pension plan offers you two type of annuity, immediate annuity, and deferred annuity,
1) One needs to purchase this pension plan in a lump sum.
2) LIC would pay the pension amount based on the option chosen.
3) The pension would not start immediately. It would start after a specific period indicated in the pension policy which is called the deferred period.
4) Pension amount would depend on the terms of the pension plan.

Benefits of New Jeevan Shanti Plan

This Plan is the most selling plan in LIC And again relaunched by LIC This is a pension plan and non-linked,non-participating, single premium, deferred annuity plan. this plan helps you get a lump sum paid pension and you can get a deferred annuity
it is a single premium plan
The minimum sum assured is 1.5 lakh and you have no maximum purchase price limit.
the minimum age of entry is 30 years.
The maximum age of entry is 79 years.
You have an option for an annuity payable monthly, quarterly, half-yearly, or yearly.
The annuity rates are guaranteed at the inception of the policy

Mode of Annuity

Monthly Quarterly Half-yearly Yearly Minimum Annuity Rs 1000 every month Rs 3000 every quarter Rs 6000 every half-year Rs 12000 every year Joint-life annuity can be taken with a lineal family member, like a parent, siblings, spouse, grandparent, or children. The two annuitants would be referred to as primary and secondary annuitants.

Parameter Eligibility

Maximum Age of Entry For Deferred: 79 years (Completed) For Immediate: Apart from Option F: 85 years (Completed) Only for Option F: 100 years The Minimum Vesting Age 31 years (Completed) The Maximum Vesting Age 80 years (Completed) The Minimum Deferment Period 1 year The Maximum Deferment Period 20 years that is subject to the vesting age Why Should You Buy the LIC Jeevan Shanti Plan? Let us quickly understand the importance of buying the LIC Jeevan Shanti plan.

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