LIC’s New Jeevan Shanti (Table No. 858)
INTRODUCTION:- LIC’s New Jeevan Shanti is a non-linked, non-participating, single premium annuity plan wherein policyholder is having an option to choose an Immediate Annuity or Deferred Annuity. Guaranteed Bonus which will be added every month to the policy. This plan is available for third gender also. LIC’s New Jeevan Shanti Plan has multiple options of taking pension from Single life or Joint life pension for life time. The benefits and other basic features of the plan are given below.
Eligibility Conditions and Features of LIC’s New Jeevan Shanti Plan (Table No. 858): –
(a) Minimum Age at entry:- 30 years last Birthday
(b) Maximum Age at entry:- 79 years last Birthday
(c) Minimum Purchase Price:- Rs.1,50,000/-
(d) Maximum Purchase Price:- No Limit
(e) Minimum Deferment Period:- 1 Year
(f) Maximum Deferment Period:- 12 Year
(g) Minimum Vesting Age:- 31 Year
(h) Maximum Vesting Age:- 80 Years
Type of Annuities available:- Annuity options available under Deferred Annuity are as under:-
1. Option 1 for single life:-
(a) During Deferment Period:- On survival of the Annuitant, nothing shall be payable.
On death of the Annuitant, Death Benefit as defined below shall be payable to nominee(s).
(b) After Deferment Period:- The annuity payments, as per the chosen mode, shall be made in arrears for as long as the Annuitant is alive.
On death of the Annuitant, the annuity payments shall cease immediately and Death Benefit as defined below shall be payable to nominee(s).
2. Option 2 for Joint life:-
(a) During Deferment Period:- On the survival of the Primary Annuitant and/or Secondary Annuitant, nothing shall be payable.
On death of the last survivor, Death Benefit as defined below shall be payable to nominee(s).
(b) After Deferment Period:- The annuity payments, as per the chosen mode, shall be made in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive.
On death of the last survivor, the annuity payments shall cease immediately and Death Benefit as defined below shall be payable to nominee(s).
Modes of Annuity Payments:- Annuity can be paid in yearly, half-yearly, quarterly or monthly installments, subject to a minimum annuity amount for monthly, quarterly, half-yearly and yearly mode will be Rs.1000/-, Rs.3000/-, Rs.6000/- and Rs.12000/- respectively.
Accrued Guaranteed Additions:– Under deferred Annuity, Guaranteed Additions shall accrue at the end of each policy month, till the end of deferment period only. Guaranteed Additions will be equal to = (Purchase price * Annuity rate p.a. payable monthly)/12