LIC Jeevan Shanti is a pension plan offered by the Life Insurance Corporation of India. LIC Jeevan Shanti is a single premium plan wherein the policyholder has an option to choose an ‘Immediate’ or ‘Deferred’ annuity. The pension plan was launched in August 2019. It can be purchased online as well as offline.
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.