Jeevan Shanthi

Benefits of the LIC Jeevan Shanti Plan

The benefits of the LIC Jeevan Shanti plan can be summed up as follows:

The LIC Jeevan Shanti plan assures a lifetime income through a one-time investment.

It offers guaranteed additions during the period of deferment.

The LIC Jeevan Shanti plan offers 9 different options of annuity to help serve the requirement of different individuals who are planning to buy the plan.

The rates of the annuity are guaranteed from the inception of the plan.

The LIC Jeevan Shanti plan offers the policyholder the option to choose between Immediate Annuity and Deferred Annuity options.

After the completion of one policy year, the policyholder can avail the facility of loans.

The LIC Jeevan Shanti policy offers a free-look period of 15 days. A policyholder will be eligible to return the policy to the Corporation within these 15 days, in case he/she is not satisfied with the Terms and Conditions.

The policy also offers the option of buying the plan for the benefit of handicapped dependent (Divyangjan) life.

The LIC Jeevan Shanti policy offers the option of surrendering the plan. A policyholder will be able to surrender the plan anytime after 3 months from the completion of policy.

The LIC Jeevan Shanti policy can be taken for own life or joint life with grandparent, parent, siblings, spouse, children, or grandchildren.

Annuity Options available under the LIC Jeevan Shanti Plan

The LIC Jeevan Shanti plan offers a number of annuity options under the Immediate Annuity and Deferred Annuity options. These options are listed below:

Immediate Annuity: The options available under the Immediate Annuity Option are as follows: Own Life:

Option A: For life.

Option B: Guaranteed period - 5 years and life thereafter.

Option C: Guaranteed period - 10 years and life thereafter.

Option D: Guaranteed period - 15 years and life thereafter.

Option E: Guaranteed period - 20 years and life thereafter.

Option F: For life with return of Purchase Price.

Option G: For life and increase at a simple rate of 3% p.a.

Joint Life:

Option H: For life along with a provision for 50% of the annuity to be paid to the Secondary Annuitant on the event of the death of the Primary Annuitant.

Option I: For life with a provision for 100% of the annuity payable to the annuitant(s) as long as one of the Annuitants is alive.

Option J: For life with a provision for 100% of the annuity. It will be paid out as long as one of the Annuitants is alive. The return of Purchase Price is made on the death of the last Annuitant.

Deferred Annuity: The options available under the Deferred Annuity Option are as follows:

Option 1: For Single Life.

Option 2: For Joint Life.

Documents Required to Buy LIC Jeevan Shanti Policy

The documents required to buy the LIC Jeevan Shanti Policy are as follows:

Proof of address (Passport, Aadhaar card, driving licence, etc.,)

Proof of identity (PAN card, Aadhaar card, passport, etc.,)

Why should you buy the LIC Jeevan Shanti policy?

The Life Insurance Corporation (LIC) of India is one of the oldest and most popular organisations in the country. It has a huge customer base of more than 250 million people. Being in the business for more than 60 years, the Life Insurance Corporation (LIC) of India is one of the most sought-after insurance providers. It has been one of the most trusted organisations across the nation.