Explained: LIC Jeevan Shanti plan offers lifelong income; know its benefits here
New Delhi | Jagran Business Desk: Life Insurance Corporation (LIC) is one of the leading insurance and investment corporation firms in India that provides various insurance and pension plans. One such scheme is Jeevan Shanti, which is a stand-alone insurance payment plan that offers the policyholders an option to pick an immediate or deferred annuity.
The annuity rates are assured for both immediate or deferred annuity at the inception of the policy, which can be purchased online or offline. These annuities are payable through the entire life span of the annuitant. If one wishes to purchase the plan online, then he or she will have to log on to the LIC website at licindia.in.
Following are the benefits which the plan offers:
* The one-time investment gives you a lifetime income
* One can get a guaranteed Annuity rate from the inception of the policy
* People can purchase the policy on their own life or as joint life which includes their family members
* It provides nine different annuity options according to the need and situation of the person
* Once the person completes 1 year, then they can easily avail of the loan facility
* Guaranteed additions during the deferment period
* The policy also offers the option to pick a plan for the advantage of physically impaired people (Divyangjan) life
* People also get the option to select either immediate Annuity or defer it to a future date as Deferred Annuity
* People can surrender the policy anytime once they have completed three months from the completion of the policy when Annuity Option is with the return of purchase price
Free Look Period: If in case the policyholder is not happy with the given “Terms and Conditions” of the policy, then they have the option to return the policy to the Corporation within 15 days (30 days if this policy is purchased online) from the particular date of receipt of the policy bond mentioning the reason of the objections.
Once given the receipt of the same, the establishment will call off the policy and return the purchased amount after deducting the charges for stamp duty and annuity paid if any. If in case, the policy has been purchased as QROPS, the proceeds from cancellation are obliged to be transferred back to the Asset Management Company from where the money was received.
Posted By: Mallika Mehzabeen