LIC Jeevan Shanti (Plan 850)

Jeevan Shanti (Plan No: 850) is a newly introduced pension plan from LIC of India with certain innovative features which makes it one of the most attractive pension plan available in the Indian Market. Jeevan Shanti can be defined as a non-linked, non-participating, ‘Single-Premium’ annuity plan, wherein the policyholder has the option to choose an immediate or deferred annuity according to his wish.

The greatest advantage of Jeevan Shanti (plan 850) is that the annuity rates are guaranteed for both immediate as well as the deferred annuity at the inception of the policy itself. In other words, your annuity rates are protected from interest rate fluctuations and market risks throughout the period of the policy.

What is an Annuity?

An annuity is a series of equal payments at regular intervals. The interval can vary depending on the scheme namely Yearly, Half Yearly, Monthly etc. So Annuity, in simple terms, means ‘pension‘.

Types of Annuities

Generally, we come across two types of annuities.
a) Immediate Annuity – Annuity starts immediately after the premium payment.
b) Deferred annuity – Annuity will start only after a deferment period

LIC’s Jeevan Akshay VI vs LIC’s Jeevan Shanti

You may be knowing that Jeevan Akshay VI is a popular immediate annuity plan from LIC. As it is an immediate annuity plan the annuity is started immediately after completion of (first one interval) of the chosen annuity mode. For example, if the chosen pension mode is yearly, then pension starts immediately after the completion of one year.

 On the other hand, Jeevan Shanti offers immediate as well as deferred annuity as per the wish of the policyholder.

The pension rates are guaranteed for the entire benefit period in both these plans. One major difference of Jeevan Shanti is that it allows surrender as well as the loan facility, whereas Jeevan Akshay can be surrendered only on critical health issues only. Further, no loan is allowed under Jeevan Akshay plan.

Jeevan Shanti (Plan No: 850) is a newly introduced pension plan from LIC of India with certain innovative features which makes it one of the most attractive pension plan available in the Indian Market. Jeevan Shanti can be defined as a non-linked, non-participating, ‘Single-Premium’ annuity plan, wherein the policyholder has the option to choose an immediate or deferred annuity according to his wish.

The greatest advantage of Jeevan Shanti (plan 850) is that the annuity rates are guaranteed for both immediate as well as the deferred annuity at the inception of the policy itself. In other words, your annuity rates are protected from interest rate fluctuations and market risks throughout the period of the policy.

What is an Annuity?

An annuity is a series of equal payments at regular intervals. The interval can vary depending on the scheme namely Yearly, Half Yearly, Monthly etc. So Annuity, in simple terms, means ‘pension‘.

Types of Annuities

Generally, we come across two types of annuities.
a) Immediate Annuity – Annuity starts immediately after the premium payment.
b) Deferred annuity – Annuity will start only after a deferment per

LIC’s Jeevan Akshay VI vs LIC’s Jeevan Shanti

You may be knowing that Jeevan Akshay VI is a popular immediate annuity plan from LIC. As it is an immediate annuity plan the annuity is started immediately after completion of (first one interval) of the chosen annuity mode. For example, if the chosen pension mode is yearly, then pension starts immediately after the completion of one year.

On the other hand, Jeevan Shanti offers immediate as well as deferred annuity as per the wish of the policyholder.

The pension rates are guaranteed for the entire benefit period in both these plans. One major difference of Jeevan Shanti is that it allows surrender as well as the loan facility, whereas Jeevan Akshay can be surrendered only on critical health issues only. Further, no loan is allowed under Jeevan Akshay plan.

Jeevan Shanti (Plan 850) Immediate Annuity options available.

Several Annuity options are available in Jeevan Akshay VI and the suitable option has to be selected at the time of purchase. Change in pension option later is not allowed.

1.      Annuity payable for life at a uniform rate. (Option A)

2.      Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive. (Option B, C, D & E)

3.      Annuity for life with return of purchase price on death of the annuitant. (Option F)

4.      Annuity payable for life increasing at a simple rate of 3% p.a. (Option G)

5.      Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant. (Option H)

6.      Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant. (Option I)

7.      Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor. (Option J)

Jeevan Shanti (Plan 850) – Deferred Annuity options available.

1.      Option 1 – Deferred Annuity for Single life

2.      Option 2 – Deferred Annuity for Joint Life

Jeevan Shanti (Plan 850) – Premium and Annuity Calculator

Jeevan Shanti – Premium and Annuity/Pension Calculator is a powerful online calculator which can help you to understand and compare various pension options available under the plan. Please click the button provided below to open the calculator. You can provide your own requirements such as age, annuity options and deferment options to get the pension and premium details.

                                      calculate here

Jeevan Shanti (Plan 850) – Eligibility conditions and restrictions.

Jeevan Shanti (Plan 850) – Death Benefit

Death benefits are payable under Jeevan Shanti plan under the following annuity options only.

Immediate Annuity

1. Annuity for life with return of purchase price on death of the annuitant. (Option F)
2. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor. (Option J)

Deferred Annuity

1. Option 1 – Deferred Annuity for Single life
2. Option 2 – Deferred Annuity for Joint Life 

                                   calculate death calculator

Jeevan Shanti (Plan 850) – Options available while receiving the death benefit

1. Lumpsum Death Benefit

Entire Purchase Price/Death Benefit shall be paid to the nominee in a lump sum.

2. Annuitisation of Death Benefit

Benefit amount payable can be utilized to purchase an immediate annuity from the corporation for nominees. Terms and conditions prevailing at the time of purchase of immediate annuity shall become applicable.

3. In Installment

The benefit amount payable on death can be received in installments over a chosen period of 5 or 10 or 15 years instead of lumpsum amount. Interest rates applicable for arriving at the installment payments shall be fixed by the corporation from time to time.

Jeevan Shanti (Plan 850) – Option to take Immediate Annuity by NPS subscriber

All the annuity options under immediate annuity shall be available to NPS Subscriber but if a government sector subscriber purchases this plan as the default option, option J shall be applicable if the spouse is available and option F in the absence of a spouse.

Jeevan Shanti (Plan 850) – Option to take the plan for the benefit of a handicapped dependent (Divyangjan) life.

If the proposer has a handicapped dependent, the plan can be purchased for the benefit of Divyangjan. The proposer can purchase a Single life deferred annuity (option 1) or Single life Immediate Annuity with return of purchase price (Option F) on own life. In case of death of the annuitant, the death benefit shall compulsorily be utilized to purchase Immediate Annuity on the life of the Divyangjan who would be the nominee.

The annuity payment to Diyangjan shall be subject to a minimum purchase price of Rs 50,000 and irrespective of any limit on minimum annuity payment.

Jeevan Shanti (Plan 850) – Surrender Value and Loan

The policy can be surrendered at any time after three months from the completion of the policy or the expiry of the free look period, under the following annuity options only.

Immediate Annuity

1. Annuity for life with return of purchase price on death of the annuitant. (Option F)
2. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor. (Option J)

Deferred Annuity

1. Option 1 – Deferred Annuity for Single life
2. Option 2 – Deferred Annuity for Joint Life

INSURANCE ADVISOR:-

APURVA ANAND

CONTACT NO:-7761916949

GMAIL:-apurvaanand31@gmail.com