JAMMU, Sept 12: LIC Chairman, VK Sharma today formally launched LIC’s new plan, ‘Jeevan Shanti’.
LIC’s Jeevan Shanti Plan is a non-linked, non-participating, single premium annuity plan wherein the Policy holder has an option to choose an ‘Immediate Annuity’ or ‘Deferred Annuity’. The deferment period can range from 1 -20 years.
The joint life annuity option can be exercised with any lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grand children) or spouse or siblings as secondary life. If the Proposer has a handicapped dependant (Divyangjan), the plan can be purchased for the benefit of Divyangjan as nominee or as a ‘Second Annuitant’ under the Immediate Annuity option.
All the annuity options under Immediate Annuity shall be available to NPS subscriber. The NPS subscribers include Government employees, private companies and also those who have subscribed to NPS lite.
The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity.
Accrued Guaranteed Additions: Under Deferred Annuity, Guaranteed Additions shall accrue at the end of each policy month, till the end of Deferment Period only. Under both Immediate Annuity and Deferred Annuity policies, where purchase price is high, incentive by way of increase in the tabular annuity rate will be given to the annuitant.
Death claim proceeds, wherever payable, can be claimed as one lump sum, installments or in annuity form. The policy also provides liquidity as there is provision for loan and surrender as well for annuity options with death benefit. This plan can be purchased offline as well as online.
“LIC’s Jeevan Shanti” is a comprehensive annuity plan with unique features for benefit of the individual and support for the family too, especially for handicapped dependants.