Connect with us

LIC

LIC Jeevan Shanti Plan: Features And Benefits

Published

on

JOIN US ON WHATSAPP Join Now

LIC Jeevan Shanti Plan: Features And Benefits: Life Insurance Corporation of India is an Indian state-owned insurance group and investment corporation owned by the Government of India. The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the insurance industry in India.

LIC Jeevan Shanti Plan: Features:As mentioned above, this plan comes in two options (immediate and deferred annuity) with a one-time premium payment. Under the immediate option, the returns can be availed post payment of all the premiums, while under the deferred option, you can avail returns only after a limited time period. The minimum deferment period of the policy is one year, while the maximum deferment period of the policy is 20 years.
LIC Jeevan Shanti Plan: Benefits:The benefits of the plans are listed below as per the respective options.
A. Immediate Annuity Plan:

  • The annuity payment shall be made as per the payment mode selected as long as the policyholder is alive.
  • No death benefit will be payable in case of demise and the policy will cease to exit immediately.
  • The annuity payment is payable as per the payment mode selected as long as the policyholder is alive.
  • On the death of the policyholder during the guaranteed period, the nominee will receive the annuity amount till the end of the guarantee period.
  • In case of death after the guaranteed period, no amount will be payable and the policy will cease to exit immediately.
  • The annuity payment shall be made as per the payment mode selected as long as the policyholder is alive.
  • In case of death of the policyholder, the annuity payment will stop immediately and the nominee will receive the Purchase Price.
  • The annuity payment shall be made as per the payment mode selected as long as the policyholder is alive.
  • No death benefit will be payable in case of demise and the policy will cease to exit immediately.
  • The annuity payment shall be made as per the payment mode selected as long as the policyholder is alive.
  • Upon the death of the primary policyholder, 50% of the annuity amount will be paid to the surviving secondary policyholder. In case of death of the secondary policyholder, the annuity payments will stop immediately.
  • In case of death of the secondary policyholder before the death of the primary policyholder, the annuity payment will be made to the primary policyholder.
  • 100% of the annuity payment shall be made as per the payment mode selected as long as one of the annuitants is alive.
  • In case of death of the last survivor, the annuity payments will stop immediately.
  • 100% of the annuity payment is payable as per the payment mode selected as long as one of the annuitants is alive.
  • In case of death of the last survivor, the annuity payments will stop immediately and the Purchase Price shall be paid to the nominee.

B. Death Benefit (Deferred Annuity)The amount will be higher of Purchase Price plus Accrued Guaranteed Additions (as specified below) minus Total annuity payments made till date of death, if any, OR 110% of the Purchase Price.
C. Accrued Guaranteed Additions (Deferred Annuity)You will receive Guaranteed Additions per month where the value of Guaranteed Additions is (Purchase Price * Annuity rate p.a. payable monthly) / 12.
The annuity rate p.a. payable monthly shall be equal to monthly tabular annuity rate and shall depend on the age at entry of the policyholders and the selected deferment period.
Important Links:

Get Compitative Exams, Study-Notes, Free PDF's & more, Join Telegram Group Join Now

Leave a Reply

Your email address will not be published. Required fields are marked *

Download Application

Subscribe To Get All The Latest Updates!

email updates

1 To 12th STD TextBooks

Std 1 To 12 New Text Book

Std 1 To 12 New Text Book

Alert On WhatsApp

Recent Posts

Categories

Trending