Plan Highlights
LIC ‘s New Jeevan Shanti (Plan-858) is a non-linked, non-participating, single premium Deferred Annuity Plan.
This plan is available for third gender also.
The annuity rates are guaranteed at the inception of the policy.
Incentives in Annuity rate in case of higher purchase price. Incentives on direct sale also.
Option to opt the death benefit in 3 different ways: –
1) Lumpsum Death Benefit: – One-time payment to nominee
2) Annuitization of Death Benefit: – Death benefit utilized to purchase the immediate annuity plan.
3) In Installment: – Death benefit can be taken in installments of 5, 10 or 15 years in monthly, quarterly, half yearly or yearly mode.
Annuity options available under Deferred Annuity are as under:
- Option 1 for single life
- Option 2 for Joint life
Modes of Annuity Payments: –
Annuity can be paid in yearly, half-yearly, quarterly or monthly installments, subject to a minimum
annuity amount for monthly, quarterly, half-yearly and yearly mode will be Rs.1000/-, Rs.3000/-, Rs.6000/- and Rs.12000/- respectively.
Eligibility Conditions and Features: –
(a) Minimum Age at entry: 30 years last Birthday
(b) Maximum Age at entry: 79 years last Birthday
(c) Minimum Purchase Price: Rs.1,50,000/-
(d) Maximum Purchase Price: – No Limit
Accrued Guaranteed Additions: – Under deferred Annuity, Guaranteed Additions shall accrue at the end of each policy month, till the end of deferment period only. Guaranteed Additions will be equal to = (Purchase price * Annuity rate p.a. payable monthly)/12
Surrender Value: -The policy can be surrendered at any time after completion of 3 months. The policy can be surrendered under the both the Annuity Options Option 1 and Option 2.
Loan: – Loan facility can be availed after completion of 1 policy year. The loan is available under the both
the Annuity Options Option 1 and Option 2.