Jeevan Shanti is a single premium, non-linked, non-participating annuity plan offered by Life Insurance Corporation of India (LIC) that provides a guaranteed income to the policyholder throughout their lifetime. The policy can be purchased by individuals who are 30 years or above, and the minimum purchase price for the policy is Rs. 1,50,000.
Here’s an example to understand the policy. Suppose a 55-year-old individual purchases a Jeevan Shanti policy with a purchase price of Rs. 10 lakhs. The policy offers two annuity options, viz. immediate annuity and deferred annuity. The immediate annuity option provides an immediate income stream to the policyholder, while the deferred annuity option offers a deferred income stream. If the policyholder opts for an immediate annuity with a yearly payout, they will receive an annual payout of Rs. 82,000 throughout their lifetime. If they opt for a deferred annuity with a policy term of 15 years and a deferment period of 5 years, they will receive an annual payout of Rs. 1,15,000 from the end of the deferment period till the end of the policy term.
Here are some of the key features of the Jeevan Shanti policy:
- Provides a guaranteed income stream throughout the policyholder’s lifetime.
- Offers two annuity options, viz. immediate annuity and deferred annuity.
- Provides flexible annuity options, including a joint-life annuity and a return of purchase price option.
- Offers tax benefits as per prevailing tax laws.
Here is a table that shows the annuity rates for Jeevan Shanti policy for a purchase price of Rs. 1 lakh:
| Age of Annuitant (in years) | Annuity Option | Annuity Payout (in Rs.) |
|---|---|---|
| 30-35 | Immediate | 7,625 |
| Deferred | 8,165 | |
| 35-40 | Immediate | 7,670 |
| Deferred | 8,270 | |
| 40-45 | Immediate | 7,825 |
| Deferred | 8,530 | |
| 45-50 | Immediate | 8,040 |
| Deferred | 9,065 | |
| 50-55 | Immediate | 8,380 |
| Deferred | 9,540 | |
| 55-60 | Immediate | 9,090 |
| Deferred | 10,485 | |
| 60-65 | Immediate | 10,175 |
| Deferred | 11,785 | |
| 65-70 | Immediate | 11,835 |
| Deferred | 13,805 | |
| 70-75 | Immediate | 14,005 |
| Deferred | 16,655 | |
| 75-80 | Immediate | 17,000 |
| Deferred | 20,590 |
Please note that these are indicative rates, and the actual annuity rates may vary based on age, purchase price, annuity option, and other factors. It is always advisable to check with the LIC agent or visit the LIC website for the latest annuity rates.
If you are looking to buy a LIC’s Jeevan Shanti plan in Gurgaon, please get in touch with Neetu Jain, the best LIC agent for LIC Jeevan Shanti from LIC of India.