The country’s largest insurance company Life Insurance Corporation (LIC) has changed the rates of its two annuity plans.
The country’s largest life insurance company Life Insurance Corporation (LIC) has changed the rates of its two annuity plans. Life insurance company LIC has given information about the change in the annuity rate of two annuity plans Jeevan Akshay VII and New Jeevan Shanti. The new rates have become effective from the first day of this month i.e. February 1, 2022. In terms of Gross Written Premium (GWP), LIC is the largest life insurance company in the country with a market share of 64.1 percent.
Under both the plans, the annuity amount can be calculated by visiting LIC’s website and app. Apart from the change in the annuity rate, LIC has given the option to buy Jeevan Akshay VII through the existing distribution channel as well as through the new distribution channel Common Public Service Centers (CPSC-SPV). You can buy policies of Jeevan Akshay VII and New Jeevan Shanti online and offline.
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Jeevan Akshay VII (Plan No 857)
It is a non-linked, non-participating, individual immediate annuity plan. In this, the premium has to be paid in lump sum and after that the policyholder has to choose the option of getting annuity through any one of the 10 options. The rate of annuity is decided at the time of purchase of the policy. The insurance company pays annuity annually, half yearly, quarterly and monthly.
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New Jeevan Shanti (Plan 858)
LIC’s New Jeevan Shanti is a non-linked, non-participating, individual, single premium and deferred annuity plan. Under this plan, a lump sum premium is deposited and the policyholder gets the option to choose between Single Life and Joint Life Deferred Annuity. What will be the annuity rate under this plan, it is fixed at the time of buying the policy and after the deferment period, the annuity is available for life.
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