LIC has brought a new Jeevan Shanti deferred annuity plan. It is a non-linked, non-participating, individual, single premium, deferred annuity plan. In this plan, customers will also get loan facility. This plan can be purchased both offline and online. LIC said that the annual rate guarantee for the new Jeevan Shanti policy is given at the beginning of the policy.
2 options in the LIC New Jeevan Shanti Policy
The first option in this plan is a deferred annuity for one person (single plan). In this option, the annuity payment will continue for the life of the annuity recipient after the deferment period. If the annuitant dies, then in this condition the nominee’s nominee will get his benefit.
Apart from singles, you can get a deferred annuity for joint life. In this, the annuity payments will continue till the first or second person survives after the deferment period. If both of them die during the deferment period, they will be paid to the nominee. Explain that a joint-life annuity can be taken only between two people in a family, such as grandparents, parents, two children, two grandchildren, spouses or siblings.
Will have to spend 1.5 lakh rupees
To buy this plan, you have to invest a minimum of 1.5 lakh rupees. You can take annuity in yearly, 6 months, 3 months and monthly modes. The minimum annual income in this plan is Rs 12,000. There is no maximum purchase price limit. Handicapped people can buy this plan for 50 thousand rupees.
Who can take advantage of the plan
People can take this plan from 30 years to 79 years. It has a minimum duration of one year and a maximum duration of 12 years. Under this scheme, an incentive will also be available for purchases of five lakh and more. This will be in the form of an increase in the incentive annuity rate. This plan has not yet been updated on the official website of LIC
What is an annuity plan?
An annuity is a type of contract. This ensures regular income during retirement. Actually, an annuity is an insurance product, which leads to regular income. It is used as part of the retirement portfolio. An annuity is usually the payment of life insurance or pension. In an annuity plan, the person invests outright. Then it is paid on a monthly, quarterly or annual basis in future.