The LIC New Jeevan Shanti plan's purpose is to help people accumulate money for retirement, given that it is a single-premium buy. The plan is perfect for individuals looking to earn a regular income and also offers entitlement for a death benefit. The plan offers both single and joint life options; as such, it is an annuity plan. It is also a non-participating and non-linked plan. Considering the lack of medical check-ups, an individual is ideal for people who seek to secure their financial future.
Read the article to learn more about the insurance plan, ranging from its meaning and objectives to eligibility and the application process.
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Overview Of LIC New Jeevan Shanti Plan
The table below summarises some key points about the insurance scheme that one should know.
| Feature | Details |
|---|
| Policy Type | Individual, non-participating, non-linked deferred annuity |
| Premium Payment | Single premium only |
| Annuity Options | Single-life or Joint life deferred annuity |
| Eligibility Age | 30 years (minimum) to 79 years (maximum) |
| Deferment Period | 1 year (minimum) to 12 years (maximum) |
| Maximum Vesting Age | 80 years |
| Purchase Price | Minimum: ₹1,000 (monthly); No upper limit |
What Is The LIC New Jeevan Shanti Plan?
LIC's new Jeevan Shanti plan is a simple, single-paid, individual, non-participating, and non-linked deferred annuity policy. It offers a Joint or Single life annuity option, which will be helpful during the retirement period. This policy alleviates the burden of long-term financial investment planning as it has features including death benefits, loan facilities, and no medical examination.
Features Of The LIC New Jeevan Shanti Plan
The plan is unique in a manner that it is easy to comprehend and manage. The features offered allow a measure of flexibility, security, and convenience to policyholders. This brief eliminates all questions regarding the views held by this plan:
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Death Benefit: Applicable under both options of the annuity.
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Instalment Benefits: An option to receive death benefits spread over a 5, 10 or 15-year time span.
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Surrender Value: The one which is greater between the special surrender value and the guaranteed surrender value.
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Loan Feature: Allowed after a lapse of three months from the date of issue or after the expiry of the free-look period.
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No Medical Examination: Easier process as there are no medical examinations to be done.
What Are The Benefits Of The LIC New Jeevan Shanti Plan?
Among the notable savings schemes offered by LIC is the LIC New Jeevan Shanti Plan. The ready income and flexible options provided ensure that the policyholder’s future is bright, irrespective of whatever the situation may be. This scheme has the following notable features.
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Regular Payments: Guarantees a pension every month as the income on the annuity after the deferment period lapses.
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Options: You can select either a Joint life or a single life annuity option.
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Risk-cover: Such policies guarantee the policyholder plus the family a future free of cost for security.
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Convenience: A simple application and provisions for loans are other facilities.
What Are The Other Advantages Of The LIC Jeevan Shanti Policy?
The LIC Jeevan Shanti Policy holds additional benefits along with other features, aiming to enhance its value to the policyholders. Those benefits offer conveniences & security in different scenarios. Here are some of the key additional benefits:
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Nominee Protection: The death benefit is payable to a nominee during the deferment period.
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Surrender Value Guarantee: Provides a guarantee of some return if the policy is surrendered.
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Free-Look Period: Providing an opportunity to cancel the policy issued to the person if he/she is not satisfied within 15-30 days.
What Is The Eligibility Criteria Of The LIC Jeevan Shanti Policy?
The eligibility criteria of the LIC life insurance policy are mentioned below in a tabular form for one’s better understanding:
| Criteria | Details |
|---|
| Age of Entry | 30 years (minimum) to 79 years (maximum) |
| Vesting Age | 31 years (minimum) to 80 years (maximum) |
| Deferment Period | 1 year (minimum) to 12 years (maximum) |
| Minimum Purchase Price | ₹1,000 (monthly); ₹3,000 (quarterly); ₹6,000 (half-yearly); ₹12,000 (yearly) |
How To Purchase LIC’s New Jeevan Shanti Plan Online?
Buying LIC’s New Jeevan Shanti Plan online is quick and simple. You can complete the process from the comfort of your home. Just follow these steps to purchase the policy:
Step 1: Visit the LIC official website.
Step 2: Go to the ‘Buy Policy Online’ section and select ‘LIC Jeevan Shanti’.
Step 3: Click on ‘Buy Online’ and provide personal details.
Step 4: Calculate the premium amount.
Step 5: Enter the OTP received on your registered mobile number.
Step 6: Confirm details and proceed to payment.
Step 7: Complete the payment through your preferred method.
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What Are The Documents Required To Buy LIC’s New Jeevan Shanti Plan?
To buy LIC’s New Jeevan Shanti Plan, you need to provide some important documents. These documents help verify your identity, age, and address. Here’s a list of what you’ll need:
Pension And Death Benefits
In LIC Organisation Pension Plans, there is both a death benefit and a pension benefit. However, the structure of these benefits varies according to the policy's period of extension and the type of annuity that has been selected. So here are the benefits in simple terms:
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Pension: The policyholder and secondary policyholder are alive after the deferment period, and pensions are paid out.
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Death Benefit: The nominee gets benefits during the deferment period.
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Annuity Changes: The annuity option can be changed after the death of the insured member.
Loans
If you require money, you can borrow against your LIC policy. Loans, however, are available only after a specific duration from the date the policy is purchased. The following are the details concerning the loan against policy:
Free-Look Period
The free look period allows you to check the terms of the policy and understand if they meet your needs or not. If any terms do not suffice your needs, you may cancel the contract during this period. Take, for example, a typical free-look period:
During the free-look period, policyholders have the right to complain and cancel the policy. The cancellation is within the refund date, and the contract’s terms were signed. The company will then refund the amount paid after deducting the appropriate charges.
How To Claim LIC’s New Jeevan Shanti Insurance?
Receiving the benefits of LIC’s New Jeevan Shanti Insurance is an easy process. You are required to show your LIC and submit a few documents. To have your claim processed, follow these steps:
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Inform LIC of the claim.
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Provide documentation necessary (death certificate, proposal, etc.).
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The claim is settled by LIC, and the relevant amount is paid.
LIC Jeevan Shanti Plan's Annuity Options
The featured LIC Jeevan Shanti Plan is flexible about the forms and frequency of guaranteed payments. Applicable types can be selected depending on business requirements. The following are the main alternatives available:
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Single Life Deferred Annuity: Benefits are provided to one particular person.
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Joint Life Deferred Annuity: It covers two persons, and the benefits are paid to only the survivor.
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How To Calculate The LIC Jeevan Shanti Plan Premium?
The LIC Jeevan Shanti Plan offers a secure way to plan for your future with guaranteed payouts. Calculating the premium is quick and easy with LIC's online tools. Just follow these steps to find the right premium for your needs.
Step 1: Visit the LIC official website.
Step 2: Use the premium calculator under the Jeevan Shanti Plan section.
Step 3: Enter details like age, deferment period, and annuity type.
Step 4: View the premium amount based on your selections.
What Are The Exclusions Within The LIC Jeevan Shanti Plan?
- Suicide Clause: If the annuitant commits suicide within 12 months of policy commencement, LIC will void the policy. In such cases, 80% of the premium or surrender value (whichever is higher) will be refunded.
Conclusion
The LIC’s New Jeevan Shanti Plan is a highly adjustable and affordable deferred annuity policy suitable for those who want a sound income after retirement. The provision of varied types of annuities, death benefits, and even loans assures that the plan takes care of all future financial needs. It is easy and does not require a medical examination; therefore, justifiable to many people.
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