With the increasing life expectancy and availability of fewer pension plans, Life Insurance Corporation of India (LIC) has launched its single-premium pension plan Jeevan Shanti which is Guaranteed Annuity Single Premium Plan, said Senior Divisional Manager LIC (Bhopal) SS Chaplot while addressing media persons in the state capital on Wednesday.
This Plan is a non-linked, non-participating, single premium annuity plan wherein the Policyholder has an option to choose an Immediate Annuity or Deferred Annuity. This plan shall be allowed to lives including third gender.
The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity.
Various annuity options and mode of annuity payment are available under the Plan.
The option once selected cannot be changed. This plan can be purchased offline as well as online.
The minimum age for enrolment is 30 years while the maximum entry age under deferred annuity option is 79 years.
This policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings. The plan also covers third gender.”
‘LIC’s Jeevan Shanti’ is a comprehensive annuity plan with unique features for benefit of individuals and support for the family too, especially for handicapped dependants.
Mode of annuity payments Annuity allowable under Immediate and Deferred annuity are yearly, half-yearly, quarterly or monthly installments. The Annuity shall be payable in arrears i.e. the annuity payment shall be after 1 year, 6 months, 3 months and 1 month from the date of commencement of policy for Immediate Annuity options or date of vesting for Deferred Annuity options depending on whether the mode of annuity payment is Yearly, Half yearly, Quarterly and Monthly respectively.