LIC Jeevan Shanti Plan 850

LIC Jeevan Shanti is a single premium plan where the policy holder is given a choice for an Immediate or Deferred annuity. Here there is a guarantee on the annuity rates, provided at the inception of the policy for both Immediate and Deferred Annuity. These annuities are payable throughout the lifetime of the annuitant. For the comfort of the policy holder, there is a choice to purchase the plan through both online and offline mode. The online purchase could be initiated at the LIC official website.

BENEFITS & FEATURES

• A one-time investment provides an opportunity for guaranteed lifelong income.
• An option to choose from nine different annuity schemes to suit individual requirements and situations.
• The purchaser is provided an option to select either an Immediate Annuity or postpone the purchase to a future date as Deferred Annuity.
• Right at the inception of the plan, there is a guarantee on the Annuity rates.

GUARANTEED ADDITONS DURING DEFERMENT PERIOD

The LIC Jeevan Shanti plan could be purchased on own life or as a joint-life along with grandparent(s), parent(s), child(ren), grandchild(ren), spouse or sibling(s).

LOAN AVAILABILITY

The policy holder could avail loan against the plan after first anniversary of the policy purchase.

SURRENDER OPTION

The plan could be surrendered during any instance after the three months of policy completion when Annuity Option is with return of purchase value.

COOLING-OFF PERIOD

• The plan has a provision of cooling-off period wherein the policy holder could return the plan within a fifteen day period from the date of plan purchased.
• To return the plan, the policy holder would have to state in writing the reason for objection in the continuation of plan.
• Once the request for return of plan is submitted at the Corporation, the Corporation cancels the policy and gives back the total premium amount deposited for the purchase of plan after subtracting the equivalent risk premium (for basic plan and any rider(s)) for the cover duration, expenses sustained on medical examination and any special reports, and the stamp duty.

FEATURES

• Minimum Value of Purchase: Rs.1,50,000 subject to minimum Annuity as mentioned in the below table.
  
  
• Maximum Value of Purchase: No Limit
  
  Note: In certain cases, lower purchase value is permitted. An example of this is NPS and for the purchase of this plan by a handicapped individual subjected to Corporation’s terms and conditions. Hence, in these instances, for NPS, there would be a lower annuity value.
  Minimum Entry Level Age: The purchaser should have completed 30 years of age.
  
  
• Minimum Annuity: 

Annuity Mode	Monthly	Quarterly	Half-yearly	Annual
Minimum Annuity	Rs.1000	Rs.3000	Rs.6000	12000

(d) Joint Life:

The joint life annuity could be purchased between any lineal descendant/ascendant of a family (such as grandparent, parent, child, grandchild), or spouse or siblings

Criteria	Immediate Annuity	Deferred Annuity
Maximum Entry Level Age	85 years (completed) except Option F	The policy holder should have completed 79 years
	100 years (completed) for Option F
Minimum Deferment Duration	Not Applicable	1 year
Maximum Deferment Duration	20 years subject to Maximum Vesting Age
Minimum Age of Vesting	The policy holder should have completed 31 years
Maximum Age of Vesting	The policy holder should have completed 80 years