LIC Jeevan Shanti Yojana 2023 | LIC Jeevan Shanti Plan

admin March 2, 2023March 2, 2023 0 Comments

LIC Jeevan Shanti Yojana 2023

LIC Jeevan Shanti Plan In Life Insurance Corporation of India (LIC) issues many schemes and plans. In which there are many savings plans, there are many pension related plans. Like, Kanyadaan Policy , Jeevan Umang Policy and Simple Pension Yojana etc. are released for the citizens.

LIC Jeevan Shanti Plan: Features And Benefits: Life Insurance Corporation of India is an Indian state-owned insurance group and investment corporation owned by the Government of India. The Life Insurance Corporation of India was founded in 1956 when the Parliament of India passed the Life Insurance of India Act that nationalised the insurance industry in India.

LIC Jeevan Shanti

Jeevan Shanti Yojana 2023 is a Non-Linked Non-Participating Individual Single Premium Different Plan. Under this plan you have to invest money only once. After which you will continue to get mental pension throughout your life. So let’s know today to get all information about LIC Jeevan Shanti Yojana. Like what is LIC Jeevan Shanti Yojana, what are its benefits, what are its features, what is its purpose, we are going to give you all these information in this article so that you too can avail this plan.

Overview

Name of Article	LIC Jeevan Shanti Plan 2023
launch	By Life Insurance Corporation of India (LIC).
Beneficiaries	Citizens of the country
purpose	Lifetime pension benefit
Application Process	Online
Official website	https://www.licindia.in/

LIC Jeevan Shanti Plan: Features:

As mentioned above, this plan comes in two options (immediate and deferred annuity) with a one-time premium payment. Under the immediate option, the returns can be availed post payment of all the premiums, while under the deferred option, you can avail returns only after a limited time period. The minimum deferment period of the policy is one year, while the maximum deferment period of the policy is 20 years.

LIC Jeevan Shanti Plan 2023

Jeevan Shanti Yojana was launched by Life Insurance Corporation of India LIC on 21 October 2020. Jeevan Shanti Yojana 199 Linke is Non-Participating Individual Single Premium Definity Plan. There are two types of benefits available while purchasing this policy. You deposit some amount, after which you start getting pension over a fixed period. You can invest in this policy by paying a premium and then LIC will continue to pay you regular amounts at regular intervals throughout your life. LIC Jeevan Shanti Yojana Payment You can get monthly, quarterly, half yearly or yearly components. Pension is guaranteed to the policy holder at the time of inception of the policy itself.

Two options available for pension under this plan

LIC Jeevan Shanti Plan , the policy holder is given two options for pension. First is immediate annuity and second is deferred annuity. In the first option, immediate annuity, the pension facility is available immediately after taking the policy. In the deferred annuity option, the policy holder gets the pension facility after 1, 5, 10, 12 years of taking the policy. But the longer the tenure (the period between investment and the start of pension) or the older the age, the more pension you will get. In Jeevan Shanti Yojana, you get the option of Annual, Semi-Annual, Quarterly and Monthly.

1,20,700 rupees per annum on an investment of 10 lakhs

By investing in LIC Jeevan Shanti Plan , the policy holder will benefit a lot. If you buy a Jeevan Shanti plan at the age of 45 for Rs 10 lakh and have a grace period of 12 years, after 12 years you will start getting Rs 1,20,700 per annum. On the other hand, if you opt for semi-annual pension, you will start getting Rs 59,143 in 6 months. On opting for quarterly pension, the policyholder will get Rs 29,270 and on opting for monthly pension, he will get Rs 9,656 per month.

Age limit to buy LIC Jeevan Shanti Plan 2023

LIC Jeevan Shanti Plan 2023 can be purchased by anyone between the age of 30 to 79 years. The minimum amount to buy this policy is 1 lakh 50 thousand rupees. That means you have to invest 1 lakh 50 thousand rupees to buy Jeevan Shanti plan. If for some reason you don’t like the policy after purchasing it, you can surrender it at any time. Apart from this, you can also get a loan based on this policy.

The annuity payment shall be made as per the payment mode selected as long as the policyholder is alive.
No death benefit will be payable in case of demise and the policy will cease to exit immediately.
The annuity payment is payable as per the payment mode selected as long as the policyholder is alive.
On the death of the policyholder during the guaranteed period, the nominee will receive the annuity amount till the end of the guarantee period.
In case of death after the guaranteed period, no amount will be payable and the policy will cease to exit immediately.
The annuity payment shall be made as per the payment mode selected as long as the policyholder is alive.
In case of death of the policyholder, the annuity payment will stop immediately and the nominee will receive the Purchase Price.
The annuity payment shall be made as per the payment mode selected as long as the policyholder is alive.
No death benefit will be payable in case of demise and the policy will cease to exit immediately.
The annuity payment shall be made as per the payment mode selected as long as the policyholder is alive.
Upon the death of the primary policyholder, 50% of the annuity amount will be paid to the surviving secondary policyholder. In case of death of the secondary policyholder, the annuity payments will stop immediately.
In case of death of the secondary policyholder before the death of the primary policyholder, the annuity payment will be made to the primary policyholder.
100% of the annuity payment shall be made as per the payment mode selected as long as one of the annuitants is alive.
In case of death of the last survivor, the annuity payments will stop immediately.
100% of the annuity payment is payable as per the payment mode selected as long as one of the annuitants is alive.
In case of death of the last survivor, the annuity payments will stop immediately and the Purchase Price shall be paid to the nominee.

B. Death Benefit (Deferred Annuity)

The amount will be higher of Purchase Price plus Accrued Guaranteed Additions (as specified below) minus Total annuity payments made till date of death, if any, OR 110% of the Purchase Price.

C. Accrued Guaranteed Additions (Deferred Annuity)

You will receive Guaranteed Additions per month where the value of Guaranteed Additions is (Purchase Price * Annuity rate p.a. payable monthly) / 12.

The annuity rate p.a. payable monthly shall be equal to monthly tabular annuity rate and shall depend on the age at entry of the policyholders and the selected deferment period.

For immediate annuity option

Details	Minimum	Max
purchase price	1,50,000 rupees	There are no boundaries
Age of Entry (Full Age)	30 years	85 years

Deferred Annuity Options

details	Minimum	max
purchase price	1,50,000	There are no boundaries
Age of Entry (Full Age)	30 years	79 years
Delay period	1 year	20 years
Vesting Age (Full Age)	31 years	80 years

Minimum annuity amount

Monthly	Quarterly	semiannually	annually
1,000 rupees	3,000 rupees	6,000 rupees	12,000 rupees

Features of LIC Jeevan Shanti Yojana

If you have opted for Jeevan Shanti Yojana for 5 years, 10 years or 15 years, the amount payable on death can be received during that period.
Policy holders can avail the amount under both the options.
The policyholder can surrender the insurance policy at any time during the policy. However the guaranteed surrender amount will be more than the amount paid.
You do not need to undergo any medical test to buy the policy.
You can avail the loan facility after 3 months of purchasing the policy.

Benefits under Life Peace Policy

detail	Detailed information
Loan facility :	After being under LIC’s Jeevan Shanti policy for 1 year, you need to know about availing loan facility.
Dedication facility	If you buy a policy in your annuity option, you can surrender it after 3 months of being in the policy.
Free look period	If the policy holder is not satisfied with the policy, he can return the policy within 15 days from the date of receipt of the policy document.
Disabled dependents	If you want, you can take this scheme for the benefit of disabled dependents.

How to buy LIC Jeevan Shanti Plan online?

To buy LIC’s new Jeevan Shanti policy, you first need to go to LIC’s official website.
After this the home page of this website will open in front of you.
On the home page of this you have to click on LIC Jeevan Shanti under Buy Online Policy.
After this you have to click on buy through online medium.
After this a new page will open in front of you.
On this page you have to enter all the required information.
Now you have to click on the Calculate Premium link and then enter the OTP received on your mobile number.
After this you have to enter your personal information.
Now you have to view and confirm premium details and click on proceed option.
By paying the amount online, you can get your policy on the registered email id.

Important Links:

LIC Jeevan Shanti Plan Document PDF: Click Here

LIC Jeevan Shanti Plan PDF: Click Here
LIC Official Website: Click Here

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