LIC pension plan: Get this with Rs 10,00,000 next month, after 5, 10 or 20 years

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Updated: September 20, 2019 3:47:12 PM

LIC Jeevan Shanti Plan: The Life Insurance Corporation (LIC) offers Jeevan Shanti (UIN: 512N328V02) scheme for pension.

No medical check-up required for LIC Jeevan Shanti plan. No medical check-up required for LIC Jeevan Shanti plan.

LIC Jeevan Shanti Plan: The Life Insurance Corporation (LIC) offers Jeevan Shanti (UIN: 512N328V02) scheme for pension. As per the provisions of the scheme, you can either plan immediate pension or a deferred annuity only by paying a lump sum. Annuity means a fixed sum of money paid to someone each year, generally till he/she is alive. This plan, which was launched last year, offers a stated annuity amount throughout the lifetime of the subscriber. The policyholder can also opt for loan under this plan. Also, you can get an enhanced annuity by 2 per cent by buying the scheme online through the official LIC website.

Pension Options Under LIC Jeevan Shanti

Immediate Annuity: The scheme provides seven options for immediate annuity, which can start as early as next month:

(A). Annuity for life at a uniform rate.
(B). Annuity for 5(B), 10(C), 15(D) or 20(E) years, and thereafter as long as the annuitant is alive.
(F). Annuity for life with return of purchase price on death of the pensioner.
(G). Annuity for life increasing at a rate of 3% p.a.
(H). Annuity for life with a provision of 50% of the pension payable to spouse during his/her lifetime on death of the pensioner.
(I). Annuity for life with a provision of 100% of the pension payable to spouse during his/her lifetime on death of the pensioner.
(J). Annuity for life with a provision of 100% of the pension payable to spouse during his/ her lifetime on death of pensioner. LIC says that the purchase price will be returned on the death of the last survivor.

Deferred annuity: There are two options

A. Deferred annuity for Single life
B. Deferred annuity for Joint life

Expected pension on investing Rs 10 lakh

Immediate annuity

Age last birthday
Yearly annuity amount under annuity option
(A)(D)
(15 yrs
certain)
(F)(G)(H)(I)(J)
3070134698286615651060690126789066054
4073194726846646254528714606982866258
5079212777846687060954762547350066564
6090942862506748272888856388084467074
701149129787868502970621051209685867992
801826401045087003216264815683413755669216

*Source – LIC

Deferred Annuity

Age last birthday
Deferement Period
5101520
3089718121950166116220278
3590330123684168564220380
4091146125724170808217626
4592166128172172236210690
5093594130824172848196104
5595328134088169176173562
6097674137352156222149592
65101040136230137556N.A.
70105426127050N.A.N.A.
75108486N.AN.A.N.A.

*Source – LIC

Jeevan Shanti is a non-linked, non-participating, single premium annuity plan. The annuity rates on the scheme are guaranteed at the time of purchase of the policy. No medical test is required for purchasing this policy.

(This article has been updated for certain corrections on 20-09-2019. First published on 19-09-2019)

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