LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Budget 2021
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Personal Finance News

LIC Jeevan Shanti plan: Invest Rs 10 lakh today, get Rs 17,000/month pension for life after 20 years! Check features

LIC Jeevan Shanti: The Life Insurance Corporation of India recently launched a new pension plan - Jeevan Shanti. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
LIC Jeevan Shanti plan: Invest Rs 10 lakh today, get Rs 17,000/month pension for life after 20 years! Check features
Under Jeevanshanti, minimum Purchase Price is Rs.1,50,000 subject to minimum Annuity
Written By: ZeeBiz WebTeam
Updated: Sat, Sep 22, 2018
03:33 pm
New Delhi, ZeeBiz WebDesk
RELATED NEWS
LIC Policy: Get up to Rs 75,000 life insurance cover for Rs 100 only - check out Aam Aadmi Bima Yojana LIC Policy: Get up to Rs 75,000 life insurance cover for Rs 100 only - check out Aam Aadmi Bima Yojana
LIC IPO: Retail investors, policyholder should get SIGNIFICANT allotment, DISCOUNT, Anil Singhvi strongly urges govt LIC IPO: Retail investors, policyholder should get SIGNIFICANT allotment, DISCOUNT, Anil Singhvi strongly urges govt
LIC IPO to boost this share price into four digits soon, says Market Guru Anil Singhvi LIC IPO to boost this share price into four digits soon, says Market Guru Anil Singhvi
Big LIC IPO impact on stock market is almost sure, provided Modi government achieves this target Big LIC IPO impact on stock market is almost sure, provided Modi government achieves this target
 LIC IPO: Good news for LIC insurance policy holders! Modi government confirms this big development LIC IPO: Good news for LIC insurance policy holders! Modi government confirms this big development

LIC Jeevan Shanti: The Life Insurance Corporation of India recently launched a new pension plan - Jeevan Shanti. LIC says on its official website: "This is a single premium plan wherein the Policyholder has an option to choose an Immediate or Deferred annuity." "The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the life time of Annuitant(s)," it adds.  Annuity is the annual income the subscriber gets in return for a lump sum, or money s/he has saved with an insurer.

Under Jeevan Shanti, one can make a one-time investment for a guaranteed life-long income. 

The scheme comes with several annuity options. For immediate annuity, available options are:
- Option A: Immediate Annuity for life.
- Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
- Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
- Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
- Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
- Option F: Immediate Annuity for life with return of Purchase Price.
- Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.
- Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
-Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives. 
- Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

Under Deferred Annuity, available options are:

- Option 1: Deferred annuity for Single life
- Option 2: Deferred annuity for Joint life

ALSO READ | Get most from National Pension System (NPS): Check factors affecting annuity, rate chart, calculate

Eligibility: Minimum Purchase Price is Rs.1,50,000 subject to minimum Annuity as specified below. There is no limit on the maximum purchase price. 

Minimum Age at Entry: 30 years (completed)

Minimum Annuity: Rs 1000/month. 

Calculation: Under Jeevan Shanti, if you make a one-time investment of Rs 10 lakh at the age of 45, the annuity you will receive after 20 years is Rs 206,600 (over Rs 17,000 per month). (See official illustration chart below):

Annuity Option Annuity Amount (Rs.)
Immediate Annuity:  
Option A: Immediate Annuity for life 74,300
Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter 74,200
Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter 73,900
Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter 73,500
Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter 72,900
Option F: Immediate Annuity for life with return of Purchase Price 65,400
Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a 56,200
Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant 71,100
Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives 68,300
Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor 64,900
Deferred Annuity:  
Option 1: Deferred annuity for Single life 2,06,600
Option 2: Deferred annuity for Joint life 2,27,200

*Source: Licindia.in

Watch this Zee Business video

Death Benefit: In case of Deferred Annuity, it will be:

- Purchase Price plus Accrued Guaranteed Additions (as specified below) minus Total annuity payments made till date of death, if any

- Or 110% of Purchase Price. 

(*Disclaimer: Read the offer document carefully before making an investment in the Jeevan Shanti scheme. This article is for information purpose only)

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
LIC
RELATED NEWS
LIC Policy: Get up to Rs 75,000 life insurance cover for Rs 100 only - check out Aam Aadmi Bima Yojana LIC Policy: Get up to Rs 75,000 life insurance cover for Rs 100 only - check out Aam Aadmi Bima Yojana
LIC IPO: Retail investors, policyholder should get SIGNIFICANT allotment, DISCOUNT, Anil Singhvi strongly urges govt LIC IPO: Retail investors, policyholder should get SIGNIFICANT allotment, DISCOUNT, Anil Singhvi strongly urges govt
LIC IPO to boost this share price into four digits soon, says Market Guru Anil Singhvi LIC IPO to boost this share price into four digits soon, says Market Guru Anil Singhvi
Big LIC IPO impact on stock market is almost sure, provided Modi government achieves this target Big LIC IPO impact on stock market is almost sure, provided Modi government achieves this target
 LIC IPO: Good news for LIC insurance policy holders! Modi government confirms this big development LIC IPO: Good news for LIC insurance policy holders! Modi government confirms this big development

LATEST NEWS

Prachi Desai plays a cop in new murder mystery

Bihar fireman recruitment 2021: See application date and other details here

IBPS PO scorecard released on ibps.in—Here is how to check

NTA releases CSIR NET 2020 result, check it on on csirnet.nta.nic.in| Download it in 3 easy steps

Attention NEET 2021 candidates! Check expected exam date

Big shift in AC consumption during the corona pandemic: Voltas survey

HDFC Share price: Jefferies maintain Buy rating on HDFC with a target price of Rs 3340

Gold holds in tight range after Powell policy comments

Manchester City stretch winning run with 2-0 victory over Gladbach

NPCIL Recruitment 2021: Salary up to Rs 56,100 - Check how to apply date, age limit, website and other details here

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved