LIC of India has many plans to help the people, but the recent launch of the new plan, ‘LIC’s Jeevan Shanti which is considered as a unique plan wherein, it’s a non-linked, non-participating single premium annuity plan. This plan gives policyholders option on choosing an Immediate Annuity or Deferred Annuity.
The new plan Jeevan Shanti was launched today at LIC headquarter Panaji by Rajesh Middha in the present of Nakul Bendre, Abhay S. Kulkarni and Arvind Nani Nadekar wherein Middha addressed the launch.
The launch that was initiated on 10th September 2018 had managed to sell out more than 10 thousand policies in one day all over India, said Middha adding that this sale was possible due to the people who have trust and confidence in LIC. In Goa alone, 48 policies were taken by people.
It was said that the main agenda behind the launch of the plan was due to the increase of population in the country followed by which the number of elderly people has increased, due to the well medical facility which allows an average life to extend up to 70 years.
Middha states that “There are 2 types of plan the Immediate Annuity and Deferred Annuity wherein the Immediate Annuity is the pension holders would apply for pension and from the next month of applying would receive their pension as per the Deferred Annuity it was whichever option was adopted by the policyholder either annually or yearly based on that they would receive the pension in due course.
In the ‘LIC’s Jeevan Shanti plan all annuity option under Immediate Annuity shall be available to NPS (National Pension System) subscribers. The NPS subscribers would include government employees, private companies and all who have subscribed to NPS lite. The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity.
Death claims proceed, whenever payable can be claimed as on lump sum installment or annuity form. The policy also provides liquidity as there is provision for loan and surrender as well for annuity options with Death Benefit.
The joint life annuity option can be exercised with any lineal descendant /ascendant of a family or spouse or sibling as secondary life. If the proposer has a handicapped dependent (Divyangjan), the plan can be purchased for the benefit of Divyangjan as a nominee or a Second Annuitant under the Immediate Annuity.
This plan can be purchased offline as well as online. For further info visit www.licindia.in