LIC Jeevan Shanti (T-850) is a new single premium guaranteed pension plan which is LIC going to launch on 12th September 2018.
This Plan is a non-linked, non-participating, single premium annuity plan wherein the Policyholder has an
option to choose an Immediate Annuity or Deferred Annuity. This plan shall be allowed to lives including
BEFORE GOING IN THE DETAILS OF PLAN . TRYING TO CLARIFY FEW THINGS.
What is the meaning of annuity?
In simple term, you can say it as a Pension, where you will get regular income up to the specified period or conditions. There are two types of annuity.
1) Immediate Annuity/Pension-In this case, you invest a lump sum in a product and your pension or annuity starts immediately. Let us say you have around Rs.1 Cr and if you buy immediate annuity plans, then the pension will start immediately from next month.
2) Deferred Annuity/Postponed pension-In this case your annuity starts after a certain period. Let us say your current age is 30 years and you are planning to retire at the age of 60 years. If you buy a deferred annuity plan, then you will invest up to your retirement age i.e. up to 60 years of age. After 60 years of retirement, your pension will start .
LIC Jeevan Shanti – Single Premium Guaranteed Pension Plan Eligibility
LIC Jeevan Shanti – Single Premium Guaranteed Pension Plan Annuity Options
Thought one illustration explaining whole things :
There is no maturity benefit under this policy.
Accrued Guaranteed Additions:
Under Deferred Annuity, Guaranteed Additions shall accrue at the end of each policy month, till the end
of Deferment Period only.
The rate of Guaranteed Additions during the deferment Period shall be as under:
Guaranteed Additions per month = (Purchase Price * Annuity rate p.a. payable monthly) / 12
Where Annuity rate p.a. payable monthly shall depend on the age at entry of the annuitant(s) and the
deferment period opted for.
In case of death of the annuitant during the deferment period, Guaranteed Additions for the policy year
in which the death has occurred shall accrue till the completed policy month as on the date of death.
Eligibility Conditions and Features:
a. Minimum Purchase Price : Rs.1,50,000/- subject to Minimum Annuity
b. Maximum Purchase Price : No Limit
Power of Jeevan Santhi (Plan 850)
Decide the guaranteed annuity rate you should get throughout your life on your investment according to deferment period you opt…
Ex: For a person aged 50 yrs, for a single investment of 10 lakhs…
Deferment period Rate
1 year 6.93%
2 year 7.48%
3 year 8.06%
4 year 8.69%
5 year 9.18%
6 year 9.88%
7 year 10.62%
8 year 11.39%
9 year 12.20%
10 year 12.83%
11 year 13.66%
12 year 14.51%
13 year 15.35%
14 year 16.18%
15 year 16.95%
16 year 17.65%
17 year 18.24%
18 year 18.70%
19 year 19.03%
20 year 19.23%
Remember… the pension rate is guaranteed for whole life.And proposal form no. 503 .
Enjoy the benefits of this beautiful plan by taking one for yourself