LIC Jeevan Shanti, Features, Benefits, Reviews – 2019

LIC Jeevan Shanti

LIC Jeevan Shanti is a one-time premium payment annuity plan, by LIC India. This plan is very helpful to get fixed payouts at regular intervals for the whole life.

Company LIC India
Plan Name LIC Jeevan Shanti
Plan Type Annuity
Plan Details Table No. 850
UIN Number 512N328V01
Active Since 12th September 2018

How LIC Jeevan Shanti Works: You need to pay a single one-time payment for this annuity. Then LIC will regularly pay you fixed amounts for rest of life. You can get these regular amounts monthly, quarterly, half-yearly or annually till life.

The payouts that you are getting regularly is called an annuity. There is two option available to opt in this plan, listed below:

  • Immediate Annuity
  • Deferred Annuity

To get these regular payouts there are 12 options available. We’re here to let you give a better understanding of it with the help of examples.

What We Think About Annuities & LIC Jeevan Shanti:

If you want a fixed income for life then annuities are perfect for you. By investing in these types of plans you can secure a fix monthly income for the whole life.

But these plans have one advantage & one disadvantage that, In future, if the interest rates decreased then you there is no problem because your interest rates are locked. You will get the same fix amounts.

But if the interest rate increased then you will feel bad because your interest rates are locked so you will get the same fixed income with low-interest rates.

One more thing that if you have a pension plan with LIC India then you can’t withdraw more than 1/3 of it’s after maturity. Because LIC has a condition that you have to buy an annuity from LIC India with remaining 2/3.


Invest 5K/Month and Create Wealth Rs1 Crore

There are many options available to opt both in Immediate Annuity and Deferred Annuity, have a look below:

Immediate Annuity: Its name is saying almost everything, means your payouts will start immediately. You have to just pay a single premium to buy this plan and your payment will start immediately. You also have options to choose how you want to get payment, monthly, half-yearly or yearly.

Have a look below options available to opt-in LIC Jeevan Shanti Immediate Annuity:

  1. Immediate Annuity for Whole Life
  2. Immediate Annuity for Whole Life with a Guaranteed Period of 5 Years
  3. Immediate Annuity for Whole Life with a Guaranteed Period of 10 Years
  4. Immediate Annuity for Whole Life with a Guaranteed Period of 15 Years
  5. Immediate Annuity for Whole Life with a Guaranteed Period of 20 Years
  6. Immediate Annuity for Whole Life with Full Refund of Purchase Price
  7. Immediate Annuity for Whole Life with Increasing Simple Rate of Interest of 3% P.A
  8. Immediate Annuity with Joint Life Option for Whole Life, in this option 50% will be paid to the second annuitant on the death of the primary annuitant.
  9. Immediate Annuity with Joint Life Option for Whole Life, in this option, 100% annuity Will be Paid as long as one of the annuitant alive.
  10. Immediate Annuity with Joint Life Option for Whole Life, in this option, 100% annuity Will be Paid as long as one of the annuitant alive and refund of the policy purchase price on the death of the last member.

Eligibility To Opt ( Immediate Annuity )

Every policy has its own terms or we can say every insurance plan has an eligibility requirement that you need to fulfill to opt that plan. So Jeevan Shanti has some conditions, have a look on these below:

Minimum Maximum
Purchase Price Rs 1,50,000 No Limit
Entry Age 30 Years 85 Years ( 100 Years For Point Num 6 )

Immediate Annuity for Joint Life ( Point Number 8, 9, & 10 ) Can be opted by only grandparents, parents, children, grandchildren, wife and siblings.

Deferred Annuity: Here in this option you will get payouts after a few years by purchasing it with a one-time single payment. So Deferred Annuity is the best for youngsters who have extra savings and want to plan their retirement for a fixed income. There is two option available in a deferred annuity, find below:

  1. Deferred Annuity for Single Life
  2. Deferred Annuity for Joint Life

Eligibility To Opt ( Deferred Annuity )

Minimum Maximum
Purchase Price Rs 1,50,000 No Limit
Entry Age 30 Years 79 Years
Deferment Period 1 Year 20 Year ( Subject To Max Vesting Age )
Vesting Age 31 Years 80 Years

3 Other Benefits of LIC Jeevan Shanti

  1. Easy Loan Facility: You can take a loan from LIC India when 1 year completed of your policy. Check their interest rates & if required, then apply for a loan easily.
  2. Surrender: You can surrender your policy whenever you want after the 3 months from policy completion, But only if you opted Annuity with return of purchase price.
  3. Free Look Period: The Best thing about this policy is that you have a free look period. Means if after purchasing of policy you are not satisfied or thinking to invest somewhere else then you can return the policy within the 15 days of receiving policy documents.
Invest 5K/Month and Create Wealth 1Crore*












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LIC Jeevan Shanti
Average rating:  
 1 reviews
by Rakesh Nainiwal on LIC Jeevan Shanti
LIC India is best but this plan is a pure annuity policy and not good for all. This is my thought!

Actually, I'm the biggest fan of LIC India But this plan is an annuity plan and not good for all but also good for those who are planning retirement. If you have a good amount that is useless than it is ok to invest in it otherwise everyone should compare online and invest in good plans. This is my point of view!

Thanks,

Rakesh