2020 LIC Launches New Deferred Annuity Plan


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LIC’s Jeevan Shanti plan is offered for individuals aged between 30 and 79.

State-owned Life Insurance Corporation (LIC) on Wednesday launched a new deferred annuity plan, which is a non-linked, non-participating, particular person single premium plan. The annuity charges for the New Jeevan Shanti plan are assured on the inception of the coverage, and annuities are payable after the deferment interval all through the lifetime of the annuitant, LIC mentioned in an announcement.

The plan, which will be purchased offline and on-line from Wednesday, comes with two annuity choices: Deferred annuity for single life, and deferred annuity for joint life. Under the deferred annuity for single life plan, the annuity funds shall be made in arrears for so long as the annuitant is alive after the deferment interval and in accordance with the chosen mode.

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In case of unlucky demise, throughout or after the deferment interval, demise profit can be payable to nominee of the annuitant. Under the deferred annuity for joint life, the annuity funds can be made in arrears for so long as the first annuitant and/or the secondary annuitant is alive relying on the mode chosen and after the deferment interval. On the demise of the final survivor, throughout or after the deferment interval, the demise profit can be payable to the nominee, LIC mentioned.

The joint life annuity will be taken between any two lineal descendant/ascendant of a household (grandparent, father or mother, youngsters, grandchildren) or partner or siblings. The joint life plan will be purchased at a minimal fee of Rs 1.5 lakh and will be paid yearly, half-yearly, quarterly, and month-to-month with the minimal annuity being Rs 12,000 each year. There is not any ceiling on the utmost buy value although.

An incentive for a purchase order value of Rs 5 lakh and above is offered by the use of a rise within the annuity fee. The plan is offered for individuals aged between 30 and 79. The minimal deferment interval is one yr and the utmost deferment interval 12 years, topic to most vesting age of 80. The plan will also be bought for the good thing about handicapped dependant with a minimal buy value of Rs 50,000. LIC can be providing mortgage facility for this plan.

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