The Life Insurance Corporation of India has introduced LIC’s New Jeevan Shanti plan which is a non-linked, non-participating, individual, single premium, deferred annuity plan.

The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the lifetime of the Annuitant(s). This plan can be purchased offline as well as online now. The following two annuity options are available under the plan:

Option 1: Deferred annuity for Single life

 After the Deferment Period, the annuity payments, as per the chosen mode, shall be made in arrears for as long as the Annuitant is alive. In case of an unfortunate/untimely death, during or after Deferment period, death benefit will be payable to nominee of the annuitant.

Option 2: Deferred annuity for Joint life

After the Deferment Period, the annuity payments, as per the chosen mode, shall be made in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive. On death of the last survivor, during or after deferment period, the death benefit will be payable to the nominee.

The joint life annuity can be taken between any two lineal descendant/ascendant of a family (Grandparent, Parent, Children, Grandchildren) or spouse or siblings.

The Minimum Purchase Price is Rs 1,50,000 (subject to minimum annuity criterion). The modes of annuity available are yearly, half-yearly, quarterly, and monthly. The minimum annuity is Rs 12,000 per annum. There is no ceiling on Maximum Purchase Price. An incentive for the purchase price of Rs 5 lakh and above is available by way of increase in the annuity rate.

The plan is available for those between 30 to 79 years of age. The Minimum Deferment Period is one year and Maximum Deferment Period 12 years subject to Maximum Vesting Age (80 years).

The plan can also be purchased for the benefit of Divyangjan (Handicapped Dependant) with a minimum purchase price of Rs 50,000.

Loan facility is also available under this plan. There is a provision for immediate liquidity in case of dire need as the policy can be surrendered at any time during the policy term. For further details to purchase the plan online, one can log on to the website www.licindia.in.

LIC’s earlier Jeevan Shanti plans have been Flagship products of LIC wherein 6,11,695 policies have been sold with a premium collection of Rs 38,940.97 crore.