| Plan | Entry age | Maximum age at maturity | Policy term | Sum assured | Deternment Pension | Pension payment frequency |
| LIC’s Jeevan Akshay – VII | 25 – 85 | 100 Years Or Life Time | 1 | 10L Maximum, No-Limits | No | Yearly, Half-yearly |
| LIC’s New Jeevan Shanti | 30 – 80 | Lifetime | 1 | 2.5 L | 1 – 12 Years | Yearly, Half-yearly |
Policy details of LIC Jeevan Akshay VII
LIC Jeevan Akshay VII plan is an immediate annuity plan. The plan offers to pay an annuity to the annuitant all through his life, based on the annuity option he has chosen. Being a single-premium individual immediate annuity scheme, the lump sum amount that you pay towards the policy is then paid out to you in instalments for as long as you may live according to the annuity option chosen.
As mentioned above, there are 10 annuity options that the individual can choose from. Right at the beginning of the policy, the annuity rates are explained to the annuitant.
The LIC Jeevan Shanti Plan includes myriad features. To understand the policy better, let us take a look at the various features of LIC Jeevan Shanti.
The LIC Jeevan Shanti guarantees income at selected intervals for a lifetime through the investment of a one-time lump sum.
An investor can choose from two options among Deferred Annuity Plans. The rates of deferred payment are guaranteed during the period of deferment. The deferred annuity plans also come with death benefits with is either:
Higher of the purchase price, with added accrued guaranteed additions minus the total annuity sum payable until the demise date
OR
105% of the purchase price.
LIC Jeevan Shanti is composed of policies that will provide the insured with guaranteed income every month for a lifetime. Guaranteed incomes shall also be given at early demise to annuitants in context to the chosen alternatives.
The annuitants are eligible to avail of tax benefits under Section 80C on choosing a plan under LIC Jeevan Shanti. The one-time premium is tax-deductible and thus, is a considerable deduction when filing the income tax returns.
Annuity Options for LIC Jeevan Shanti Policy
Listed below are the various LIC Jeevan Shanti Deferred Annuity options. A customer might choose from among the given options to home in on a plan that best suits their desired financial goals throughout their lifetime and on death.
Deferred Annuity Options:
| Annuity Options | Policy Type | Benefit Payable on Survival | Benefit Payable on Death |
| Option 1 | Single Life | During deferment period:
Nothing will be payable during the deferment period. After the deferment period: As long as the annuitant lives after the deferment period, annuity payments will be paid as per the chosen mode of payment. |
During the deferment period, the death benefit shall be:
The higher of :
On death of the annuitant after the deferment period: The annuity payments shall cease immediately and the death benefit will be payable to the nominee. |
| Option 2 | Joint Life | During Deferment Period:
At the deferment period when the primary or secondary annuitant survives, nothing will be paid. Death benefits shall be paid to the nominees upon the demise of the last survivor. After the deferment period: After the deferment period as long as the primary and secondary annuitant is alive, the annuity payment will be paid on the premise of the chosen mode of payment. The annuity payments will cease with immediate effect on the demise of the last survivor and the defined death benefit will be paid to the nominee. |
During the deferment period:
On the first death of either of the covered lives nothing shall be payable. On death of the last survivor, death benefit shall be: The higher of :
After the deferment period: On the first death of either of the lives covered 100% of the annuity amount shall continue to be paid as long as one of the annuitant is alive. On death of the last survivor The annuity payments shall cease immediately and the death benefit will be payable to the nominee. |
Benefits of LIC Jeevan Shanti Plan
The benefits of LIC Jeevan Shanti Policies are non-exhaustive. Listed below are a few benefits other than the ones previously mentioned.
The annuitant can make the annuity payment at various intervals regardless of the plan one takes. The policyholder can make the annuity payments at his/ her intervals on monthly, quarterly, half-yearly or yearly frequency.
In the LIC Jeevan Shanti plan, the deferred annuity plan comes with a benefit that is payable on the death of the annuitant.
The policyholder can avail loans against their LIC Jeevan Shanti annuity plans anytime after three months from the date of issuance of the policy or the expiry of the free-look period, whichever is later. Under Joint Life Policies, loans can be availed by the Primary Annuitant. In the absence of Primary Annuitant, the Secondary Annuitant can avail loans.
The maximum amount of loan that is granted under such policy shall be such that the annual interest amount effectively payable on loan does not exceed 50% of the annuity amount payable under the policy.
The proposer has the option of choosing a Single Life Deferred Annuity Plan on own life, with the Divyangjan as a nominee. In such case, on the death of the annuitant, the death benefit shall be compulsorily utilized to purchase an immediate annuity for the life of Divyangjan who would be the nominee.
LIC Jeevan Shanti Plans offer a free look-up period up to 15 days during which the policyholder can review the terms and conditions of the policy. If the policyholder is not satisfied with the terms and conditions, he/ she may return the policy stating the reason for dissatisfaction. However, the free look-up period is only applicable on the purchase of a new Deferred Annuity Plan.
The policyholder can surrender the policy anytime during the policy term. The Surrender Value shall be higher of Guaranteed Surrender Value or Special Surrender Value.
The applicable Guaranteed Surrender Value Factors are:
Special surrender value is reviewable and is determined from time to time subject to prior approval of IRDAI.
