Sunday, December 4, 2022
HomeFinance BlogsLICLIC Jeevan Shanti - Features, Benefits & Eligibility Criteria

LIC Jeevan Shanti – Features, Benefits & Eligibility Criteria

LIC Jeevan Shanti is a deferred annuity plan that can be purchased by anyone between the ages of 18 and 60. It offers guaranteed lifetime income and can be tailored to suit your individual needs. The LIC plan has a number of features and benefits that make it an attractive option for those looking for a retirement solution.

LIC Jeevan Shanti Policy

LIC’s New Jeevan Shanti (Plan No. 858, UIN : 512N338V03)
Company Website : Click Here
Date of Launch : 30.08.2022
LIC Jeevan Shanti Sales Brochure
LIC Jeevan Shanti Policy

 

Some of the key features of LIC Jeevan Shanti include:

Guaranteed lifetime income: This is one of the most important features of the plan. It ensures that you will have a regular income stream for as long as you live, no matter how long that may be.

Flexibility: The plan offers a great deal of flexibility in terms of how you receive your income. You can choose to receive it monthly, quarterly, half-yearly or yearly. You can also choose to receive it in lump sum or in instalments.

Tax benefits: Another key advantage of this plan is that it offers tax benefits. The money you invest in the plan is eligible for deduction under Section 80C of the Income Tax Act. Additionally, the maturity proceeds are also tax-free under Section 10(10D) of the Act.

-Death Benefit: In case of death during the policy term, provided all due premiums have been paid, your nominee will receive an amount equal to the total premiums paid by you under the policy as death benefit.
Read More: LIC Pension Plans | LIC’s Jeevan Akshay – VII | Pradhan Mantri Vaya Vandana Yojana

Features and benefits of LIC Jeevan Shanti

LIC Jeevan Shanti is a single premium annuity plan that offers guaranteed income for life. It can be purchased by anyone between the ages of 18 and 65. The minimum premium amount is Rs. 1,50,000 and there is no maximum limit.

The features and benefits of LIC Jeevan Shanti are as follows:

1. Guaranteed income for life: The biggest advantage of this plan is that it provides guaranteed income for life. This means that you will receive a fixed sum of money every month after retirement, regardless of how long you live.

2. Immediate or deferred annuity options: You can choose to receive annuity payments immediately after purchasing the plan, or you can defer them until a later date. If you choose to defer them, you will earn interest on your premiums during the deferment period.

3. Tax benefits: Premiums paid towards this plan are eligible for tax deductions under Section 80C of the Income Tax Act. Annuity payments are also exempt from taxes.

4. Flexible payment options: You can choose to make either lump-sum or installment payments towards your policy premiums. There is also the option to pay premiums for a limited period (5-10 years) and then stop paying them altogether if you wish. However, doing so will reduce the total sum assured payable on maturity of the policy term.

5 . Option to increase/decrease annuity payments:

Eligibility Criteria for LIC Jeevan Shanti

The eligibility criteria for LIC Jeevan Shanti are as follows:

– The policyholder must be a resident Indian citizen.
– The policyholder must be between the ages of 18 and 60 years.
– The policy term must be a minimum of 10 years and a maximum of 20 years.
– The policyholder must have a regular income.

How to Apply for LIC Jeevan Shanti

In order to apply for LIC Jeevan Shanti, the applicant must:

1. Be between the ages of 18 and 60.

2. Have a regular source of income.

3. Be a resident of India.

4. Fill out an application form available on the LIC website or at any LIC office.

5. Submit the completed application form along with required documents to the nearest LIC office or agent.

nti is a single premium annuity plan which offers guaranteed periodic payments for the entire life of the annuitant. The features and benefits of LIC Jeevan Shanti make it an attractive investment option for those looking for a steady income stream post-retirement. 

What are the Documents Required to Buy LIC Jeevan Shanti Plan?

There are some documents required to buy LIC Jeevan Shanti plan:

1. Proof of age (any one of the following):
– Passport
– PAN card
– Voter ID card
– Aadhar card/UID
– Driving license
2. Proof of income (any one of the following):
– Latest salary slip
– Form 16/Income Tax Return
3. KYC documents (any one of the following):
– Aadhar card/UID
– PAN card
4. Cancelled cheque leaf or bank passbook with account details

What are the Exclusions Within LIC Jeevan Shanti Plan?

There are a few exclusions within the LIC Jeevan Shanti plan which are as follows:

1. Any death due to suicide or self-inflicted injuries within 12 months of policy commencement will not be covered under this plan.

2. If the policyholder is diagnosed with HIV/AIDS, cancer or any other terminal illness within 12 months of commencement of the policy, then the death benefit will not be payable.

3. If the policyholder is diagnosed with any critical illness within 12 months of commencement of the policy, then the benefit will only be payable if he/she survives for at least 30 days after diagnosis.

4. If the policyholder dies due to participation in hazardous activities such as skydiving, bungee jumping etc., then the benefit will not be payable.

5. If the policyholder dies due to use of alcohol or drugs, then the benefit will not be payable.

Conclusion

The LIC Jeevan Shanti plan is a great way to provide financial security for yourself and your loved ones. With features like guaranteed returns, death benefits, and tax exemption, this plan gives you the peace of mind that comes with knowing you are prepared for the future. If you are looking for an investment option that provides both security and flexibility, the LIC Jeevan Shanti plan is definitely worth considering.

Marketvein Staff
Marketvein Staffhttps://www.marketvein.com/
Born libra, likes to lead from the front. Digital Marketing & Technology is his strength. He has pursued engineering. Travelling to new places & writing is his idea of fun. In his free time (if he gets some that is), he is seen donning the chef's hat at home.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -Hire SEO Expert in India

LIC Company Websites & resources

Recent LIC Knowledge Resources

LIC Jeevan Shanti – Features, Benefits & Eligibility Criteria

LIC Jeevan Shanti is a deferred annuity plan that can be purchased by anyone between the ages of 18 and 60. It offers guaranteed lifetime income and can be tailored to suit your individual needs. The LIC plan has a number of features and benefits that make it an attractive option for those looking for a retirement solution.

LIC Jeevan Shanti Policy

LIC’s New Jeevan Shanti (Plan No. 858, UIN : 512N338V03)
Company Website : Click Here
Date of Launch : 30.08.2022
LIC Jeevan Shanti Sales Brochure
LIC Jeevan Shanti Policy

 

Some of the key features of LIC Jeevan Shanti include:

Guaranteed lifetime income: This is one of the most important features of the plan. It ensures that you will have a regular income stream for as long as you live, no matter how long that may be.

Flexibility: The plan offers a great deal of flexibility in terms of how you receive your income. You can choose to receive it monthly, quarterly, half-yearly or yearly. You can also choose to receive it in lump sum or in instalments.

Tax benefits: Another key advantage of this plan is that it offers tax benefits. The money you invest in the plan is eligible for deduction under Section 80C of the Income Tax Act. Additionally, the maturity proceeds are also tax-free under Section 10(10D) of the Act.

-Death Benefit: In case of death during the policy term, provided all due premiums have been paid, your nominee will receive an amount equal to the total premiums paid by you under the policy as death benefit.
Read More: LIC Pension Plans | LIC’s Jeevan Akshay – VII | Pradhan Mantri Vaya Vandana Yojana

Features and benefits of LIC Jeevan Shanti

LIC Jeevan Shanti is a single premium annuity plan that offers guaranteed income for life. It can be purchased by anyone between the ages of 18 and 65. The minimum premium amount is Rs. 1,50,000 and there is no maximum limit.

The features and benefits of LIC Jeevan Shanti are as follows:

1. Guaranteed income for life: The biggest advantage of this plan is that it provides guaranteed income for life. This means that you will receive a fixed sum of money every month after retirement, regardless of how long you live.

2. Immediate or deferred annuity options: You can choose to receive annuity payments immediately after purchasing the plan, or you can defer them until a later date. If you choose to defer them, you will earn interest on your premiums during the deferment period.

3. Tax benefits: Premiums paid towards this plan are eligible for tax deductions under Section 80C of the Income Tax Act. Annuity payments are also exempt from taxes.

4. Flexible payment options: You can choose to make either lump-sum or installment payments towards your policy premiums. There is also the option to pay premiums for a limited period (5-10 years) and then stop paying them altogether if you wish. However, doing so will reduce the total sum assured payable on maturity of the policy term.

5 . Option to increase/decrease annuity payments:

Eligibility Criteria for LIC Jeevan Shanti

The eligibility criteria for LIC Jeevan Shanti are as follows:

– The policyholder must be a resident Indian citizen.
– The policyholder must be between the ages of 18 and 60 years.
– The policy term must be a minimum of 10 years and a maximum of 20 years.
– The policyholder must have a regular income.

How to Apply for LIC Jeevan Shanti

In order to apply for LIC Jeevan Shanti, the applicant must:

1. Be between the ages of 18 and 60.

2. Have a regular source of income.

3. Be a resident of India.

4. Fill out an application form available on the LIC website or at any LIC office.

5. Submit the completed application form along with required documents to the nearest LIC office or agent.

nti is a single premium annuity plan which offers guaranteed periodic payments for the entire life of the annuitant. The features and benefits of LIC Jeevan Shanti make it an attractive investment option for those looking for a steady income stream post-retirement. 

What are the Documents Required to Buy LIC Jeevan Shanti Plan?

There are some documents required to buy LIC Jeevan Shanti plan:

1. Proof of age (any one of the following):
– Passport
– PAN card
– Voter ID card
– Aadhar card/UID
– Driving license
2. Proof of income (any one of the following):
– Latest salary slip
– Form 16/Income Tax Return
3. KYC documents (any one of the following):
– Aadhar card/UID
– PAN card
4. Cancelled cheque leaf or bank passbook with account details

What are the Exclusions Within LIC Jeevan Shanti Plan?

There are a few exclusions within the LIC Jeevan Shanti plan which are as follows:

1. Any death due to suicide or self-inflicted injuries within 12 months of policy commencement will not be covered under this plan.

2. If the policyholder is diagnosed with HIV/AIDS, cancer or any other terminal illness within 12 months of commencement of the policy, then the death benefit will not be payable.

3. If the policyholder is diagnosed with any critical illness within 12 months of commencement of the policy, then the benefit will only be payable if he/she survives for at least 30 days after diagnosis.

4. If the policyholder dies due to participation in hazardous activities such as skydiving, bungee jumping etc., then the benefit will not be payable.

5. If the policyholder dies due to use of alcohol or drugs, then the benefit will not be payable.

Conclusion

The LIC Jeevan Shanti plan is a great way to provide financial security for yourself and your loved ones. With features like guaranteed returns, death benefits, and tax exemption, this plan gives you the peace of mind that comes with knowing you are prepared for the future. If you are looking for an investment option that provides both security and flexibility, the LIC Jeevan Shanti plan is definitely worth considering.

Marketvein Staff
Marketvein Staffhttps://www.marketvein.com/
Born libra, likes to lead from the front. Digital Marketing & Technology is his strength. He has pursued engineering. Travelling to new places & writing is his idea of fun. In his free time (if he gets some that is), he is seen donning the chef's hat at home.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -Hire SEO Expert in India

Top Business Related Articles

Recent Articles

Automation Through Hotel Reservation Software Helps Increase Staff Productivity

Automation Through Hotel Reservation Software Helps Increase Staff Productivity

0
Managing a profitable hotel business is not an easy task. Ask any hotel manager and they will tell you that rising customer expectations and...
Masters in Singapore

Masters in Singapore

Types Of Investments In India

Types Of Investments In India

Top Business Articles

How To Build An International Email List For Your Marketing Campaign

0
Have you ever wanted to reach customers in another country? Instead of trying to promote your product or services to a local company and...

Top Startup Articles

business insurance start-up

How Important is Business Insurance in an Early Start-up?

0
Shelling out a significant amount of money when beginning entrepreneurship can make you not pursue business insurance. But it could be the first business...