LIC Jeevan Shanti: Features, Eligibility Criteria & Documents

LIC Jeevan Shanti: Features, Eligibility Criteria & Documents

Worried about how to get financial security post-retirement? Thinking about the options to saving for your future? You have got to the right place as you can get a solid backup after your retirement with the LIC Jeevan Shanti pension plan.

In this post, I will share all my insights on the LIC Jeevan Shanti concepts, how you can be eligible for the policy, its features, and all other important information.

Quick Introduction

Lic Jeevan Shanti is a post-retirement plan or you can say a single premium pension plan provided by the Life Insurance Corporation of India. This plan offers you the liberty to decide whether you want to have a Deferred Annuity Option or an Immediate Annuity Option.

This policy focuses on serving the policyholders with attractive annuity rates as well as giving them a reliable income plan after retirement. You will be eligible to receive regular payouts after a certain age of retirement.

Eligibility Criteria For LIC Jeevan Shanti

There is a certain framework that must be followed by the policyholders if they wish to proceed with this plan.

For Deferred Annuity and Immediate Annuity, the eligibility criteria differ for both plans. Here’s a quick look at both the plans.

For Immediate Annuity

  • Minimum age of entry - Completed 30 Years 
  • Maximum age of entry - 85 Years (complete) or 100 years (for option F)
  • Maximum Deferment Time - N/A
  • Minimum Deferment Time - N/A
  • Maximum Vesting Age - N/A
  • Minimum Vesting Age - N/A

For Deferred Annuity

  • Minimum age of entry - Completed 30 Years
  • Maximum age of entry - Completed 79 Years
  • Maximum Deferment Time - 20 Years, subject to maximum vested age
  • Minimum Deferment Time - 1 year
  • Maximum Vesting Age - Completed 80 years
  • Minimum Vesting Age - Completed 31 years

Features of LIC Jeevan Shanti Policy

The LIC Jeevan Shanti plan is rich in features, aimed at providing financial security and flexibility to its policyholders. One of the key features of this policy is its flexibility. Policyholders can choose between an immediate annuity or a deferred annuity plan. 

Immediate annuity plans start paying out soon after the investment, while deferred annuity plans begin the payouts at a later date chosen by the policyholder. Here is a detailed look at its key features, benefits, and a few drawbacks.

Key Features of LIC Jeevan Shanti Policy

  • Flexibility - Policyholders can choose between an immediate annuity or a deferred annuity, depending on their financial planning.
  • Multiple Annuity Options - There are several annuity options available, catering to different needs such as a single life, joint life, and life with a return of purchase price.
  • Loan Facility - After one year, loans can be availed against the policy, providing financial assistance in emergencies.
  • Surrender Value - The policy can be surrendered under specific conditions, especially in case of critical illness.

Lic Jeevan Shanti Benefits

  • Guaranteed Income - It offers a guaranteed income for life, which can be received monthly, quarterly, half-yearly, or annually.
  • Tax Benefits - The premiums paid are eligible for tax deductions under Section 80C of the Income Tax Act. Additionally, the annuity income is also tax-efficient.
  • Death Benefit - In case of the policyholder’s demise, a death benefit is paid to the nominee, ensuring financial support for the family.

LIC Jeevan Shanti Drawbacks

  • Fixed Interest Rate - The interest rate once chosen remains fixed for the lifetime, which might be lower than future interest rates.
  • No Equity Participation - The plan does not offer any participation in equity, limiting the potential for higher returns compared to other investment options.
  • Surrender Charges - Early surrender of the policy may attract charges, reducing the surrender value.

Documents Required to Buy LIC Jeevan Shanti Policy

To purchase the LIC Jeevan Shanti policy, the following documents are necessary:

  • Identity Proof (Aadhar Card, PAN Card, Passport, etc.)
  • Address Proof (Utility Bills, Aadhar Card, Passport)
  • Age Proof (Birth Certificate, SSC Certificate)
  • Income Proof (for higher annuity options)
  • Completed Application Form
  • Photographs

Final Note

The LIC Jeevan Shanti plan is an excellent option for those looking for a stable and secure financial future post-retirement. With its range of annuity options, it caters to various financial needs and ensures peace of mind for policyholders and their families.

It offers the dual benefits of flexibility and stability, ensuring that retirees can enjoy their golden years without financial worries

However, it is crucial to consider the plan's disadvantages and compare it with other investment options to make an informed decision.

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Please do your own research and consult your SEBI Registered investment advisor before making any financial investments.

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