LIC Jeevan Shanti Plan 2023 Benefits, Features, Details, Reviews

LIC Jeevan Shanti Plan – The arrangement has now been removed by LIC. It was presented as a solitary premium arrangement that offers policyholders the choice to pick either a conceded annuity and a prompt annuity. The rates are ensured at the hour of procurement in light of the kind of annuity picked. LIC Jeevan Shanti is another single premium ensured annuity plan which is sending off on twelfth September 2018. It offers the surefire benefits with choices like a prompt benefits or conceded benefits. You might know that LIC’s Jeevan Akshay VI likewise offers the dependable annuity plan. Be that as it may, LIC’s Jeevan Akshay is a prompt annuity plan. Perhaps hence, LIC accompanied plan LIC Jeevan Shanti. This plan offers both quick annuity and conceded benefits plan.

LIC Jeevan Shanti 2023 is an insurance product that caters to the needs of senior citizens. The product offers a range of benefits, including free health check-ups, free medicines, and financial assistance in case of an emergency. The product is available nationwide and is offered by LIC India. Here’s everything you need to know about LIC Jeevan Shanti 2023.

LIC Jeevan Shanti Plan 2023

Sent off on 21 October 2020 LIC New Jeevan Shantiis a long lasting benefits plan by India’s most believed insurance agency, LIC. This being a solitary premium arrangement, the policyholder can get a pay for life by making a one-time singular amount installment. It is a non-connected and non-taking part annuity plan which offers different numerous benefits to the individual to be guaranteed forever. LIC New Jeevan Shantiis accessible in two conceded annuity plans. For both the choices in this arrangement, the safeguarded is ensured annuities at the hour of strategy buy. The annuity is paid after the postponement period till the time any of the annuitants is alive.

LIC Jeevan Shanti Plan 2023 is an insurance scheme that offers protection for people who are in the third phase of their life – men and women in the age group of 25 to 60 years. This insurance covers a range of risks, including personal injury, property damage, and death. The LIC Jeevan Shanti Plan 2023 offers an excellent policy for those who are looking for complete peace of mind.

LIC Jeevan Shanti Plan

LIC Jeevan Shanti Plan 2023 Details

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Eligibility criteria of LIC New Jeevan Shanti plan 

The policy has been designed especially for the middle- and upper-middle classes who are looking for an affordable and reliable insurance solution. Here are the eligibility criteria of the LIC New Jeevan Shanti plan. LIC New Jeevan Shanti has endorsed least age and a few other qualification models for those looking to enroll under this arrangement.

Entry Age

Minimum age 30 years

Maximum age 79 years

Vesting Age

Minimum age 31 years

Maximum age 81 years

Purchase Price

INR 1,50,000

No Maximum Limit

Deferment Period

Minimum: 1 year

Maximum: 12 years (subject to the maximum vesting age)

Benefits of the LIC New Jeevan Shanti plan

Looking to enhance your health and well-being? The LIC New Jeevan Shanti plan can help! This comprehensive health insurance plan offers a wide range of benefits, including hospitalization, medical expenses, and even cosmetic procedures. It is an ideal solution for those who are looking to stay healthy without spending a fortune. And best of all, the plan is offered at an affordable price – so you can enjoy its benefits without breaking the bank. If you’re interested in learning more about this plan, or finding out if it’s right for you, read on for more information!

  1. Death Benefit

    Option

    Period

    Survival of the Annuitant

    Death of the Annuitant

    Under Option 1

    During the Deferment Period

    Nothing is payable

    Annuity stops right away + Demise Advantage is paid to the candidate and the strategy ends

    Under Option 1

    After the Deferment Period

    Annuity payment continues as per the chosen annuity option as long as the primary annuitant is alive

    Annuity stops right away + Passing Advantage is paid to the chosen one and the approach ends

    Under Option 2

    During the Deferment Period

    Nothing is payable

    After the passing of both the annuitants, the annuity stops right away + Demise Advantage is paid to the chosen one and the approach ends

    Under Option 2

    After the Deferment Period

    Annuity installment go on according to the picked annuity choice as long as either/both the annuitants are alive

    After the demise of both the annuitants, the annuity stops right away + Passing Advantage is paid to the candidate and the strategy ends

    Under both the choices Conceded Annuity for Single Life and Conceded Annuity for Joint Life, the demise benefit is the higher of:

      1. 105% of the Purchase Price OR
      2. (Purchase Price + Accrued Additional Benefit on death) – Total Annuity amount payable till the date of death

    The following options are available to receive the Death Benefit:

      1. Lump-Sum
        The death benefit can be received in the form of a lump sum amount
      2. Annuity
        On the demise of the safeguarded, the advantage would be used to purchase a Quick Annuity for the candidates, contingent upon the age of the chosen one.
  2. Death Benefit in Installments
    Rather than a singular amount, the demise advantage can likewise be paid out in portions spread north of 5 or 10 or 15 years.

Features of LIC New Jeevan Shanti plan

LIC New Jeevan Shanti is an attractive insurance plan that offers cover for a wide range of accident cases. The plan offers a choice of hospital, medical, and funeral expenses. You can also avail of coverage for lost income and rehabilitation expenses. The benefits of the plan are clear and concise. It’s an excellent option for those who value quality healthcare and want to ensure that they’re covered in case of an accident.

  1. Flexible annuity options

    The arrangement offers a great deal of adaptability with regards to picking the annuity. There are a variety of choices that can be selected while picking an arrangement for yourself.

  2. Incentives Available
  • There is a motivation via expansion in the annuity rate accessible when a high price tag is selected
  • A 2% refund via expansion in annuity rate is accessible when the strategy is bought on the web or as QROPS (Qualifying Perceived Abroad Benefits Plan)
  1. Ease of Purchase
    The arrangement can be bought online by means of the organization site or. You can likewise purchase the LIC Jeevan Shanti Benefits Plan disconnected by visiting an organization office or getting in through a protection specialist.
    Before you finish purchasing the arrangement, it is prescribed that you visit Official to analyze the best plans and afterward buy the best one.
  2. Ease of loan facility
    A strategy purchaser can profit of the advantage of taking credits on the LIC Jeevan Shanti plan after the fruition of one arrangement year.
  3. Special Divyangjan cover
    On the off chance that a dependent is disabled, a different arrangement is there where how much venture gets decreased.
  4. Free Look period
    This strategy has a free look time of 15 days which implies that the strategy purchaser can drop the buy if he/she isn’t happy with the given agreements.

Premium details for LIC New Jeevan Shanti plan:

To comprehend how the LIC New Jeevan Shanti benefits plan works, let us investigate this example representation for Ravi Sharma, who is a 43-year-elderly person. Allow us to investigate the arrangement in the event that he purchases the Joint-Life choice with his better half who is 39 years of age, and furthermore on the off chance that he gets it as Single Life. The arrangement subtleties are as per the following:

  • Purchase Price: INR 20 lakhs
  • Deferment Period: 10 years

Here is the annuity amount payable:

Annuity 

Annually (in INR)

Half-Yearly (in INR)

Quarterly (in INR)

Monthly (in INR)

Single Life

1,76,400

86,436

42,777

14,112

Joint Life

1,70,000

83,000

41,225

13,600

Policy details of LIC New Jeevan Shanti plan (80-100 words)

  • Going on with a similar model, where Ravi Sharma purchases the Jeevan Shanti Plan LIC with the price tag as INR 20 lakhs and 10 years is the suspension time frame.
  • In the event that Ravi gets by till the finish of the postponement time frame, i.e, on vesting, he begins to get INR 1,76,400 as his annuity consistently.
  • If there should be an occurrence of Joint Life Annuity, he would get INR 1,70,000 or INR 13,600 on a yearly or a month to month premise separately.

Riders in LIC New Jeevan Shanti plan

There are no riders in the LIC New Jeevan Shanti pension plan.

Documents required for LIC New Jeevan Shanti plan

New Plan

The records expected to profit of this arrangement are as per the following-

  • As address evidence the arrangement purchaser can give his/her identification, driving permit or Aadhar card.
  • As personality verification, the arrangement purchaser can give his/her substantial identification, Aadhar card, Container card, and so forth.

To Claim the Annuitant’s Death
The demise guarantee is acceptable provided that the passing happens inside the postponement period picked by the annuitant.A passing case must be raised in somewhere around 90 days of death. The accompanying archives should be kept convenient:

    1. Claim Form issued by the company, available online
    2. Original policy documents
    3. NEFT details as mandated
    4. Death Proof from specified authorization

To Surrender the Policy

    1. Discharge Form- filled and signed
    2. NEFT mandate
    3. Bank details

Exclusions of LIC New Jeevan Shanti plan 

The strategy will be invalidated if the survivor on account of a joint annuity, by any explanation, ends it all at some random moment. The time span ought to fall in somewhere around a year from the date of the start of the gamble. This case infers the installment of 80% of the top notch paid or the acquiescence esteem. Some other cases are not substantial in that frame of mind of the organization

Tax implication in LIC New Jeevan Shanti plan

Allow us to investigate the different duty suggestions in New Jeevan Shanti LIC

  • Premiums Paid

Under Segment 80CCC, the charges that you pay towards this arrangement are charge deductible under Personal Expense Act, 1961.

  • Death Benefit

    Under specific choices, where the demise benefit is accessible, it is tax-exempt in the possession of the chosen one.

  • Commuted pension

    Toward the finish of the delay time frame, there is a choice to pull out 1/third of the corpus tax-exempt under area 10(10A). The excess sum must be changed over into an annuity and it is available in the possession of the annuitant.

Surrender Value in LIC New Jeevan Shanti Plan

The arrangement can be end anytime during the strategy. The payable acquiescence worth would be higher than the GSV (Surefire Give up Worth) or unique acquiescence esteem. The extraordinary acquiescence esteem is reviewable and is chosen by the organization whenever it is supported by the IRDAI.

Conclusion

In the event that you are searching for a safe and upgraded protection plan, the LIC New Jeevan Shanti plan can be a shrewd decision. One of the key benefits designs, the LIC New permits the policyholder to pick the Single Life or the Joint Life annuity choice according to his requirements. It is strongly suggest that you read every one of the agreements before you conclude purchasing the arrangement. Pick the annuity according to your inclination and partake in the arrangement advantages without limit.

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