LIC Jeevan Shanti Insurance Plan

Insurance plans in India are a vital component of dealing with the economy. Most of the people getting insured have an approach that they will have the good savings which will yield the good amount of returns. In India oldest insurance company that is still operational is Life Insurance Corporation or LIC. LIC has made different insurance plans suiting every individual’s need, that is a person may have a large joint family, small nuclear family or individual.

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LIC Jeevan Shanti Insurance Plan

So here is one new added to its several plans that it offers to every citizen of the country. The new scheme is launched by the name LIC Jeevan Shanti Insurance Scheme or Bima Yojana. You may continue reading here for the complete details regarding the scheme.

Premiums

One is always interested in knowing how much one has to pay to get certain benefits. And in case of insurance plans that payment is known as the premium for the Insurance plan. So here are the complete details regarding the same. LIC Jeevan Shanti Insurance Scheme is a one-time premium plan. Yes, that is you can have the returns from it even paying the single premium. But to suit everyone’s need there are flexible premium plans. The flexible premium plans are:

Time period opted Minimum installment amount
Monthly 5000
Quarterly 15000
Half- yearly 25000
Yearly 50000

LIC Jeevan Shanti Insurance Plan

Features of LIC Jeevan Shanti Insurance Plan

There are certain benefits that this scheme has which make it even more attractive. Such features are:

  • One may choose from 2 options of annuity that are available in this scheme that is between immediate or deferred annuity
  • For this plan, one may apply either online or offline. But in order to promote online transactions more, there is an extra 2% annuity that is offered to people who opted for online transactions.
  • Lifelong benefits of payment in just one-time payment.
  • And you are offered with 9 different annuity options to choose from. And of these 9 annuity options, 7 are for immediate annuities and 2 for deferred annuities.
  • Annuity rates are guaranteed for both Deferred and Immediate annuities at the time of inception of the policy.
  • Also, you can have this plan for individual or as joint insurance plan coverage.

Age Limit

Age limit to apply for this scheme is discussed here. Minimum age to apply and get insured under this scheme is 30 years of age. And maximum age in case of the immediate annuity is 88 years and in case if deferred annuity it is 79 years.

Policy as Collateral

You can always use Insurance policy as a collateral to get the loan. Similarly, in the case of LIC Jeevan Shanti Insurance Plan, you can use this plan as an insurance cover to get the loan as a collateral security.

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