Srinagar, Sep 19, CNS: The Life Insurance Corporation of India (LIC) has launched its single-premium pension plan, named Jeevan Shanti.
While addressing a press conference here in Kashmir capital Srinagar, Senior Divisional Manager for LIC Srinagar, Mr Kapoor Srinagar said that under Jeevan Shanti policy which is also a Pension Policy, the pensioners will reap huge benefits. He said the non-linked, non-participating plan provides the policyholders options to choose either an immediate annuity or a deferred annuity. The deferment period can range from 1 to 20 years, subject to maximum vesting age of 80 years to start of annuity.
The annuity rates are guaranteed at the inception of the policy for both immediate and deferred annuity, which would make the financial condition of the pensioner stable.
Moreover, there is a guarantee of bonus additions under deferred annuity and the guaranteed additions shall accrue at the end of each policy month, till the end of deferment period only.
The minimum age at which the policy may be taken is 30 years. The maximum age of entry to get lifelong annuity starting immediately, with the option of return of purchase price to the nominee after demise of the annuitant, is 100 years, while for other options under immediate annuity, the entry age is 85 years. The maximum entry age under deferred annuity option is 79 years.
He said the policy not only comes with the features for benefit of the individuals, but provides support for the family too, especially for handicapped dependents.
“The pensioner have options to get the annuity monthly, quarterly, half-yearly or yearly. The minimum pension one can opt for is Rs 1,000 monthly, Rs 3,000 quarterly, Rs 6,000 half-yearly or Rs 12,000 yearly. The minimum purchase price will be calculated accordingly, which normally should not be less than Rs 1,50,000. However, lower purchase price may be allowed in specific cases such as NPS and if the plan is purchased for the benefit of a handicapped dependent as per terms and conditions of this plan. In such a case, for NPS, the annuity rates shall be subject to a reduction factor.”