LIC launches New Jeevan Shanti scheme

LIC Jeevan Shanti: Life Insurance Corporation of India (LIC) has introduced its new deferred annuity 'New Jeevan Shanti' scheme, which is a non-linked, non-participating, individual and single premium plan. The annuity rates are guaranteed at the inception of the policy and annuities are payable post-deferment period throughout the lifetime of annuitant(s). This plan can be purchased offline as well as online from October 21, 2020, onwards.

LIC is offering wwo annuity options under the plan. Option-1 is a deferred annuity for single life. After Deferment period, the annuity payments, as per the chosen mode, shall be made in arrears for as long as the annuitant is alive. In case of unfortunate death, during or after deferment period, death benefit will be payable to nominee of the annuitant. Under the option-2, deferred annuity for joint life after deferment period, the annuity payments, as per the chosen mode, shall be made in arrears for as long as the primary annuitant and/or secondary annuitant is alive. On death of the last survivor, during or after deferment period, the death benefit will be payable to the nominee.

The joint life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. grandparent, parent, children, grandchildren) or spouse or siblings. The minimum purchase price is Rs1.50 lakh (subject to minimum annuity criterion.)