LIC Jeevan Shanti Pension Plan

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Life Insurance Corporation (LIC), the country's largest life insurance company, which offers insurance policies like term insurance plans, endowment plans and money back plans also offer pension plans. LIC's Jeevan Shanti Policy plan is one of the pension plans being offered by the state-run insurance corporation. LIC Jeevan Shanti policy is a single premium plan wherein the policyholder has an option to choose an immediate or deferred annuity or pension, LIC said on its website www.licindia.in. LIC Jeevan Shanti policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings, LIC added.

Below are the pension options being offered by LIC under Jeevan Shanti Pension Plan:

  • Option A: Immediate annuity for life
  • Option B: Immediate annuity with guaranteed period of 5 years and life thereafter
  • Option C: Immediate annuity with guaranteed period of 10 years and life thereafter
  • Option D: Immediate annuity with guaranteed period of 15 years and life thereafter
  • Option E: Immediate annuity with guaranteed period of 20 years and life thereafter
  • Option F: Immediate annuity for life with return of purchase price
  • Option G: Immediate annuity for life increasing at a simple rate of 3 per cent per annum
  • Option H: Joint Life Immediate Annuity for life with a provision for 50 per cent of the annuity to the secondary annuitant on death of the primary annuitant
  • Option I: Joint life immediate annuity for life with a provision for 100 per cent of the annuity payable as long as one of the Annuitant survives
  • Option J: Joint life immediate annuity for life with a provision for 100 per cent of the annuity payable as long as one of the annuitant survives and return of purchase price on death of the last survivor
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