LIC pension plan: Get this with Rs 10,00,000 next month, after 5, 10 or 20 years

Rajeev Kumar
No medical check-up required for LIC Jeevan Shanti plan.

LIC Jeevan Shanti Plan: The Life Insurance Corporation (LIC) offers Jeevan Shanti (UIN: 512N328V02) scheme for pension. As per the provisions of the scheme, you can either plan immediate pension or a deferred annuity only by paying a lump sum. This pension plan, which was launched last year, offers a stated pension amount throughout the lifetime of the pensioners. The policyholder can also opt for loan under this pension plan. Also, you can get an enhanced annuity by 2 per cent by buying the scheme online through the official LIC website.

Pension Options Under LIC Jeevan Shanti

Immediate Annuity: The scheme provides seven options for immediate annuity, which can start as early as next month:

(A). Pension for life at a uniform rate.
(B). Pension for certain 5, 10, 15 or 20 years, and thereafter as long as the annuitant is alive.
(F). Pension for life with return of purchase price on death of the pensioner.
(G). Pension for life increasing at a rate of 3% p.a.
(H). Pension for life with a provision of 50% of the pension payable to spouse during his/her lifetime on death of the pensioner.
(I). Pension for life with a provision of 100% of the pension payable to spouse during his/her lifetime on death of the pensioner.
(J). Pension for life with a provision of 100% of the pension payable to spouse during his/ her lifetime on death of pensioner. LIC says that the purchase price will be returned on the death of the last survivor.

Deferred annuity: There are two options

A. Deferred annuity for Single life
B. Deferred annuity for Joint life

Expected pension on investing Rs 10 lakh

Immediate annuity

Age last birthday
Yearly annuity amount under annuity option
(A) (D)
(15 yrs
certain)
(F) (G) (H) (I) (J)
30 70134 69828 66156 51060 69012 67890 66054
40 73194 72684 66462 54528 71460 69828 66258
50 79212 77784 66870 60954 76254 73500 66564
60 90942 86250 67482 72888 85638 80844 67074
70 114912 97878 68502 97062 105120 96858 67992
80 182640 104508 70032 162648 156834 137556 69216

*Source – LIC

Deferred Annuity

Age last birthday
Deferement Period
5 10 15 20
30 89718 121950 166116 220278
35 90330 123684 168564 220380
40 91146 125724 170808 217626
45 92166 128172 172236 210690
50 93594 130824 172848 196104
55 95328 134088 169176 173562
60 97674 137352 156222 149592
65 101040 136230 137556 N.A.
70 105426 127050 N.A. N.A.
75 108486 N.A N.A. N.A.

*Source – LIC

Jeevan Shanti is a non-linked, non-participating, single premium pension plan. The annuity rates on the scheme are guaranteed at the time of purchase of the policy. No medical test is required for purchasing this policy.