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LIC launches 'Jeevan Shanti' annuity plan

Life Insurance Corporation of India has launched a new annuity plan, ‘Jeevan Shanti’, a comprehensive scheme with unique features for the benefit of the individual as well as for the family, especially handicapped dependents.

The plan was launched by the VK Sharma, Chairman, LIC, on Tuesday.

The non-linked, non-participating, single premium annuity plan gives the policy holder an option to choose between immediate annuity and deferred annuity.

The deferment period for the newly-launched plan can range from 1-20 years.

The joint life annuity option can be exercised with any lineal descendant/ascendant of a family (i.e. grandparent, parent, children, grandchildren) or spouse or siblings as secondary life. If the proposer has a differently-abled dependent (‘Divyangjan’), the plan can be purchased for the benefit of the ‘Divyangjan’ as a nominee or a second annuitant under the immediate annuity option.

The annuity rates are guaranteed at the inception of the policy for both immediate and deferred annuity.

Accrued guaranteed additions

Under deferred annuity, guaranteed additions shall accrue at the end of each policy month, till the end of the deferment period only. Under both immediate annuity and deferred annuity policies, where purchase price is high, incentive by way of increase in the tabular annuity rate will be given to the annuitant.

Death claim proceeds, wherever payable, can be claimed as one lump sum, installments or in annuity form. The policy also provides liquidity as there is provision for loan and surrender as well for annuity options with death benefit.

This plan can be purchased offline as well as online.

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