LIC Jeevan Shanti Policy: Life Insurance Corporation of India (LIC) offers a number of insurance cum investment plans ranging from Endowment to ULIPs (Unit Linked Plans). LIC Jeevan Shanti Policy is one of them. In this life insurance policy, the state backed insurer gives an option to the investors to create an opportunity for revenue in the form of a lifetime pension. As per the policy details available on the official website of LIC – licindia.in – an investor can make lifelong income by investing a lump sum amount in this LIC plan.
Speaking on LIC Jeevan Shanti Policy; Mumbai-based tax and investment expert Balwant Jain said, “This LIC of India plan offers two options to an investor – immediate plan and deferred annuity option. An investor can choose any one of the two options depending on the age group To which the investor belongs. If the investor is a retired person or is about to retire, in that case immediate planning is advised as the pension will be effective from the next month after purchase of the policy. However, in case of deferred annuity option, The investor will get an option to buy annuity at the age of 60. Till that period, investors’ money will grow like any other LIC endowment plan.”
When asked how much one’s money will grow in this LIC Jeevan Shanti policy plan if deferred annuity option is chosen, Balwant Jain said, “In any LIC’s insurance cum investment plan, one’s money will increase by 6 per cent per annum. As long as it is a ULIP. Even in this LIC Jeevan Shanti policy, one’s money can grow by 6 per cent per annum if the investor chooses the deferred annuity option.”
As for how this will enable an investor to maximize his pension, Balwant Jain said, “Generally, you can expect 6 per cent annual return on the annuity. So, if you choose the Tatkal plan, your amount is fixed. and you start getting monthly pension. Next month. However, in case of deferred annuity plan, your money grows at around 6 per cent per annum with the passage of time. Therefore, while buying an annuity, the investor has the right to buy the annuity. Moreover, the stage of investment return rate may also change as annuity returns may change from the time of investment to the time of annuity purchase.”
Balwant Jain said that LIC Jeevan Shanti policy is suitable for investors who have low risk appetite, especially those who have already retired or are about to retire.
Investors willing to invest in LIC Jeevan Shanti policy can buy this LIC of India plan both online and offline. Those who are internet savvy can buy this plan directly from the official website of LIC – licindia.in. Offline policy buyers can buy the plan either from a registered LIC agent or by visiting the nearest LIC branch.
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