The LIC Jeevan Shanti Plan (Plan No. 758) is a pension plan offered by LIC (Life Insurance Corporation of India) that aims to provide regular income after retirement. Here's a summary based on the details provided:
Key Features of LIC Jeevan Shanti Plan (Plan No. 758)
1. Effective Date: The plan will be effective from November 1, 2024.
2. Eligibility:
Age: Available for individuals aged between 0 to 79 years.
3. Sum Assured:
Minimum Sum Assured: ₹1.5 lakhs (i.e., ₹150,000).
4. Pension Options:
Deferred Annuity for Single Life: This option allows the annuitant to receive a regular pension after a deferment period of their choice.
Deferred Term (1-5 years): This option allows the policyholder to defer receiving the annuity for a period ranging from 1 to 5 years, during which the policy will accumulate value before the regular pension payments begin.
Benefits:
Guaranteed Income:The LIC Jeevan Shanti Plan (Plan No. 758) plan provides a guaranteed income stream after the deferment period.
Flexible Payment Period: Policyholders can choose how long they wish to defer their annuity payments, allowing for planning based on personal financial needs.
Additional Considerations:
Death Benefit: Typically, in pension plans, if the policyholder passes away before the pension is paid, the nominee may receive the sum assured or accumulated value depending on the policy conditions.
Tax Benefits: The policyholder may be eligible for tax benefits under Section 80CCC of the Income Tax Act in India, but it is advisable to consult a tax advisor for personalized advice.
Important Notes:
Always review the policy terms and conditions for details of premiums, payment frequency, and specific exclusions.
It's recommended to consult a LIC agent or financial advisor for personalized assistance and detailed information about this plan, including calculation of annuities based on different sum assured and payment options.
This is a summarized overview; make sure to access comprehensive product literature for all details and updates before making any investment decisions.
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