LIC launches 'New Jeevan Shanti' plan

GUWAHATI: Life Insurance Corporation of India has introduced LIC's New Jeevan Shanti plan which is a non-linked, non-participating, individual, single premium, deferred annuity plan.

The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the life time of Annuitant(s). This plan can be purchased offline as well as online from October 21.

After Deferment period, the annuity payments, as per the chosen mode, shall be made in arrears for as long as the Annuitant is alive. In case of unfortunate death, during or after Deferment period, Death benefit will be payable to nominee of the annuitant

The Minimum Purchase Price is Rs.1,50,000/- (subject to minimum annuity criterion.) The modes of annuity available are yearly, half-yearly, quarterly, and monthly. The minimum annuity is Rs.12,000 per annum. There is no ceiling on Maximum Purchase Price. An Incentive for Purchase price of Rs 5,00,000/- and above is available by way of increase in the annuity rate .The plan is available for ages from 30 yrs to 79 years. The Minimum Deferment Period is 1 year and Maximum Deferment Period 12 years subject to Maximum Vesting Age (80 yrs), stated a press release.

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