LIC Jeevan Shanti Yojana – Guaranteed income for a peaceful life after retirement! Complete information

LIC Jeevan Shanti Yojana – Guaranteed income for a peaceful life after retirement! Complete information

“Jeevan Shanti” is a Single Premium Immediate/Deferred Annuity Plan offered by LIC (Life Insurance Corporation of India), India’s largest life insurance company . The main objective of this plan is to invest a fixed amount once and get a fixed income for life. It is especially suitable for Senior Citizens, retirees, those seeking pension, or those who want a fixed monthly income .

Main features of the project

Who is this plan suitable for?

• Those who want a stable income after retirement

• EPF/Gratuity/Retirement settlement ಪಡೆದವರು

• Senior Citizens

• Those who want income in the future but want to invest now

• Parents who want to provide a secure income system for their children’s future

Jeevan Shanti Plan Options (Annuity Options)

LIC offers a variety of income options in this plan. Some of the most popular options are:

1. Immediate Annuity (Option A) – Income begins to accrue immediately after the premium is paid.

2. Deferred Annuity (Option F) – Income begins after a specified defer period.

3. Income facility for a single person (Single Life) or a couple (Joint Life) for life.

4. Income with Return of Purchase Price – Income comes regularly, the investment amount (Purchase Price) is returned to the nominee after death.

5. Fixed Period + Lifetime Income – Income for a specific period, then lifetime.

Investment example

Example 1: Immediate Annuity

• Age: 60 years old

• Investment amount: ₹10,00,000

• ಆಯ್ಕೆ: Lifetime Income with Return of Purchase Price

Then you will receive a monthly benefit of ₹5,400 – ₹6,200 (LIC’s estimate) for life.

Example 2: Deferred Annuity (10 year defer)

• Age: 45 years old

• Investment: ₹5,00,000

• If Anita defers for 10 years

• At the age of 55, a monthly income of ₹8,000 – ₹9,500 is possible.

Benefits of LIC Jeevan Shanti Scheme

• Lifetime Guaranteed Income

• Market Risk ಇಲ್ಲ – Fixed Return

• Pension like structure

• Additional interest rate for Senior Citizens (up to 2%)

• Husband-Wife Joint Protection

• Maturity ಇಲ್ಲ – Income only

• Section 80C is not applicable at the time of Income Tax – but the premium could have been used in the previous plan

• Death Benefit available to Nominee

Taxation

• Tax exemption is not applicable for paying premium (not under 80C).

• Income Tax is applicable to the amount received as income (pension) under the name “Income from Other Sources” .

• Tax concessions may be applicable for senior citizens under some slabs.

Who can make a joint option?

• Husband – wife

• Parent – ​​son / daughter (financial dependents)

• Brother / Sister

• Legal guardian

Scheme Comparison – Jeevan Shanti VS Jeevan Akshay VII

Method to purchase a plan

Online:

• Directly through LIC official website

• eKYC upload with premium payment

Offline:

• From LIC branch office

• Through an authorized LIC agent

Required documents

• Aadhar card

• PAN card

• Bank account cheque

• Two photos

• DOB Proof

• KYC (Provide Form 60/61 if applicable)

Important instructions for customers

• Thoroughly review future cash flow needs before taking up an LIC plan.

• Lifetime Plan only if income is regular

• If you want your pension soon, the Immediate option is the right one.

• It is better to combine retirement with other schemes (NPS, EPF, FD)

LIC Jeevan Shanti: Pros & Cons

Benefits:

• Lifetime financial security

• Stability without market risk

• Return on Purchase Price option

• High age eligibility

• Joint life benefit

Losses:

• Liquidity problem (money gets blocked)

• Taxable income

• Inflation cannot be matched.

• Once annuity fixed – cannot be changed

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Frequently Asked Questions (FAQ)

1. In how many years can the plan be completed?
→ This is not a maturity plan. Only lifetime payout.

2. Who is the nominee?
→ Wife, any of the children, legal heir.

3. Did you receive the money as soon as you invested?
→ After 1 month in Immediate plan. After the option period in Deferred.

4. When will the loans be available?
→ 1 year after investment.

5. Can Non-resident (NRI) invest?
→ Yes, as per LIC rules.

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LIC Jeevan Shanti is a secure retirement plan , especially suitable for retired employees, those who want a stable income, and those who are planning for pension . It is a good option for those who feel that the stock market or mutual funds are too risky. Once you invest the premium, you will get enough income to meet your education, health, and lifestyle needs throughout your life.

However, if you are in doubt , it is best to consult a financial advisor before purchasing a plan, taking into account inflation and income tax factors .