LIC's JEEVAN SHANTI (UIN:512N328V01 )


It is an Annuity plan which has option of purchasing both Immediate and Deferred annuity and can be purchased only by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant.

There is option for surrender of policy under specified options. Loan will be available under the policy.

Online Incentive Rebate of 2% by way of increase in the basic annuity rate will be available.
Immediate Annuity Starts as early as next month.
Deferred Annuity Available after Deferment of Minimum 1 year and Maximum 20years.
Single Premium Pay - Once - Enjoy - Forever
Purchase Limits Minimum purchase price : Rs.1,50,000/-
No maximum limits for purchase price, annuity etc.
Incentive for High Purchase Price If your purchase price is Rs. 5,00,000/- or more, you will receive higher amount of annuity due to available incentives.
Age Limits Minimum age at entry: 30 years
Maximum age at entry: 85 years and 79 for Deferred annuity
Age proof is necessary
Medical No medical examination is required.
Annuity Mode Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.

You may choose any one from the below mentioned annuity options for Immediate Annuity

(A). Annuity payable for life at a uniform rate.
(B). Annuity payable for 5(B), 10(C), 15(D) or 20(E) years certain and thereafter as long as the annuitant is alive.
(F). Annuity for life with return of purchase price on death of the annuitant.
(G). Annuity payable for life increasing at a simple rate of 3% p.a.
(H). Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
(I). Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
(J). Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.
You may choose any one from the below mentioned annuity options for Deferred Annuity
(1). Deferred annuity for Single life
(2). Deferred annuity for Joint life
Please note - Once chosen, the option cannot be altered.

Amount of annuity payable at yearly intervals which can be purchased for Rs.10,00,000/- under different options for Immediate Annuity is as under:

Age last birthday Yearly annuity amount under annuity option
(A) (D)
(15 yrs
certain)
(F) (G) (H) (I) (J)
30 70134 69828 66156 51060 69012 67890 66054
40 73194 72684 66462 54528 71460 69828 66258
50 79212 77784 66870 60954 76254 73500 66564
60 90942 86250 67482 72888 85638 80844 67074
70 114912 97878 68502 97062 105120 96858 67992
80 182640 104508 70032 162648 156834 137556 69216

Amount of annuity payable at yearly intervals which can be purchased for Rs.10,00,000/- under different options for Deferred Annuity for sinlge life is as under:

Age last birthday Deferement Period
5 10 15 20
30 89718 121950 166116 220278
35 90330 123684 168564 220380
40 91146 125724 170808 217626
45 92166 128172 172236 210690
50 93594 130824 172848 196104
55 95328 134088 169176 173562
60 97674 137352 156222 149592
65 101040 136230 137556 N.A.
70 105426 127050 N.A. N.A.
75 108486 N.A. N.A. N.A.
  • ♦ What is LIC's Jeevan Shanti Policy?

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    → LIC's Jeevan Shanti Plan is a non-linked, non-participating, single premium annuity plan wherein the Policyholder has an option to choose an Immediate Annuity or Deferred Annuity. This plan shall be allowed to lives including third gender..

    The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity.This plan can be purchased offline as well as online.

  • ♦ Why should you buy Jeevan Shanti Plan Online?

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    → Buying a plan online is one of the cheapest modes to buy insurance as it saves your time and money. With the arrival of e-commerce the world has moved ahead fast, competitively.

    Further, an enhanced annuity by 2% in annuity amount shall be available in case of online purchase.

  • ♦ What are the incentives available under this plan.

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    a.Incentives for Online sale.

    An enhanced annuity by 2% in annuity amount shall be available in case of:

    →Online policies (For both Immediate and Deferred Annuity)

    →NPS subscribers.

    b.Incentive for high purchase price..

    →Incentive for high purchase price will be added after providing for incentives for Online sale.

  • ♦ What are the benefits available under this plan.

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    1.Benefits payable on Survival

    Under Deferred Annuity:

    • Nothing is payable during deferement period for single life / joint life option.
    • After deferement period,Annuity payments will be made in arrears as long as the Annuitant is alive, as per the chosen mode of annuity payment for single life option.
    • After deferement period,Annuity payments will be made in arrears as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment for joint life option

    2.Benefits payable on Death:

    • Under Immediate Annuity: On death of the Purchaser, the Purchase Price is returned only under option no. 3 & 7.
    • Under Deferred Annuity: Death benefit shall be higher of :

      Purchase Price plus Accrued Guaranteed Additions (as specified in Para 3) minus Total annuity payouts till date of death or

      110% of Purchase Price.

    3.Accrued Guaranteed Additions:

    • Under Deferred Annuity, Guaranteed Additions shall accrue at the end of each policy month, till the end of Deferment Period only.
    • In case of death of the annuitant during the deferment period, Guaranteed Additions for the policy year in which the death has occurred shall accrue till the completed policy month as on the date of death.

    4.Maturity Benefit: There is no maturity benefit under this policy

  • ♦ What are the premium payment modes available?

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    → The Premiums can be paid in Single mode only.

  • ♦ How can you make payment towards a new Jeevan Shanti plan for online purchase?

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    → You can make payment through Netbanking, Debit card, Credit card, Amex card.

  • ♦ Can a loan be taken under this product?

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    →Loan facility shall be available after completion of 1 policy year. Policy loan shall be allowed under the following annuity options only:

    a.Immediate annuity-

    i)Option F: Immediate Annuity for life with return of Purchase Price.

    ii)Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

    b.Deferred annuity-

    i) Option 1: Deferred annuity for Single life.

    ii) Option 2: Deferred annuity for Joint life.

  • ♦ Can I surrender my policy?

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    →The policy can be surrendered at any time after three months from the completion of policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later under the following annuity options only:

    a.Immediate annuity-

    i)Option F: Immediate Annuity for life with return of Purchase Price.

    ii)Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

    b.Deferred annuity-

    i) Option 1: Deferred annuity for Single life.

    ii) Option 2: Deferred annuity for Joint life.

  • ♦ Is there any Free Look period?

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    →If a policy holder is not satisfied with the Terms and Conditions of the policy, he/she may return the policy to the Corporation stating the reason of objections, within 15 days (30 days if this policy is purchased online) from the date of receipt of the policy.

    The refund of premium to the Policyholder shall be subject to following deductions:

    1. Stamp duty on policy.

    2. Annuity paid, if any.

  • ♦ Will I have to undergo a medical test?

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    →No. There is no medical test under this plan.

  • ♦ Can I buy one more online policy?

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    → Yes, you can buy another online policy in your name.

  • ♦ If I am travelling abroad for business/vacation will I be covered?

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    → Once the policy is issued you are covered across the globe. Even in case you get an opportunity to work abroad the coverage shall be applicable.

  • ♦ What are the exclusions under this policy?

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    → Suicide during first year of policy from the date of adjustment is excluded under this policy.

  • ♦ What are the applicable Taxes?

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    → Statutory Taxes, if any, imposed on such insurance plans by the Govt. of India or any other constitutional tax Authority of India shall be as per the Tax laws and the rate of tax shall be as applicable from time to time.

    → The amount of any applicable taxes (such as GST), payable as per the prevailing rates shall be payable by the policyholder on Purchase Price payable under the policy, which shall be collected separately in addition to the Purchase Price payable by the policyholder. The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.

  • ♦ What is section 45 of The Insurance Laws(Amendment) Act,2015 ?

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    Section 45 of The Insurance Laws (Amendment) Act, 2015 :

        1. No policy of life insurance shall be called in question on any ground whatsoever after the expiry of three years from the date of the policy, i.e. from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later.
        2. A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground of fraud:
            Provided that the insurer shall have to communicate in writing to the insured or the legal representatives of nominees or assignees of the insured the grounds and materials on which such decision is based.
            Explanation I — For the purposes of this sub-section, the expression "fraud" means any of the following acts committed by the insured or by his agent, with the intent to deceive the insurer or to induce the insurer to issue a life insurance policy:
              a. the suggestion, as a fact of that which is not true and which the insured does not believe to be true;
              b. the active concealment of a fact by the insured having knowledge or belief of the fact;
              c. any other act fitted to deceive; and
              d. any such act or omission as the law specially declares to be fraudulent.
            Explanation II — Mere silence as to facts likely to affect the assessment of the risk by the insurer is not fraud, unless the circumstances of the case are such that regard being had to them, it is the duty of the insured or his agent, keeping silence to speak, or unless his silence is, in itself, equivalent to speak.
        3. Notwithstanding anything contained in sub-section (2), no insurer shall repudiate a life insurance policy on the ground of fraud if the insured can prove that the mis-statement of or suppression of a material fact was true to the best of his knowledge and belief or that there was no deliberate intention to suppress the fact or that such mis-statement of or suppression of a material fact are within the knowledge of the insurer:
            Provided that in case of fraud, the onus of disproving lies upon the beneficiaries, in case the policyholder is not alive.
            Explanation — A person who solicits and negotiates a contract of insurance shall be deemed for the purpose of the formation of the contract, to be the agent of the insurer.
        4. A policy of life insurance may be called in question at any time within three years from the date of issuance of the policy or the date of commencement of risk or the date of revival of the policy or the date of the rider to the policy, whichever is later, on the ground that any statement of or suppression of a fact material to the expectancy of the life of the insured was incorrectly made in the proposal or other document on the basis of which the policy was issued or revived or rider issued:
            Provided that the insurer shall have to communicate in writing to the insured or the legal representatives or nominees or assignees of the insured the grounds and materials on which such decision to repudiate the policy of life insurance is based:
             Provided further that in case of repudiation of the policy on the ground of misstatement or suppression of a material fact, and not on the ground of fraud, the premiums collected on the policy till the date of repudiation shall be paid to the insured or the legal representatives or nominees or assignees of the insured within a period of ninety days from the date of such repudiation.
             Explanation — For the purposes of this sub-section, the mis-statement of or suppression of fact shall not be considered material unless it has a direct bearing on the risk undertaken by the insurer, the onus is on the insurer to show that had the insurer been aware of the said fact no life insurance policy would have been issued to the insured.
        5. Nothing in this section shall prevent the insurer from calling for proof of age at any time if he is entitled to do so, and no policy shall be deemed to be called in question merely because the terms of the policy are adjusted on subsequent proof that the age of the life insured was incorrectly stated in the proposal.
  • ♦ Where can I contact / write to know the status of my application?

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    You can write to us at online_dm@licindia.com or call our toll free number 1800227717 or landline numbers 022-26117044, 022-26127303-05,022-67819282,022-67819284,022-67819287-88.