PENSION PLANS 

JEEVAN SHANTI

Plan Number.: 850

Pay Single Premium and get Guaranteed pension for Lifetime Choose from
1. Immediate pension or deferred pension options
2. Joint life pension or increasing income every year
3. Death benefit in lumpsum or in yeraly installments
Loan availability after completion of 1 year Tax Benefit on premiums paid u/s 80C
Product Info: Jeevan Shanti is a Single Premium Payment plan with guaranteed pension for lifetime It has multiple options of taking pension from joint life pension for lifetime or increasing pension every year The pension can be commenced immediately, or it can also be deferred Guaranteed Bonus which will be added every month to the policy The loan is available after the completion of 1 Year The NPS subscribers can also opt for this pension plan Death benefit can be availed in lumpsum or in installments The policy holder will get the tax benefit u/s 80C

JEEVAN AKSHAY - VI

PLAN NUMBER.: 189

  • Immediate Annuity Plan - Annuity starts as early as the next month.
  • Single premium plan: "Pay - Once - Enjoy - Forever".
  • Options of Annuities to choose from:
  • 1.Immediate Annuity per annum payable for the remainder of life.
  • 2.Immediate Annuity per annum payable for 5 years certain so long thereafter as the annuitant may be alive.
  • 3.Immediate annuity per annum payable for 10 years certain and so long thereafter as the annuitant may be alive.
  • 4.Immediate Annuity per annum payable for 15 years certain and so long thereafter as the annuitant may be alive.
  • 5.Immediate Annuity per annum payable for 20 years certain and so long thereafter as the annuitant may be alive.
  • 6.Immediate Annuity per annum payable for life with return of purchase price on death of the annuitant.
  • 7.Immediate Annuity increasing at 3% per annum (simple) payable for life.
  • 8.Immediate Annuity for life with a provision for 50 % of the annuity to the spouse on death of the annuitant.
  • 9.Immediate Annuity for life with a provision for 100 % of the annuity to the spouse on death of the annuitant.
  • 10.Annuity for life with a provision for 100% annuity payable to spouse on death of annuitant with return of purchase price on death of the last survivor.
  • 11.No medical examination is required for purchasing this policy.
  • 12.Available for age at entry as low as 30 years and upto 85 years.
  • PRADHAN MANTRI VAYA VANDANA YOJANA

    Plan Number.: 842

  • This plan is Exclusively Designed for Senior Citizens
  • Guaranteed Pension offered by Govt. of India
  • Pension starts Immediately
  • Pension can be opted through Yearly, Half Yearly, Quarterly and Monthly mode
  • Life Cover equivalent to Purchase Price
  • Loan is Available after completion of 3 Years
  • Guaranteed Maturity at the end of the Term
  • Option of Premature Exit in case of any Critical Illness
  • This Plan is exempted from GST
  • NEW JEEVAN NIDHI

    Plan Number.: 818

  • LIC's New Jeevan Nidhi is a conventional with profits pension plan.
  • Death during first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee/ legal heir at the then prevailing immediate annuity rates. Death after first five policy years: Provided the policy is in full force, Basic Sum Assured along with accrued Guaranteed Addition, Vested Simple Reversionary Bonuses and Final Additional Bonus, if any,shall be paid as lump sum or in the form of an annuity or partly in lump sum and balance in the form of an annuity to the nominee/legal heir at the then prevailing immediate annuity rates.
  • Life Cover:
    Benefit on vesting:
    Provided the policy is in full force, on vesting, an amount equal to the Basic Sum Assured along with accrued Guaranteed Additions, Vested Simple Reversionary Bonuses And final Additional Bonus,if any shall be made available to the Life Assured. Option available to Life Assured for utilization of the benefit amount: The following options shall be available to the Life Assured for utilization of the benefit amount on vesting/ surrender.
  • Life Cover:
    To purchase an immediate Annuity:
    The Life Assured shall have a choice to commute the amount available on vesting/ surrender to the extent allowed under Income Tax Act. The entire amount available on vesting/ surrender or the balance amount after communication, as the case may be, shall be utilized to purchase immediate annuity at the then prevailing annuity rates. Communication shall only be allowed provided the balance amount is insufficient to purchase a minimum amount of annuity as per the provisions of section 4 of Insurance Act, 1938.
  • In case the total benefit amount is sufficient to purchase the minimum amount of annuity, then the said amount shall be paid as a lump sum to the Life Assured.
  • OR
  • Life Cover:
    To purchase a new single premium deferred pension product from LIC:
    Under this option the entire proceeds available on vesting/ surrender shall be utilized to purchase a new single premium deferred pension product provided the policy holder satisfies the eligibility criteria for purchasing single premium deferred pension product.
  • The Life Assured will have to intimate his/her intention on to go for a particular option available on the date of vesting at least six months prior to the date of vesting or at the time of surrender.