LIC Jeevan Shanti policy offers lifelong income; available in 9 different options

LIC Income Scheme: If you are worried about a regular source of income now or during your retirement days, then LIC Jeevan Shanti policy would be of interest to you. State insurer Life Insurance Corporation of India (LIC) is offering a single premium plan where the person who buys the policy has an option to choose an Immediate or Deferred annuity payment option. The annuity rates are guaranteed at the inception of the policy for both Immediate and Deferred Annuity and annuities are payable throughout the life time of annuitant. 

People who want to purchase LIC Jeevan Shanti policy (Plan No. 850, UIN: 512N328V02) can do it via online and offline modes. To purchase the plan online, you can visit the LIC website at 

Know benefits of this policy: 

1) This scheme guarantees lifelong income to the policy holders. It is a onetime investment policy. 

2) The buyers of this policy have the option to choose between 9 different annuity options to suit their needs during different circumstances. 

3) The buyers have the option to choose either immediate annuity or postpone it to a future date as deferred annuity. 

4) Annuity rates are guaranteed from inception of the policy. 

5) This scheme offers guaranteed additions during deferment period, the LIC website says. 

6) This policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings. 

7) Loan Available: This scheme also offers a loan facility after completion of 1 policy year. 

8) Surrender Allowed: The policy can be surrendered at any time after three months from the completion of policy when annuity option is with return of purchase price. 

Free look Period: If the Policyholder is not satisfied with the “Terms and Conditions” of the policy, the policy may be returned to the Corporation within 15 days.