UIN

512N328V01

Product Summary

• 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 all lives including third gender.
• 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(s).
• Various annuity options and mode of annuity payment are available under the Plan. The option once selected cannot be changed.
• This plan can be purchased offline as well as online.To purchase the plan online, please log on to our website www.licindia.in

Premium Payment Mode

Single

Policy Benefits

Make one time investment and get Guaranteed life-long income.

• 12 different annuity options to choose from to suit every need and circumstance.
• Option to choose either Immediate Annuity or postpone it to a future date as Deferred Annuity.
• Annuity rates are guaranteed from inception of the policy.
• Guaranteed additions during deferment period.
• This policy can be taken on own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings.
• Loan Available: Loan facility shall be available after completion of 1 policy year.
• Surrender Allowed: The policy can be surrendered at anytime 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 15days.
• Option to take the plan for the benefit of handicapped dependant (Divyangjan) life.

Type of Annuity

The options available under Immediate annuity are :

The options available under Deferred annuity are :

• Option A : Immediate Annuity for life.
• Option B : Immediate Annuity with guaranteed period of 5 years and life thereafter.
• Option C : Immediate Annuity with guaranteed period of 10 years and life thereafter.
• Option D : Immediate Annuity with guaranteed period of 15 years and life thereafter.
• Option E : Immediate Annuity with guaranteed period of 20 years and life thereafter.
• Option F : Immediate Annuity for life with return of Purchase Price.
• Option G : Immediate Annuity for life increasing at a simple rate of 3% p.a.
• Option H : Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
• Option I : Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.
• 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.
• Option 1 : Deferred annuity for Single life
• Option 2 : Deferred annuity for Joint life

Eligibility Conditions and Features

Maturity Benefit : There is no Maturity Benefit under this policy

Minimum Purchase Price : Rs.1,50,000 /- subject to Minimum Annuity as specified below

Maximum Purchase Price : No limit

Note: However, lower Purchase Price may be allowed in specific cases such as NPS and if this Plan is purchased for the benefit of Divyangjan, as per terms and conditions of this Plan. In such a case, for NPS, the annuity rates shall be subject to a Reduction Factor. Minimum Age at Entry:30 years (completed).

Minimum Annuity

Annuity Mode	Monthly	Quarterly	Half-Yearly	Annual
Minimum Annuity	Rs.1,000 per month	Rs.3,000 per quarter	Rs.6,000 per half year	Rs.12,000 per annum

Maximum Annuity : No limit

Minimum Age of Entry : 30 years (last birthday)

Criteria	Immediate Annuity	Deferred Annuity
Maximum Age at Entry	85 years (last birthday)except option F, 100 years (last birthday)for option F	79 years (last birthday)
Minimum Deferment period	Not Applicable	1 year
Maximum Deferment period	Not Applicable	20 years subject to Maximum Vesting age
Minimum Vesting Age	Not Applicable	31 years (last birthday)
Maximum Vesting Age	Not Applicable	80 years (last birthday)

In case of joint life , the age limits specified above shall apply to both lives.

Joint Life: The joint life annuity can be taken between any lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings

Rebates :

a. Incetive for high purchase price :

Under both Immediate Annuity and Deferred Annuity policies,where purchase price is high,incentive by way of increase in the tabular annuity rate will be given to the annuitant.

Scale of absolute amount of incentive under high purchase price policies as an addition to the annuity rates per annum per rupees 1000 purchase price is as below.

Mode of Annuity	For Rs. 1000/- Purchase price (in Rs.)
	5,00,000 to 9,99,999	10,00,000 to 24,99,999	25,00,000 to 49,99,999	50,00,000 to 99,99,999	1,00,00,000 & above
Yearly	1.50	2.10	2.45	2.60	2.70
Half-Yearly	1.40	2.00	2.35	2.50	2.60
Quarterly	1.35	1.95	2.30	2.45	2.55
Monthly	1.30	1.90	2.25	2.40	2.50

b. Incetive for direct sale :

For policies sold directly without any involvement of Agent/any ither intermediary, a maximum rebate of 2% per policy by way of increase in annuity shall be available for online policies.

c. Reduction in Annuity rates under Deferred Annuity for payment frequencies other than yearly mode

The reduction by way of decrease in annuity rate shall be applicable under Deferred Annuity for frequencies other than yearly mode.The reduction is as under :

Mode	Reduction in Annuity Rate
Half-yearly	2%
Quarterly	3%
Monthly	4%

d. Reduction factor for lower purchase price :

In case the immediate annuity is to be provided even if the Purchase Price is less than the minimum prescribed purchase price,the immediate annuity rates given under this plan shall be reduced with Reduction Factor as specified below :

Age at Entry	Reduction Factor for Rs.1000 /- Purchase Price (in Rs)
0-55	1.00
56-70	2.00
71-90	5.00
91 & above	10.00

e. Rebate for Corporation Employees

A rebate of 2% of the purchase price will be available to eligible Corporation Employees under CEIS.

Surrender Value

The policy can be surrendered at any time after 3 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 :

Immediate Annuity :-

I)Options 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.

Deferred Annuity :-

i) Option 1 :Deferred annuity for single life

ii) Option 1 :Deferred annuity for joint life

Policy Loan

Loan facility shall be available after completion of 1 policy year.

Taxes

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 applicable taxes, as per the prevailing rates shall be payable by the policyholder on premiums payable under the policy, which shall be collected separately over and above in addition to the premiums payable by the policyholder.

The amount of tax paid shall not be considered for the calculation of benefits payable under the plan.