The Life Insurance Corporation of India offers a slew of insurance cum investment schemes ranging from the endowment to Unit Linked Insurance Plan (ULIP). Moreover, LIC Jeevan Shanti Policy is one of them. In this life insurance policy, the state-backed insurer offers the investors an opportunity to create an avenue for revenue in the form of a lifelong pension.
According to the details of a policy available on the official website of the Life Insurance Corporation via:https://licindia.in/
An investor can create lifelong income by investing a lump sum amount in this plan of LIC.
The LIC Jeevan Shanti Policy: Mumbai based tax & investment expert Balwant Jain said that “This LIC Policy of India offers 2 options to investors, and these are:
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Immediate Plan
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Deferred Annuity Option
An investor can choose any one of the 2 options depending upon the age bracket in which the investor belongs. And, if the investor is a retired person or he/she is about to retire, so in that case, the immediate plan is advisable as the pension will become effective from next month after buying the policy.
However, in the deferred annuity option, the investor will be getting an option to buy an annuity at the age of 60 years. Till that period, an investors’ money will grow like any other LIC endowment plan.
How to Invest in LIC Jeevan Shanti Plan
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The policyholder can invest in the LIC Jeevan Shanti Plan both online or offline.
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For buying this policy online, one needs o visit the LIC’s official website via: https://licindia.in/
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You can invest in this policy offline as well via, LIC agent or by visiting your nearby Life Insurance Corporation branch.
Joint Investment in LIC Jeevan Shanti Plan
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The policyholder can jointly invest in this scheme of LIC.
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You can co-invest in this policy with your parents, grandparents, children, grandchildren, and spouse or even with your siblings as well.
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An investor can cancel the policy within 15 days of the investment to get a complete refund on their investment.
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The free lock-in period is increased to 30 days if the policy is bought online.
Loan against LIC Jeevan Shanti Policy
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The policyholder can take an advance against their first investment in LIC Plan.
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One needs to wait at least 1 year since the policy’s inception to apply for a loan guaranteed by the Life Insurance Jeevan Shanti Plan.
