The LIC Jeevan Shanti plan offers you two options for retirement: immediate annuity and deferred annuity. In the former case, you can begin receiving a pension right after paying your premiums, and in the latter case, you will receive your pension after a certain period of time, which you decide at the start of your policy. You may choose from a minimum term of one year, up to a maximum of 20 years.
The Jeevan Shanti plan is available to individuals from age 45. Depending on your age, you can choose the annuity period from one year to 12 years. You will then receive a monthly pension, which can help you pay for your living expenses after retirement. You will also be eligible to receive income tax relief on the premiums you pay.
The Jeevan Shanti plan is one of the most popular pension plans in India. You can purchase this plan online or in a physical insurance agency. The plan pays out a pre-determined pension amount upon maturity and includes a death benefit. If you die while still holding your plan, the death benefit will return the purchase price to your nominee.
In addition to providing a fixed pension, the Jeevan Shanti plan also offers life cover. This insurance plan is suitable for those who want a guaranteed income in their retirement years and who are happy to accept annuity rates of four to six percent.