India’s largest life insurer, Life Insurance Corporation of India (LIC) has recently come up with a new pension plan for its customers - Jeevan Shanti. LIC Jeevan Shanti is a single premium plan that comes with a range of benefits. This plan is ideal for people who wish to have a fixed yearly income even after their retirement. In addition to this one, the company also offers three other pensions plans for its customers right now. New Jeevan Nidhi, Jeevan Akshay-VI, and Pradhan Mantri Vaya Vandana Yojana are the other pension plans currently offered. In terms of features and benefits, these plans differ a lot from Jeevan Shanti. Let’s take a look at how these plans compare against each other.
Here is a quick comparison of the pension plans offered by LIC:
|Features||LIC Jeevan Shanti||LIC New Jeevan Nidhi||LIC Jeevan Akshay-VI||Pradhan Mantri Vaya Vandhana Yojana|
|Premium type||Single premium||Single premium or regular premium||Single premium||Single premium|
|Annuity type||Immediate or deferred annuity||Deferred annuity||Immediate annuity||Immediate annuity|
|Minimum annuity||Rs.12,000 per year||Varies based on the age at which the pension starts||Varies based on the age at which the pension starts||Rs.12,000 per year|
|Maximum annuity||No limit||No limit||No limit||Rs.1.2 lakh per year|
|Minimum entry age||30 years||20 years||30 years||60 years|
|Maximum entry age||
|Minimum purchase price||Rs.1.5 lakh||
||Rs.1.5 lakh (for monthly pension plans)|
|Maximum purchase price||No limit||No limit||No limit||Rs.15 lakh (for monthly pension plans)|
|Deferment period||1 year to 20 years (subject to vesting age)||
|Minimum vesting age||31 years||55 years||N/A||N/A|
|Maximum vesting age||80 years||65 years||N/A||N/A|
|Joint life annuity option||Available for immediate family members including spouse, children, parents, grandparents, and grandchildren||Not available||Not available||Not available|
|Loan facility||Available after one year||Not available||Not available||Available after the completion of three policy years|
|Policy surrender||Allowed anytime after completion of three months||Allowed as per the following conditions:
||Allowed after one year of purchase||Allowed only under exceptional circumstances|
|Free look period||15 days||15 days||15 days||15 days|
This is a comparison of all the pension plans available in the LIC lineup. If regular income post retirement is your requirement, you may opt for one of the pension plans offered by the company. In addition to these plans, the company also offers a diverse range of plans including term plans, endowment plans, ULIPs, money-back plans, etc. Based on your specific requirement, you may choose a policy that meets your requirements. If you wish to make the most out of life insurance covers, you may choose more than one cover and take care of your needs.
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