LIC Jeevan Shanti coverage: Life Insurance Corporation of India (LIC) presents slew of insurance coverage cum funding schemes starting from endowment to ULIP (Unit Linked Plan). LIC Jeevan Shanti coverage is one in all them. In this life insurance coverage coverage, the state-backed insurer provides buyers an choice to create avenue for income within the type of lifelong pension. As per the coverage particulars obtainable on the official web site of LIC — licindia.in — an investor can create lifelong earnings by investing a lump sum quantity on this LIC plan.
Speaking on LIC Jeevan Shanti coverage; Mumbai-based tax and funding knowledgeable Balwant Jain stated, “This LIC of India plan offers two options to an investor — immediate plan and deferred annuity option. An investor can choose any one of the two options depending upon the age bracket in which the investor belongs. If the investor is a retired person or about to retire, in that case immediate plan is advisable as pension will become effective from the next month after buying the policy. However, in the case of deferred annuity option, the investor will get an option to buy annuity at 60 years of age. Till that period, an investors’ money will grow like any other LIC endowment plan.”
Asked about how a lot one’s cash will grown on this LIC Jeevan Shanti coverage plan if deferred annuity possibility is chosen, Balwant Jain stated, “In any LIC’s insurance cum investment plan, one can expect 6 per cent annual growth in one’s money unless it is a ULIP. In this LIC Jeevan Shanti policy too, one’s money may grow at 6 per cent per annum if the investor chooses deferred annuity option.”
On how this can allow an investor to maximise one’s pension, Balwant Jain stated, “Generally, you can expect 6 per cent annual return on annuity. So, if you choose immediate plan, your amount gets fixed and you start getting monthly pension from the next month. However, in the case of deferred annuity plan, your money grows around 6 per cent per annum with the passé of time. So, at the time of annuity buy, the investor will have more money to buy annuity leading to more pension. Apart from this, the phase of investment return rate may also change as annuity return can change from time of investment to time of annuity buy.”
Balwant Jain stated that the LIC Jeevan Shanti coverage fits to these buyers who’ve low danger urge for food, particularly those that are already retired or about to retire.
An investor prepared to put money into LIC Jeevan Shanti coverage should purchase this LIC of India plan each on-line and offline. Those who’re web savvy should purchase this plan instantly from the official LIC web site — licindia.in. Offline coverage consumers can both purchase the plan from a registered LIC agent or by visiting the closest LIC department.
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