Are you worried about your future and the financial security of your loved ones? Do you want to invest in a plan that guarantees returns and provides lifelong benefits? Look no further, because LIC (Life Insurance Corporation of India) has the perfect solution for you!
Introducing the LIC Jeevan Shanti plan – a unique policy that offers the best of both worlds – a short-term commitment and long-term benefits. With this plan, you only need to pay premiums for 5 years and enjoy guaranteed yearly returns for the rest of your life. Let’s take a closer look at this plan and how it can secure your future.
The LIC Jeevan Shanti plan is a non-linked, non-participating, single premium annuity plan. This means that you only need to pay the premium once, and you can start enjoying the benefits immediately. The plan offers two options – immediate annuity and deferred annuity. Under the immediate annuity option, you can start receiving regular payouts immediately after paying the premium. On the other hand, the deferred annuity option allows you to defer the payouts and receive a higher amount in the future.
One of the most attractive features of this plan is the guaranteed yearly returns. The plan offers a guaranteed return of 8% for the immediate annuity option and 9% for the deferred annuity option. This means that you can enjoy a steady stream of income for the rest of your life, without worrying about market fluctuations or economic uncertainties. This makes the LIC Jeevan Shanti plan a safe and reliable investment option.
Moreover, the plan also offers a death benefit to your nominee in case of your unfortunate demise. Under the immediate annuity option, your nominee will receive the purchase price of the policy as a lump sum amount. Under the deferred annuity option, your nominee will receive the higher of the purchase price or the surrender value as a lump sum amount. This ensures that your loved ones are financially secure even in your absence.
Another advantage of the LIC Jeevan Shanti plan is the flexibility it offers. You can choose the frequency of payouts – monthly, quarterly, half-yearly or yearly, depending on your needs. You can also opt for a joint life annuity, where your spouse can continue to receive the payouts after your demise. This ensures that your spouse is taken care of even after you are gone.
The plan also offers a loan facility, where you can avail a loan against the policy after 3 years. This can come in handy during emergencies or for fulfilling any financial needs. The loan amount can be up to 75% of the surrender value of the policy.
Moreover, the LIC Jeevan Shanti plan also offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961. This means that the premiums paid and the payouts received are exempt from tax, making it a tax-efficient investment option.
In conclusion, the LIC Jeevan Shanti plan is a one-of-a-kind policy that offers a perfect balance of short-term commitment and long-term benefits. With just 5 years of premium payment, you can secure your future and enjoy guaranteed yearly returns for the rest of your life. The plan also offers flexibility, tax benefits, and a death benefit to your loved ones. So why wait? Invest in the LIC Jeevan Shanti plan today and secure your future with peace of mind.
