New Delhi: Life Insurance Corporation of India (LIC) is one of the most trusted insurers in India that offers a slew of policies to Indian investors. In one scheme named as LIC Jeevan Shanti plan, the state-backed insurer offers investors an opportunity to get lifelong income or pension by investing a lump-sum amount at once.
LIC currently offers two options under the LIC Jeevan Shanti plan: an immediate plan and a deferred annuity option. Policyholders can choose from the two options to secure their future with LIC.
In the deferred annuity option, investors receive annuities till the time the policyholder is alive. LIC offers policyholders to choose from around nine annuity options. The interest rates for the annuity are fixed at the inception of the policy. Policyholders can choose the option according to their needs and circumstances.
How to invest in the LIC Jeevan Shanti plan?
Policyholders can invest in the LIC Jeevan Shanti plan online or offline. For buying the policy online, one needs to visit LIC’s official portal www.licindia.in. You can also invest in the policy offline via a LIC agent or by visiting your nearby LIC branch.
Joint investment in LIC Jeevan Shanti plan
Policyholders can jointly invest in the scheme. You can co-invest in the policy with your grandparent, parent, children, grandchildren, spouse or even with your siblings.
Investors can also cancel the policy within 15 days of investment to get a complete refund on their investment. The free lock-in period is increased to 30 days if the policy is bought online. Also Read: Medicine From The Sky project: Medicines, COVID-19 vaccines delivery trial to begin in Telangana
Loan against LIC Jeevan Shanti plan
Policyholders can also take an advance against their investment in the LIC Jeevan Shanti plan. However, one needs to wait at least one year since the policy’s inception to apply for a loan guaranteed by the LIC Jeevan Shanti plan. Also Read: LIC IPO: Centre appoints 10 merchant bankers for managing LIC’s mega IPO