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LIC Jeevan Shanti 858

LIC Jeevan Shanti  858, (UIN No. 512N338V02) is a popular life insurance plan offered by leading insurance providers. It is a single premium, non-linked, non-participating annuity plan that offers a lifetime stream of guaranteed income. The plan is designed to ensure financial security during retirement or any chosen period by offering regular payouts to policyholders.

LIC Jeevan Shanti 858
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Features of LIC Jeevan Shanti 858

LIC Jeevan Shanti 858 comes with several notable features that make it an attractive choice for individuals planning their retirement or seeking a regular income stream. Here are the key features:

GUARANTEED INCOME

The plan offers a guaranteed stream of income for life, providing financial stability during retirement or any chosen period.

FLEXIBILITY IN ANNUITY OPTIONS

Policyholders have the flexibility to choose from various annuity options based on their financial goals and requirements.

SINGLE PREMIUM PAYMENT

Jeevan Shanti 858 requires a one-time premium payment, making it convenient and hassle-free.

JOINT LIFE OPTION

The plan also offers a joint life option, where the annuity continues to be paid to the surviving spouse after the demise of the primary annuitant.

SURRENDER AND LOAN BENEFITS

Policyholders have the option to surrender the policy or avail of loan benefits based on the terms and conditions of the plan.

Annuity Options for LIC Jeevan Shanti 858 Policy

Listed below are the various LIC Jeevan Shanti 858 Deferred Annuity options. A customer might choose from among the given options to home in on a plan that best suits their desired financial goals throughout their lifetime and on death.

Deferred Annuity Options:
Annuity OptionsPolicy
Type
Benefit Payable on SurvivalBenefit Payable on Death
Option 1Single
Life
During deferment period:

Nothing will be payable during the deferment period.

After the deferment period:

As long as the annuitant lives after the deferment period, annuity payments will be paid as per the chosen mode of payment.
During the deferment period, the death benefit shall be:

The higher of :
• The purchase price plus the
accrued additional benefit on
death minus the total annuity
amount payable till date of death; or
• 105% of purchase price.

On death of the annuitant after the
deferment period:

The annuity payments shall cease immediately and the death benefit will be payable to the nominee.


Option 2Joint
Life
During Deferment Period:

At the deferment period when the primary or secondary annuitant survives, nothing will be paid.

Death benefits shall be paid to the nominees upon the demise of the last survivor.

After the deferment period:
After the deferment period as long as the primary and secondary annuitant is alive, the annuity payment will be paid on the premise of the chosen mode of payment.

The annuity payments will cease with immediate effect on the demise of the last survivor and the defined death benefit will be paid to the nominee.
During the deferment period:

On the first death of either of the covered lives nothing shall be payable.

On death of the last survivor, death benefit shall be:

The higher of :

• The purchase price plus the
accrued additional benefit on
death minus the total annuity
amount payable till date of
death; or
• 105% of purchase price.

After the deferment period:

On the first death of either of the lives covered 100% of the annuity amount shall continue to be paid as long as one of the annuitant is alive.

On death of the last survivor The annuity payments shall cease immediately and the death benefit will be payable to the nominee.


Benefits of LIC Jeevan Shanti 858 POLICY

LIC Jeevan Shanti 858 offers a range of benefits that ensure financial security and a regular income stream. Some key benefits include:

GUARANTEED ANNUITY

The plan provides a guaranteed annuity payout throughout the chosen annuity period, offering financial stability and peace of mind.

Death Benefit

In case of the demise of the primary annuitant, the nominee receives the purchase price or the surrender value, whichever is higher.

MATURITY BENEFIT

If the annuitant survives the chosen annuity period, the purchase price along with the last installment of the annuity is paid as the maturity benefit.

JOINT LIFE OPTION

In the joint-life option, the annuity continues to be paid to the surviving spouse after the demise of the primary annuitant, ensuring continued financial support.

SURRENDER AND LOAN BENEFITS

Policyholders have the option to surrender the policy and receive a surrender value or avail of loan benefits based on the terms and conditions of the plan.

Policy Year12345 and above
GSV Factor75%75%75%90%90%

Special surrender value is reviewable and is determined from time to time subject to prior approval of IRDAI.

Eligibility for LIC Jeevan Shanti 858 Plan

The table below states the eligibility for LIC Jeevan Shanti 858 plan.

ParametersCriteria for Eligibility
Minimum Entry Age30 years (completed)
Maximum Entry Age79 years (completed)
Minimum Vesting Age31 years (completed)
Maximum Vesting Age80 years (completed)
Minimum Deferment Period1 year
Maximum Deferment Period20 years (subjected to the vesting age)

LIC Jeevan Shanti 858 Policies have a minimum purchase price of Rs 1.5 Lakh subject to the minimum annuity mentioned below:

Mode of AnnuityMonthlyQuarterlyHalf-YearlyAnnually
Minimum Annuity (per month)Rs 1,000Rs. 3,000Rs. 6,000Rs. 12,000
TYPES OF ANNUITY OPTIONS

LIC Jeevan Shanti 858 offers various annuity options to suit different financial requirements. Policyholders can choose the most suitable option based on their needs. Here are some common types of annuity options:

IMMEDIATE LIFE ANNUTIY

Under this option, policyholders start receiving immediate annuity payouts for life.

DEFERRED LIFE ANNUTIY

With this option, policyholders can choose to defer the start of annuity payouts and accumulate the purchase price along with interest until the chosen vesting age. At the vesting age, annuity payouts begin for life.

JOINT LIFE ANNUITY

This option provides annuity payouts for the entire lifetime of the primary annuitant. After the demise of the primary annuitant, the surviving spouse continues to receive the annuity payouts for life.

SINGLE LIFE ANNUITY WITH RETURN OF PURCHASE PRICE

Under this option, annuity payouts are provided for life. In case of the demise of the annuitant, the purchase price is returned to the nominee.

SINGLE LIFE ANNUITY WITH RETURN OF PURCHASE PRICE

This option provides annuity payouts for life. However, in case of the demise of the annuitant, the purchase price is not returned.

SURRENDER AND LOAN BENEFITS

LIC Jeevan Shanti 858 provides surrender and loan benefits based on the terms and conditions of the plan. Policyholders can choose to surrender the policy after completion of the surrender period and receive a surrender value. The surrender value depends on factors such as the premium amount, chosen annuity option, policy term, and prevailing rates. Additionally, policyholders may have the option to avail of loans against the policy, subject to the terms and conditions specified by the insurance provider.

ELIGIBILITY AND APPLICATION

To be eligible for LIC Jeevan Shanti 858, individuals need to fulfill certain criteria set by the insurance provider. The eligibility criteria typically include minimum and maximum entry ages, minimum purchase price, and other specific requirements. To apply for the plan, individuals need to fill out the application form, provide the necessary documents, and undergo the required medical procedures as prescribed by the insurance company.

TAX BENEFITS

LIC Jeevan Shanti 858 offers tax benefits as per prevailing tax laws. Premiums paid towards the plan may be eligible for tax deductions under Section 80C of the Income Tax Act, 1961. The annuity income received is subject to taxation as per the applicable tax laws.

CONCLUSION

LIC Jeevan Shanti 858 is a comprehensive life insurance plan that provides a guaranteed stream of income for life. With its flexible annuity options, attractive features, and benefits, it ensures financial security and peace of mind during retirement or any chosen period. Before making a purchase decision, it is advisable to assess your financial goals, consult with an insurance advisor, and carefully review the terms and conditions of the plan. Invest in Jeevan Shanti 858 today and secure a worry-free financial future.

How Does the Plan Work?

LIC Jeevan Shanti 858 works on the principle of providing a regular income stream through annuity payouts. Policyholders need to choose the annuity option, premium payment mode, and other relevant details at the time of policy inception. The premium payment is a one-time lump sum payment. Based on the chosen annuity option, policyholders start receiving regular annuity payouts as per the selected frequency (monthly, quarterly, half-yearly, or annually). The annuity payouts continue for the chosen annuity period.

FAQ

Most frequent questions and answers

LIC Jeevan Shanti 858 is a popular pension plan offered by a reputed life insurance company. It is a non-linked, non-participating, single-premium annuity plan that provides a guaranteed income for the policyholder’s lifetime.

LIC Jeevan Shanti 858 offers several features, including multiple annuity options to choose from, flexibility in selecting the annuity mode (immediate or deferred), a death benefit for the nominee, a loan facility, and the option to receive a lump sum amount at maturity.

LIC Jeevan Shanti 858 is available for individuals who meet the entry age criteria set by the insurance company. It is suitable for anyone looking for a stable and guaranteed income during their retirement years.

Jeevan Shanti 858 offers two types of annuity options: immediate annuities and deferred annuities. The immediate annuity provides regular income immediately after purchasing the policy, while the deferred annuity allows the policyholder to accumulate the annuity amount and receive it at a later date.

Yes, Jeevan Shanti 858 provides flexibility in selecting the frequency of annuity payments. Policyholders can choose from monthly, quarterly, half-yearly, or annual annuity payment modes based on their preference.

Yes, Jeevan Shanti 858 offers a death benefit to the nominee in case of the policyholder’s demise during the policy term. The death benefit includes the purchase price and any accrued benefits, which are paid as a lump sum to the nominee.

Yes, Jeevan Shanti 858 provides a loan facility where policyholders can avail a loan against the policy after the completion of one policy year. The maximum loan amount is generally a percentage of the purchase price.

Jeevan Shanti 858 allows policyholders to surrender the policy before maturity. However, the surrender value will depend on the surrender period and the terms and conditions mentioned in the policy document.

Yes, the annuity payments received from Jeevan Shanti 858 are generally subject to taxation as per the prevailing tax laws. It is advisable to consult with a tax advisor or refer to the Income Tax Regulations for detailed information.

To apply for Jeevan Shanti 858, you can visit the official website of the insurance company or contact their authorized representatives. They will guide you through the application process, explain the annuity options, and assist you in choosing the appropriate plan based on your retirement goals.