LIC's New Jeevan Shanti
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LIC’s New Jeevan Shanti (Plan No. 858)
LIC New Jeevan Shanti is a single premium, non-linked, non-participating, individual deferred pension plan designed to provide a stable pension income and financial security during retirement.
Key Features
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Premium Payment: Single premium (one-time lump sum payment)
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Pension Options:
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Option 1: Single Life Deferred Pension
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Option 2: Joint Life Deferred Pension
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Entry Age: 31 to 80 years (last birthday)
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Deferred Pension Period: 1 to 12 years (last birthday)
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Minimum Pension:
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Monthly: ₹1,000
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Quarterly: ₹3,000
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Half-yearly: ₹6,000
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Yearly: ₹12,000
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Pension Payment Modes: Monthly, Quarterly, Half-Yearly, Yearly
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Pension Rate: Based on a minimum premium of ₹1,50,000
Benefits
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Death Benefit (During Deferred Period)
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For Single Life: On death of the policyholder, the highest applicable death benefit is paid.
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For Joint Life: On death of both lives, the highest applicable death benefit is paid.
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Pension Benefit (After Deferred Period)
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Pension is paid regularly as per the chosen mode after the deferred period.
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Death Benefit (After Deferred Period)
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For Single Life: On death of policyholder, pension payments stop and highest death benefit is paid.
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For Joint Life: On death of both lives, pension payments stop and highest death benefit is paid.
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Death Benefit Payment Options
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Lump sum payment
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Conversion of death benefit into pension
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Installment payments over 5, 10, or 15 years
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Additional Features
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Loan facility available after 3 months of policy issuance
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Tax benefits available under Section 80C of the Income Tax Act
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