HYDERABAD: Life Insurance Corporation (LIC) of India, the country’s largest life insurance organisation has introduced its new Jeevan Shanti plan on Wednesday. It is a new deferred annuity plan, which is a non-linked, non-participating, individual single premium plan.
The annuity rates for the New Jeevan Shanti plan are guaranteed at the inception of the policy, and annuities are payable after the deferment period throughout the life of the annuitant, LIC said in a statement.
The plan, which can be bought offline and online from Wednesday, comes with two annuity options: Deferred annuity for single life, and deferred annuity for joint life.
Under the deferred annuity for single life plan, the annuity payments shall be made in arrears for as long as the annuitant is alive after the deferment period and according to the chosen mode.
In case of unfortunate death, during or after the deferment period, death benefit will be payable to nominee of the annuitant.