Can I surrender LIC Jeevan Shanti plan?

Key benefits of Jeevan Shanti: – Immediate or Deferred Annuity option. – Pension rates guaranteed from the inception of the policy. LIC also guarantees additions during the deferment period. – Surrender allowed: A subscriber can surrender the account at any time after three months from the completion of policy.

What is the rate of interest in Jeevan Shanti?

Under different pension plans at intervals of 5 to 20 years, Jeevan Shanti Plan has the option of pension on your deposit at the rate of 8.79 to 21.6 per cent per annum.

How do you calculate surrender value of an insurance policy?

Special surrender value Usually, this special surrender value is determined with the formula – (Accrued bonuses + Paid-up value) multiplied by the surrender value factor. The paid-up value is calculated as the Basic sum assured multiplied by the number of premiums payable or the number of premiums paid.

What is the benefit of LIC Jeevan Shanti plan?

Benefits. Make one time investment and get Guaranteed life long income. 9 different annuity options to choose from to suit every need and circumstance. Option to choose either Immediate Annuity or postpone it to a future date as Deferred Annuity.

Is LIC Jeevan Shanti a good plan?

Investment objective : If your investment objective is to get adequate life cover then LIC Jeevan Shanti is not a right choice for you. You can consider buying a pure Term Life Insurance Plan. Last but not the least, Annuity Income is taxable as per your applicable tax slab rate.

What are the minimum and maximum deferment period under Jeevan Shanti plan?

With the issuance of a new policy, the deferred annuity option is available under LIC’s New Jeevan Shanti Plan….Eligibility Criteria.

What is the surrender age of Jeevan Shanti insurance policy?

As the policy is surrendered after 20 years, so age of the policyholder at the time of surrender will be 70 years. As per surrender factor circular for Jeevan Shanti policy, F1 and F2 will 7.3250 and 0.3091 respectively for surrender age 70 years. So calculation goes as follows.

What is the use of Jeevan Shanti plan calculator?

Jeevan Shanti plan calculator is an all-inclusive, user-friendly and very resourceful means to secure the family interest of the policyholder with pin-point calculation of the required information of the particular plan (immediate/deferral). There are many definite advantages of the Jeevan Shanti Calculator:

What is LIC Jeevan Shanti annuity plan?

The LIC Jeevan Shanti plan provides a personwith two types of annuity namely immediate annuity and Deferral annuity. The policyholder can select from the various options available under the policy. When a person selects the Deferred Annuity Plan, he is guaranteed assured returns.

How to calculate the surrender value of a deferred annuity?

During deferment period under Deferred Annuity: Surrender Value = F3 * (F1 * Equivalent annuity amount payable for yearly mode + F2 * 110\% of Purchase Price)