It is a one time premium payment plan with many return options.There are mainly two return options, immediate and deferred annuity.The policy is a type of pension plan where a policyholder can be benefitted in many ways. It is a non- linked and non- participating plan. Their immediate and deferred annuity plans offer many options for a policyholder. The policy holder can select any of these plans either online or offline.
Features and uses of Jeevan Shanti
This is a single premium plan which consists of two types of annuities like Immediate Annuity and Deferred Annuity. In Immediate Annuity returns can be available instantly after paying all the premiums. But in the case of a deferred annuity plan, returns will be available after a definite period of time. There are also other options available in this annuity plan.
The plan starts with the minimum amount of Rs.1.5 lakhs and there is no maximum limit. The minimum tenure of the policy is for one year and the maximum is 20 years in the deferred annuity plan. The policyholder can decide the policy term in the deferred annuity plan. The plan offers annuity payment once the policyholder joins the policy. The plan can be either purchased solely or jointly by a family. After one year of completion the insurer can avail loan facility under this cover. Handicapped dependent persons have an extra benefit in this plan.
Structure of the plan
There are two main annuity plans: Immediate and Deferred Annuity Plans
Immediate Annuity Plan
- This is an instant annuity plan where the annuitant automatically earns the returns. The policyholder can enjoy these returns for a lifetime. Payments can be received conveniently; monthly, quarterly, bi-monthly or annually. After the demise of the policy holder the annuity stops.
- There is a guaranteed payment for five years in this plan. As it’s an immediate annuity plan, we can receive payments immediately once it gets started. Suppose if the annuitant expires within these five years, then the recipient can get the insured money. In case of continued existence of the insurer, the amount can be received for the lifetime.
- This plan offers assured returns for ten years. If any unforeseen incident happens to the policyholder during the period of returns, then the nominee gets the pension amount.
- This is an immediate plan with a guaranteed annuity period of fifteen years. After this period, if the policyholder is alive, he can get the annuity for lifetime. Also, there are many other options in this plan, for this you can consult with your agent.
- There is an increase of 3% in this annuity plan every year.
In this plan the policyholder will get the benefit after a definite period of time. There are two options to choose from. They are as follows.
- Before the term – In this only the insurer can get the life cover.
- After the term – The annuity is received with the returns.
- Another option is to have joint life deferred annuity plan.
More details can be availed directly through a representative. You can do analysis of the plans before taking final decisions.