Life Insurance Corporation of India (LIC) has come out with New Jeevan Shanti plan, a non-linked, non-participating, individual, single premium, deferred annuity plan. The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the life time of annuitant. This plan can be purchased offline as well as online from October 21, LIC said.
LIC said the minimum purchase price is Rs 1.50 lakh (subject to minimum annuity criterion). The modes of annuity available are yearly, half-yearly, quarterly and monthly. The minimum annuity is Rs 12,000 per annum. An incentive for purchase price of Rs 5 lakh and above is available by way of increase in the annuity rate. The plan is available for ages from 30 yrs to 79 years, it said in a statement.
Customers can expect a return of 5.5 per cent, according to experts. Two annuity options are available under the plan, LIC said.
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