Life Insurance Corporation (LIC), the largest life insurer in India in terms of Gross Written Premium (GWP) with a market share of 64.1 per cent has revised annuity rates of its annuity plans LIC’s Jeevan Akshay VII and LIC’s New Jeevan Shanti. The modified version of these plans with revised annuity rates are effective from February 1, 2022.
The annuity amount under both annuity options of New Jeevan Shanti can be calculated through a calculator provided in LIC’s website as well as through various LIC Apps. In addition to revision of annuity rates LIC’s Jeevan Akshay VII (Plan no 857) can be purchased from new distribution channel Common Public Service Centres (CPSC – SPV) along with other existing distribution channels. Both LIC’s Jeevan Akshay VII (Plan 857) and LIC’s New Jeevan Shanti (Plan 858) are available online and offline.
LIC’s Jeevan Akshay VII (Plan no 857)
LIC’s Jeevan Akshay VII is a non-linked, non-participating, individual immediate annuity Plan in which the policyholder has an option to choose a type of annuity from 10 available options on payment of a lump sum amount. The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s)
The modes of annuity available are yearly, half-yearly, quarterly, and monthly. The Annuity shall be payable in arrears i.e. the annuity payment shall be after 1 year, 6 months, 3 months and 1 month from the date of commencement of policy depending on whether the mode of annuity payment is Yearly, Half yearly, Quarterly and Monthly respectively.
LIC’s New Jeevan Shanti (Plan 858)
LIC’s New Jeevan Shanti is a non-linked, non-participating, individual, single premium, deferred annuity plan. This is a single premium plan wherein the Policyholder has an option to choose between Single life and Joint life Deferred annuity. The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the lifetime of Annuitant(s).
