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Lic Jeevan Shanti is a single premium, non-linked, non-participating, guaranteed pension plan offered by Life Insurance Corporation of India (LIC). It is a pension plan that provides the policyholder with a regular income in the form of pension payments.
Under this plan, the policyholder needs to pay a lump sum amount as a single premium, and in return, they receive a guaranteed pension for the rest of their life or a specified period, depending on the option chosen. The policyholder can choose from various pension options, such as immediate annuity or deferred annuity, and also select the mode of pension payment, such as monthly, quarterly, half-yearly, or yearly.
The pension amount is guaranteed and fixed at the time of policy inception, and it remains the same throughout the policy term. The policyholder can also choose to include their spouse or any other family member in the policy to receive the pension after their demise.
In case the policyholder wishes to surrender the policy before the completion of the policy term, they can do so, subject to applicable surrender charges. The surrender value is calculated based on the prevailing market conditions at the time of surrender.
Overall, Lic Jeevan Shanti is a comprehensive pension plan that provides a guaranteed regular income to the policyholder during their retirement years, and it also offers flexibility in choosing the pension options and mode of payment
