In the option of Immediate Annuity, a pension facility is available immediately after taking the policy. At the same time, in the option of a deferred annuity, a pension facility is available after 5, 10, 15 or 20 years of taking the policy. If you want, you can start your pension immediately and if you want, you can start it later also. Let’s say you are 40 years old now, you will invest Rs 5 lakh in a lumpsum scheme, then you will have the option to start pension immediately or after 5, 10, 15 or 20 years.
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The amount of pension under this scheme is not fixed. It depends on your investment, age and deferment period. There are two things to note here. The longer the deferment period, which is the period between investment and the commencement of pension, or the higher the age, the more you will get the pension.
The minimum purchase price is Rs 150,000. However, there are exceptional cases where minimum annuity and minimum purchase price of Rs 150,000 shall not be applicable. There is no limit for the maximum purchase price. The minimum age to start the policy is 30 years and a maximum up to 85 years. A loan in the Jeevan Shanti plan can be done after 1 year of commencement of pension and it can be surrendered after 3 months of commencement of the pension.
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 vesting of Annuity depending on whether the mode of annuity payment is yearly, half yearly, quarterly and monthly, respectively.
Guaranteed annuity rates will be given at the time of taking the policy for both immediate and deferred annuity options. Various annuity options and modes of annuity payment are available under the plan. The option once selected cannot be changed. This plan can be purchased offline as well as online. This plan is similar to LIC’s old plan Jeevan Akshay.
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.