The Life Insurance Corporation of India (LIC) has introduced New Jeevan Shanti plan, which is 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 annuitants. This plan can be purchased offline as well as online. Two annuity options are available under the plan.
The minimum purchase price is Rs 1,50,000 (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. There is no ceiling on maximum purchase price. An incentive for purchase price of Rs 5,00,000 and above is available by way of increase in the annuity rate.