Mumbai, India (CU)_ The Life Insurance Corporation of India (LIC) is one of India’s most reliable and well-known insurers, offering a variety of products to Indian investors. The state-backed insurer offers a policy named LIC Jeevan Shanti plan, which provides clients the chance to earn a lifetime income or pension by depositing a lump-sum amount all at once. The LIC Jeevan Shanti plan currently provides two options: an instant plan and a delayed annuity option. Policyholders have two alternatives to choose from when it comes to securing their future with LIC.
Investors who choose the deferred annuity option will receive annuities for the rest of the policyholder’s life. A total of nine annuity options are available to LIC subscribers. The annuity’s interest rates are set at the beginning of the policy. Policyholders have the opportunity to select the option that best suits their requirements and circumstances.
Policyholders can choose between online or offline to invest in the LIC Jeevan Shanti plan. To purchase insurance online, the customers can visit the official website of LIC, www.licindia.in. You may also purchase the coverage through an LIC agent or by visiting a local LIC branch. The plan also allows joint investment which enables policyholders to pool their money and invest together. You can co-invest alongside your grandparents, parents, kids, grandkids, spouse, or even siblings in the policy.
If the investors wish to cancel the policy, they can do so within 15 days of purchasing it to receive a full refund. If the insurance is purchased online, the free lock-in period is extended to 30 days. Policyholders can also benefit from their LIC Jeevan Shanti investment through loans. To apply for a loan insured by the LIC Jeevan Shanti plan, one must wait for a minimum period of one year from the start of the policy.
