LIC Jeevan Shanti Pension Plan Calculator is a valuable tool that facilitates the calculation of the premium amount before purchasing the policy. This calculator helps policyholders determine the premium payable and the corresponding maturity benefits. LIC Jeevan Shanti Pension Calculator is an online tool that simplifies evaluating the financial aspects of the LIC Jeevan Shanti policy and empowers buyers to make well-informed choices.
What is LIC Jeevan Shanti Plan?
LIC Jeevan Shanti plan provides a single premium payment option to the buyers. It offers you to choose between single and joint life annuity options. Once you have made a choice, it remains fixed throughout the policy term. Please note that the joint-life option is exclusively available for relatives like parents, grandparents, children, or siblings.
You can buy LIC New Jeevan Shanti Plan conveniently either offline or online through the official website of the Life Insurance Corporation of India (LIC). Now, let’s discuss more about the LIC Jeevan Shanti Pension Plan Calculator and why it’s beneficial to use it before finalizing the policy purchase.
What is LIC Jeevan Shanti Pension Plan Calculator?
The LIC Jeevan Shanti Calculator is a user-friendly online tool offered by the company. It helps to determine the premium rate against the sum assured amount. This LIC Jeevan Shanti Pension Calculator enables buyers to calculate the premium amounts for LIC plans effortlessly. It also makes it easy to obtain valuable insights into the maturity amounts. It offers you a seamless and straightforward experience and makes it a convenient resource to make well-informed decisions about your insurance policies.
Why Policy Buyers should use LIC Jeevan Shanti Pension Plan Calculator?
LIC New Jeevan Shanti plan provides deferred annuity with a single premium payment, but tracking the exact pension amount for a specific premium may be challenging.
In such situations, the LIC Jeevan Shanti calculator simplifies complex calculations. This tool works within seconds and provides you with the accurate calculation for the pension amounts, sparing you from tedious manual calculations.
With just one click on the LIC Jeevan Shanti Pension Calculator, you can access a comprehensive list of plans and their corresponding premium rates. Moreover, you can choose from four annuity modes – monthly, quarterly, bi-annually, or yearly – and the LIC Jeevan Shanti Pension Calculator will precisely display the pension amount for each mode.
Additionally, with the LIC Jeevan Shanti Calculator, you will easily compare different LIC plans. It will help you to make informed decisions about your annuity choices. Using the LIC Jeevan Shanti Plan Calculator, you can confidently plan for a secure and financially stable future.
How to Use LIC Jeevan Shanti Pension Plan Calculator?
LIC Jeevan Shanti Pension Calculator helps you to explore and delve into the details of the two deferred annuity plans available under the Plan. Now that you have understood the plan and LIC Jeevan Shanti Calculator, let’s find out how to use it.
Firstly, choose the most suitable pension option that suits your needs. Next, select the annuity payout mode that you want. It is monthly, quarterly, bi-annually, or yearly.
To use the LIC Jeevan Shanti Calculator accurately, you need to follow these simple steps:
- Enter your personal information, including your name, date of birth, and contact number.
- Choose your annuity option and specify the frequency at which you wish to receive the pension payments.
- Decide on the deferment period you’d like within your pension plan.
- Enter the purchase amount that you are planning to invest in this policy.
- You can easily calculate the premium or purchase amount by following these steps on the LIC Jeevan Shanti Calculator. It will help you make informed choices according to your financial goals and preferences.
Sample of Premium Rates of LIC Jeevan Shanti Plan
Here, we have listed the sample premium rates of the LIC Jeevan Shanti Plan calculated using the LIC Jeevan Shanti Calculator. It makes it one of the most budget-friendly options available. The pension plan rates depend on the premium mode and remain consistent over the policy term. For a more precise grasp, look at the table below containing the pension amounts for various annuity options and modes:
Example of Pension Amount for Different Annuity Options
Suppose you are 35 and wish to purchase the policy for Rs. 5 Lacs. The deferment period you choose is five years, then the pension amounts for each annuity option will be as follows:
|Annuity Options||Pension Amount for each Annuity Option|
|Option 1 (Single Life Deferred Annuity)||Rs. 3,056||Rs. 9,264||Rs. 18,718||Rs. 38,200|
|Option 2 (Joint Life Deferred Annuity)||Rs. 3,000||Rs. 9,094||Rs. 18,375||Rs. 37,500|
Advantages of Using LIC Jeevan Shanti Pension Plan Calculator
The LIC Jeevan Shanti Calculator is a free, user-friendly tool that simplifies complex calculations. It eases the process of securing the financial well-being of your family. With accurate calculations, this useful LIC Jeevan Shanti Calculator offers many advantages, which are listed below:
1. Saves Time and Energy
LIC Jeevan Shanti Calculator saves you time and effort and enhances your calculations’ accuracy. The tool considers various factors such as death benefit, surrender value, etc., and calculates in just minutes.
2. Provides Estimated Surrender Amounts
LIC Jeevan Shanti Calculator offers policyholders detailed information within seconds. It estimates other essential aspects besides the surrender value, like death claims and complimentary guaranteed additions.
The LIC Jeevan Shanti Calculator is a free tool by insurance companies to enable you to assess and compare different pension plans. It aids you in making informed decisions about the most suitable option.
Why Should You Buy LIC Jeevan Shanti Plan?
Now that you have completely understood the logic Jeevan Shanti calculator let’s talk about why you should buy LIC Jeevan Shanti Plan.
1. Tax Benefits
You can enjoy tax benefits under Section 80C and 10(10D) of the Income Tax Act, providing valuable tax savings.
2. Loan Facility
This plan offers you a convenient loan facility after three months of policy completion. It provides financial flexibility to the policyholder.
3. Surrender Value
At any point during the policy term, you can surrender the policy and receive the higher Guaranteed Surrender Value or the Special Surrender Value, ensuring financial security.
4. Guaranteed Income
The policy offers you a regular monthly income for a lifetime. In the unfortunate event of the policyholder’s demise, the policy ceases to exist, and the nominee receives the death benefit.
5. Free Look Period
A beneficial feature of a 30-day free look period allows the policyholder to review the policy’s terms and conditions. If necessary, they can cancel the policy within this period.
6. Flexible Annuity Payments
You get the flexibility to select from four pension modes at the time of buying the policy. Annuity payments can be made monthly, half-yearly, quarterly, or yearly, according to your preferences.
The LIC Jeevan Shanti Pension Plan Calculator is a valuable asset in planning for a secure and prosperous future, offering policyholders convenience, accuracy, and cost-effectiveness. By availing multifaceted advantages of the LIC Jeevan Shanti Calculator, policyholders can secure a financially stable and worry-free future with this plan.
LIC Jeevan Shanti Pension Plan Calculator – FAQS
What annuity payment options are available for using the LIC Jeevan Shanti Calculator?
Ans. The annuity payment options include yearly, half-yearly, quarterly, or monthly installments. You can use it for calculating the premiums on the LIC Jeevan Shanti Calculator.
Is LIC Jeevan Shanti a suitable plan?
Ans. LIC Jeevan Shanti is an excellent choice for individuals seeking regular income after retirement to maintain their current lifestyle. These payments foster financial independence and enable the fulfillment of post-retirement goals.
Which is better: LIC Jeevan Shanti or LIC Jeevan Akshay?
Ans. LIC Jeevan Shanti is a deferred annuity plan, whereas LIC Jeevan Akshay is an immediate one. In Jeevan Shanti, you start receiving the pension after the deferment period, while in Jeevan Akshay, the pension amounts begin immediately after the policy purchase.
What are the premium payment options in LIC Jeevan Shanti?
Ans. The plan offers you a single premium only. However, you can choose the deferred annuity plan.
Will a medical test be required?
Ans. No, there is no medical test required for this plan.