Life Insurance corporation of India (LIC) has received overwhelming response on its new ‘Jeevan Shanti’ pension policy launched in the country on September 12.
While in the country new Jeevan Shanti 10,000 policies were sold to the tune of Rs 355 crores and in UP 3000 policies were sold.
Talking about the new Jeevan Shanti policy, Senior Divisional manager, Lucknow division Raj Vir Singh said here on Saturday that the new product is a pension plan which has option of deferred and immediate annuities from inception of the policy.
He said one can opt from one to 20 years term with age from 30 to 79 years under deferred annuity. Under the deferred pension option pension is guaranteed from 8.79 per cent to 21.6 per cent per annum for deferment period 5 to 20 years under various pension option.
He said that minimum 110 per cent of the amount is guaranteed to the nominee of pensioners.The policy offers pension on single and joint. Policy also of a liquidity by way of loan and surrender.
Their special provision for differently abled children and it is also available to NPS subscribers.There are incentive for hire deposit too in this new policy.