LIC’s New Jeevan Shanti

Annuity Options:
The options available are:
Option 1: Deferred annuity for Single life
Option 2: Deferred annuity for Joint life
Annuity option once chosen cannot be altered.
3. Benefits:
Benefits payable are:
Option Benefits
Option 1 During Deferment Period:
 On survival of the Annuitant, nothing shall be payable.
 On death of the Annuitant, Death Benefit as defined below shall be payable to nominee(s).
After Deferment Period:
 The annuity payments, as per the chosen mode, shall be made in arrears for as long as the
Annuitant is alive.
 On death of the Annuitant, the annuity payments shall cease immediately and Death Benefit
as defined below shall be payable to nominee(s).
Option 2 During Deferment Period:
 On the survival of the Primary Annuitant and/or Secondary Annuitant, nothing shall be
payable.
 On death of the last survivor, Death Benefit as defined below shall be payable to
nominee(s).
After Deferment Period:
 The annuity payments, as per the chosen mode, shall be made in arrears for as long as the
Primary Annuitant and/or Secondary Annuitant is alive.
 On death of the last survivor, the annuity payments shall cease immediately and Death
Benefit as defined below shall be payable to nominee(s).
 Death Benefit: Death Benefit under both of the Options shall be:
Higher of
o Purchase Price plus Accrued Additional Benefit on Death (as specified below) minus Total annuity
amount payable till date of death, if any
OR
o 105% of Purchase Price