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LIC Jeevan Shanti Pension Calculator
Last Updated: 06-Sep-2020
LIC Jeevan Shanti (Table No 850) Pension Calculator helps you to calculate Yearly, Half Yearly, Quarterly and Monthly Pension amounts as per pension holders' age, deposit amount and year of deferment.
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Annuity, Death Claim, Guaranteed Additions in LIC Jeevan Shanti
LIC Jeevan Shanti is a single premium, guaranteed return annuity plan, which has deferred annuity option. Deferred annuity (pension) means, the pension will start after a specified number of years (deferment period). For purpose of explanation, suppose a 50 year person purchases deferred annuity option with 25 Lakh purchase price and 10 years deferment period. The pension and death claim for above policy has been explained below.
Related Link: Jeevan Shanti Surrender Value Calculator
Annuity (Pension) Details
| Deposit Amount | GST | Final One Time Deposit |
|---|---|---|
| Rs. 2500000 | Rs. 45000 | Rs. 2545000 |
After payment of Rs. 2545000, the pension as per following table will start from 60 years of age and continue as long as Annuitant or Policyholder survives. Any of the four Pension Receiving Mode may be selected.
| Pension Mode | Amount |
|---|---|
| Yearly | 321625 |
| Half Yearly | 157533 |
| Quarterly | 77946 |
| Monthly | 25709 |
Death Claim Details - During Deferment Period
In case of death of policyholder(s) during deferment period (i.e. before 10 years), death claim shall be higher of following two values.
- Purchase Price + Accumulated Guaranteed Additions (GAs), OR
- 110% of Purchase Price
Where Guaranteed Additions per month = (Purchase Price * Annuity rate p.a. payable monthly) / 12.
Following table provides policy year-wise death claim details as per above formula.
| Policy Year | Age | Purchase Price | Guaranteed Additions | Death Claim |
|---|---|---|---|---|
| 1 | 51 | 2500000 | 302880 | 2802880 |
| 2 | 52 | 2500000 | 605760 | 3105760 |
| 3 | 53 | 2500000 | 908640 | 3408640 |
| 4 | 54 | 2500000 | 1211520 | 3711520 |
| 5 | 55 | 2500000 | 1514400 | 4014400 |
| 6 | 56 | 2500000 | 1817280 | 4317280 |
| 7 | 57 | 2500000 | 2120160 | 4620160 |
| 8 | 58 | 2500000 | 2423040 | 4923040 |
| 9 | 59 | 2500000 | 2725920 | 5225920 |
For calculation purpose, whole years have been considered, for example, 1 year and 5 months are counted as 2 years. The GAs has been added on yearly basis to simply the calculations.
Death Claim Details - After Deferment Period
In case of death of policyholder after deferment period (i.e. after 10 years), death claim shall be higher of following two values.
- Purchase Price + Accumulated Guaranteed Additions (GAs) - Total annuity payouts till date of death, OR
- 110% of Purchase Price
Following table provides death claim details, for purpose of convenience policy year-wise death claims have been given after a frequency of 5 years.
| Policy Year | Age | Purchase Price + Accumulated GA | Cumulative Annuity Paid | Death Claim |
|---|---|---|---|---|
| 10 | 60 | 5528800 | 321625 | 5207175 |
| 15 | 65 | 5528800 | 1929750 | 3599050 |
| 20 | 70 | 5528800 | 3537875 | 2750000 |
| 25 | 75 | 5528800 | 5146000 | 2750000 |
| 30 | 80 | 5528800 | 6754125 | 2750000 |
| 35 | 85 | 5528800 | 8362250 | 2750000 |
| 40 | 90 | 5528800 | 9970375 | 2750000 |
| 45 | 95 | 5528800 | 11578500 | 2750000 |
| 50 | 100 | 5528800 | 13186625 | 2750000 |
| 55 | 105 | 5528800 | 14794750 | 2750000 |
| 60 | 110 | 5528800 | 16402875 | 2750000 |
| 65 | 115 | 5528800 | 18011000 | 2750000 |
The death claim amount will be paid to the nominee. However nominee will have the option to take death claim as lumpsum amount or in installments or in the form of annuity (pension). If nominee decides to take it as annuity, then it will be like, buying a new policy against death claim amount.
Please note, above calculations are for the purpose of explanation.
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