LIC offers policyholders to choose from around nine annuity options. The interest rates for the annuity are fixed at the inception of the policy. Policyholders can choose the option according to their needs and circumstances.
LIC New Jeevan Shanti plan is a single premium plan wherein the Policyholder has an option to choose between Single life and Joint life Deferred annuity. Annuity option once chosen cannot be altered.
Life Insurance Corporation (LIC), the largest life insurer in India in terms of Gross Written Premium (GWP) with a market share of 64.1 per cent has revised annuity rates of its annuity plans LIC’s Jeevan Akshay VII and LIC’s New Jeevan Shanti.