Eligibility Criteria for Jeevan Shanti
Jeevan Shanti is a single premium, non-linked, non-participating, deferred annuity plan offered by Life Insurance Corporation of India (LIC). It provides a regular stream of income for a defined period or throughout the policyholder’s life, depending on the annuity option chosen.
Age and Income Criteria
- Minimum age at entry: 30 years
- Maximum age at entry: 85 years
- Minimum annual income: Rs. 1,00,000
Health and Medical Conditions
Individuals should be in good health and not suffering from any terminal illnesses or major health conditions that could affect their life expectancy.
Other Eligibility Conditions
- Indian citizenship or a valid work permit for foreign nationals
- Permanent resident of India
- Capacity to understand and execute the contract
Documents Required
To apply for Jeevan Shanti, you will need to submit the following documents:
| Document | Purpose |
|---|---|
| Identity proof (e.g., PAN card, Aadhaar card) | Establish identity |
| Address proof (e.g., utility bills, bank statement) | Verify residential address |
| Medical certificate (if required) | Assess health and life expectancy |
Who Can Invest in Jeevan Shanti?
Jeevan Shanti is an immediate annuity plan offered by the Life Insurance Corporation of India (LIC). It provides a regular income stream to investors for a specified period or for their entire life. To be eligible to invest in Jeevan Shanti, there are certain age and income requirements that individuals must meet.
Age Requirements
* The minimum age to invest in Jeevan Shanti is 30 years.
* There is no upper age limit to invest in the plan.
- Individuals who are 30 years of age or older can invest in the plan.
- There is no age restriction for investing in Jeevan Shanti.
Income Requirements
* Jeevan Shanti is designed to provide a regular income stream to individuals.
* As such, there is no minimum income requirement to invest in the plan.
* However, individuals should consider their income needs and financial situation when deciding how much to invest.
| Age | Income Requirement |
|---|---|
| 30 years or older | No minimum income requirement |
Individuals Eligible for Tax Benefits
The Jeevan Shanti scheme offers tax benefits to encourage regular income during retirement. Individuals who meet the following criteria are eligible for these tax benefits:
- Resident individuals in India
- Age: 30 years or above at the time of policy purchase
- Purchase of an annuity plan with a deferred period of 5, 7, 10, 12, or 15 years
| Tax Exemption | Section of Income Tax Act, 1961 |
|---|---|
| 100% of the purchase price | Section 80CCC |
| 50% of the annuity income | Section 10(10A) |
NRIs and PIOs
Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) can invest in Jeevan Shanti policy subject to certain conditions.
NRIs
- Should have a valid Indian passport.
- Should be between the age of 30 and 85 years.
- Should have a valid Indian bank account.
- Can invest in Jeevan Shanti policy only through an authorized agent in India.
PIOs
- Should have a valid PIO card.
- Should be between the age of 30 and 85 years.
- Should have a valid Indian bank account.
- Can invest in Jeevan Shanti policy either directly or through an authorized agent in India.
NRIs and PIOs should note the following conditions:
| Condition | NRIs | PIOs |
|---|---|---|
| Minimum investment | Rs. 1,50,000 | Rs. 1,50,000 |
| Maximum investment | No limit | No limit |
| Surrender value | No surrender value | No surrender value |
| Taxation | Taxable in India | Taxable in India |
Well, folks, that’s the lowdown on who can invest in this Jeevan Shanti scheme. If you’re eligible and looking for a safe and steady income stream in your golden years, this plan might be worth considering. Thanks for reading, and be sure to check back later for more financial tips and info. See ya!