Jeevan Shanti – Plan 850 – Guaranteed Additions and Death benefit Calculator. Jeevan Shanti, Table number 850 is a newly introduced annuity plan from LIC of India with immediate as well as deferred annuity options. This plan can boast of several innovative features which include guaranteed addition facility for deferred annuity option.
Jeevan Shanti – Plan 850 – Guaranteed additions
The Guaranteed additions for Jeevan Shanti plan is as per the formula is given below.
Guaranteed Additions per month = (Purchase Price* Annuity rate p.a. payable monthly )/ 12
Where Annuity payable monthly shall be equal to monthly tabular annuity rate(ie 96% of annuity rate payable yearly.
Jeevan Shanti – Plan 850 – Death benefit
The death benefit of Jeevan Shanti plan can be defined as follows.
Death benefit shall be the higher of
- (Purchase price) plus (Accrued Guaranteed Additions) minus (Total annuity payouts till the date of death or
- 110% of the purchase price
Jeevan Shanti – Plan 850 – Guaranteed Additions and Death benefit calculator.
As these calculations seem to be little complicated, you can use the calculator provided to understand these features of the plan.