LIC Jeevan Shanti plan: You can have free-look at this policy, return in 30 days! Here's how

Not happy with LIC Jeevan Shanti Policy? Well, there is a way out for you. Thanks to strict policies and rules of the insurance regulatory body IRDAI, insurers try to appear transparent to the policy buyers. Not many, however, know that insurers like the Life Insurance Corporation (LIC) even allows new customers to return the policies like Jeevan Shanti within a stipulated time. 

As per the official LIC website, the insurer is offering a free look period of 15 days on Jeevan Shanti plan. This limit extends to 30 days for policies bought online. A policy buyer can return the policy citing reasons of objections and disagreement. 

"You may return the Policy within a period of 15 days (30 days if this policy is purchased online) from the date of receipt of policy document stating the reasons for your objections and disagreement. On receipt of the policy, we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty and
Annuity paid (if any)," says the official website. 

LIC Jeevan Shanti is a single premium plan wherein the policyholder has an option to choose an Immediate or Deferred Annuity.

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The insurer guarantees annuity rates at the very inception of the policy for both Immediate and Deferred Annuity. Also, the annuities are to be paid throughout the lifetime of the annuity holder. 

An interested customer can purchase the plan online at the official website of LIC. 

Key benefits of Jeevan Shanti: 

- One time investment for guaranteed life-long income.
- Nine annuity options you can pick as per every need and circumstance.
- Immediate or Deferred Annuity option.
- Pension rates guaranteed from the inception of the policy. LIC also guarantees additions during the deferment period.
- Jeevan Shanti policy can be subscribed for own life or as joint life with grandparent, parent, children, grandchildren, spouse or siblings.
- Loan facility: One can get loans after the completion of 1 policy year.
- Surrender allowed: A subscriber can surrender the account at any time after three months from the completion of policy.