Benefits of LIC New Jeevan Shanti

LIC New Jeevan Shanti is a single premium, non-linked, non-participating, guaranteed return annuity plan offered by Life Insurance Corporation of India (LIC). Along with securing your post-retirement life, the plan offers several other benefits. In this article, let us explore all the benefits the plan provides. 

Read more
LIC Plans-
Buy LIC policy online hassle free
Tax saving under Sec 80C & 10(10D)^
Guaranteed maturity with life cover for securing family's future
Sovereign guarantee as per Sec 37 of LIC Act
LIC life insurance
We are rated~
58.9 Million
Registered Consumer
Insurance Partners
26.4 Million
Policies Sold
Now Available on Policybazaar
Grow wealth through
100% Guaranteed Returns with LIC
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
Plans available only for people of Indian origin By clicking on ''View Plans'' you, agreed to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs Tax benefit is subject to changes in tax laws
Get Updates on WhatsApp
We are rated~
58.9 Million
Registered Consumer
Insurance Partners
26.4 Million
Policies Sold

LIC New Jeevan Shanti is an insurance plan offered by the Life Insurance Corporation of India (LIC). It is a non-linked, non-participating, single premium annuity plan that provides regular income to the policyholder during their lifetime. Here are some benefits of LIC New Jeevan Shanti:

What are the Benefits of LIC New Jeevan Shanti?

Look at the below section to explore all the benefits a policyholder may avail by investing in LIC New Jeevan Shanti Plan.

  • Guaranteed Income: The plan offers guaranteed regular income to the policyholder throughout their lifetime. The income payments can be received monthly, quarterly, half-yearly, or annually, as per the policyholder's choice.

  • Flexibility: The plan offers flexibility in terms of annuity options. Policyholders can choose from immediate annuity or deferred annuity options as per their preference. The immediate annuity option starts providing regular income immediately after purchasing the policy. In contrast, the deferred annuity option allows the policyholder to defer the income payments later.

  • Joint Life Option: The plan allows the option of joint life annuity, where the policyholder can include their spouse or any other family member as the nominee. In case of the policyholder's demise, the joint annuitant continues to receive the regular income for the rest of their lifetime.

  • Tax Benefits: You can avail of tax benefits under Section 80C and Section 10(10D) of the Income Tax Act, 1961, on the premiums paid and the benefits received, respectively.

  • Death Benefit: In case of the policyholder's demise during the policy term, the death benefit is paid to the nominee or legal heir, which is higher of the purchase price or the surrender value of the policy.

  • Loan Facility: After the completion of one policy year, the plan provides a loan facility to policyholders, subject to specific terms and conditions. The loan amount is based on the surrender value of the policy.

  • Surrender Value: The plan allows for surrendering the policy after a certain lock-in period. In case the policyholder wants to surrender the policy, a surrender value is payable based on the terms and conditions of the plan.


Who are Eligible to Buy LIC New Jeevan Shanti Plan?

Criteria Minimum Maximum
Entry Age 30 years 79 years
Vesting Age 31 years 80 years
Deferment Period 1 year 12 years depending on the o Maximum Vesting Age
Purchase Price Rs.1,50,000 No Limit
Annuity Monthly - Rs.1,000
Quarterly - Rs.3,000
Half-Yearly - Rs.6,000
Yearly - Rs.12,000
Depends on the purchase price

In the End

Overall, LIC New Jeevan Shanti is a good investment option for individuals who are looking for guaranteed returns with flexibility in terms of annuity options and payout frequencies. It also provides tax benefits and a loan facility, making it a lucrative investment option

It is important to note that the specific benefits and features of LIC New Jeevan Shanti may vary based on the policyholder's age, premium amount, chosen annuity option, and other factors. It is advisable to carefully review the policy's terms and conditions and consult with an insurance advisor to understand the plan in detail before making a purchase decision.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:-
++Returns are 10 years returns of Nifty 100 Index benchmark

LIC of India
LIC Plans
LIC Amritbaal
LIC Index Plus
LIC Jeevan Dhara II-872
LIC Jeevan Utsav
LIC Jeevan Kiran
LIC Dhan Vriddhi
LIC Monthly Investment Plans
LIC Jeevan Azad
LIC 1 Crore Endowment Plans
LIC Jeevan Labh 1 Crore
LIC Crorepati Plan
LIC Dhan Varsha - Plan No. 866
LIC Pension Plus Plan
LIC New Jeevan Shanti
LIC Bima Ratna
LIC Group Plans
LIC Fixed Deposit Monthly Income Plan
LIC Savings Plans
LIC’s New Jeevan Anand
LIC New Jeevan Anand Plan 915
LIC's Saral Jeevan Bima
LIC's Dhan Rekha
LIC Jeevan Labh 836
LIC Jeevan Jyoti Bima Yojana
LIC Child Plans Single Premium
LIC Child Plan Fixed Deposit
LIC Jeevan Akshay VII
LIC Yearly Plan
LIC Bima Jyoti (Plan 860)
LIC’s New Bima Bachat Plan 916
LIC Bachat Plus Plan 861
LIC Policy for Girl Child in India
LIC Samriddhi Plus
LIC New Janaraksha Plan
LIC Nivesh Plus
LIC Policy for Women 2024
LIC Plans for 15 years
LIC Jeevan Shree
LIC Jeevan Chhaya
LIC Jeevan Vriddhi
LIC Jeevan Saathi
LIC Jeevan Rekha
LIC Jeevan Pramukh
LIC Jeevan Dhara
LIC Money Plus
LIC Micro Bachat Policy
LIC Endowment Plus Plan
LIC Endowment Assurance Policy
LIC Bhagya Lakshmi Plan
LIC Bima Diamond
LIC Anmol Jeevan
LIC Bima Shree (Plan No. 948)
LIC Jeevan Saathi Plus
LIC Jeevan Shiromani Plan
LIC Annuity Plans
LIC Jeevan Akshay VII Plan
LIC SIIP Plan (Plan no. 852) 2024
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-936
LIC Money Plus Plan
LIC Komal Jeevan Plan
LIC Jeevan Tarang Plan
LIC Bima Bachat Plan
LIC’s New Money Back Plan-25 years
LIC Money Back Plan 20 years
LIC Limited Premium Endowment Plan
LIC Jeevan Rakshak Plan
LIC New Jeevan Anand (Previously LIC Plan 149)
LIC New Endowment Plan
LIC Varishtha Pension Bima Yojana
LIC Investment Plans
LIC Pension Plans
Show More Plans
LIC Calculator
  • One time
  • Monthly
/ Year
Sensex has given 10% return from 2010 - 2020
You invest
You get
View plans

LIC of India articles

Recent Articles
Popular Articles
LIC Jeevan Utsav vs LIC Jeevan Umang

07 Jun 2024

4 min read

LIC Jeevan Utsav and LIC Jeevan Umang are two popular insurance
Read more
Review of LIC Index Plus

07 Jun 2024

2 min read

I recently bought LIC's Index Plus plan, which has provided me
Read more
LIC Versus PPF

05 Jun 2024

3 min read

When it comes to financial planning in India, two of the most
Read more
LIC Amritbaal Premium Calculator

29 Mar 2024

2 min read

LIC Amritbaal Premium and Maturity Calculator is an online tool
Read more
LIC New Endowment Plan Maturity and Premium Calculator

04 Mar 2024

2 min read

LIC's New Endowment Plan premium and maturity calculator allows
Read more
LIC Online Premium Payment

3 min read

The LIC Online Payment by Policybazaar enables policyholders to pay their insurance premiums online at their
Read more
10 Best LIC Plans to Invest in 2024

3 min read

Since 1956, LIC of India has offered several policies that combine insurance protection with wealth accumulation
Read more
How to Check the Maturity Amount of LIC Policies?

3 min read

The LIC maturity value is the amount payable to the policyholder upon the completion of the policy term. LIC
Read more

Download the Policybazaar app
to manage all your insurance needs.