LIC Jeevan Shanti Plan For A Lifelong Pension

LIC offers a lifelong pension through the LIC Jeevan Shanti plan. The primary offering under this plan is that it allows receiving a lifelong pension by investing a lump sum amount only once. Read more about this LIC guaranteed income plan for a better understanding before buying it.

LIC New Jeevan Shanti Plan - An Overview

The New LIC Jeevan Shanti plan 758 is a single-premium deferred annuity plan in which the policyholder can choose between a single life and joint life deferred annuity. The annuity rates are guaranteed at the policy inception and ion, and the annuities are paid after the deferment period, throughout the annuitant's lifetime. Under this, the benefits paid on survival or death are fixed and guaranteed. This LIC Jeevan Shanti plan does not offer any bonuses. This advanced plan by the Life Insurance Corporation of India (LIC) can be purchased both offline and online.

Key Features of the New LIC Jeevan Shanti Plan 758

• It is a one-time premium plan with deferred annuity. 

• The plan provides two Annuity options to choose from: 

  • Single Life Annuity

  • Joint Life Annuity

• It provides flexibility to choose from yearly, half-yearly, quarterly, and monthly Annuity payout modes.

• It also provides options to receive death benefit in a lump sum, instalments or Annuitisation. 

Eligibility Criteria of the New LIC Jeevan Shanti Plan 758

Benefits of New LIC Jeevan Shanti Plan 758

Under the New Jeevan Shanti LIC provides the following benefits to the policyholders: 

• In any of the annuities chosen, the death benefit will be paid the higher of

  • Purchase Price plus Accrued Additional Benefit on Death minus Total annuity amount payable till date of death, if any

  • 105% of Purchase Price

• Death benefit and Annuities are payable in both options as:

  Annuity Option	During the deferment period	After the deferment period
  Single Life Deferred Annuity	If the Annuitant dies, the death benefit shall be payable to the nominee(s).	Fixed annuity payments will be made in arrears until the Annuitant is alive. Upon the policyholder's death, the annuity payments will immediately cease, and the death benefit will be paid to the nominee.
  Joint Life Deferred Annuity	Death Benefit shall be payable to the nominee(s) on the death of the last survivor (Secondary Annuitant).	Fixed annuity payments will be made in arrears until the Secondary Annuitant is alive.  Upon the Secondary Annuitant's death, the annuity payments will immediately cease, and the death benefit will be paid to the nominee.

• Option for the benefit of disabled dependents: 

  • If the Proposer has a dependent with a disability, they can buy a Deferred Annuity (under Option 1) in their own name for the disabled dependent's benefit, with a purchase price of ₹50,000. 

  • If the Proposer dies and the investment is below ₹1,50,000, the death benefit will be used to purchase an Immediate Annuity for the disabled dependent.

• An additional death benefit accrues every month during the deferment period. This benefit is added at the end of each policy month and stops once the deferment period ends. The additional benefit on death per month equals Purchase Price x Annual Annuity rate payable monthly / 12

• The policy provides incentives for annuity payouts based on your investment amount and deferment period. Incentives apply in three slabs:

  • Rs 5,00,000 - Rs 9,99,999

  • Rs 10,00,000 - Rs 24,99,999

  • Rs 25,00,000 and above

  The higher the purchase price and deferment period, the greater the annuity rate benefit.

• A loan facility is provided after 3 months of the policy issue or after the free-look period ends, whichever is later.

Sample Illustration of LIC Jeevan Shanti Plan 758

Let us understand better with an example. An individual, aged 35, decides to invest Rs 10 Lakhs and chooses a deferment period of 3 years. The age of the Secondary Annuitant is 30 years (applicable in the Joint-life option only). 

The following will be the annuity amount to be received for various annuity payment modes under both options.

How to Buy LIC Jeevan Shanti Plan?

An individual interested in purchasing the LIC New Jeevan Shanti plan can use both online and offline methods. 

Through offline channels:

• A LIC agent offline or

• Through the nearest LIC office or

Through online channel:

Step 1: Visit the official LIC website.

Step 2: Click on the “Buy Online” option.

Step 3: Click on Pension/Annuity plan card and then select “New Jeevan Shanti”. Click on “Know More”.

Step 4: Submit the required documents and click on “Proceed”.

Step 5: Provide the required details such as name, DOB, annual income, etc. proceed to pay an online premium and purchase the policy. 

These methods to buy the LIC New Jeevan Shanti plan are applicable whether you are choosing the plan under the Single-life or Joint-life option.

The process to Invest Jointly in LIC Jeevan Shanti Plan

Co-investing under this plan is possible. A policyholder can invest along with their parents, children, grandparents, grandchildren, spouse, or siblings.

Wrapping it!

LIC Jeevan Shanti plan is a state-backed plan that gives a lifetime opportunity to the insured to receive income in the form of pension by just investing a lump sum amount once. An easy and hassle-free plan with advanced annuities, LIC Jeevan Shanti is easily available for purchase and a good option for planning your retirement.

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