LIC Jeevan Shanti Plan For A Lifelong Pension

LIC New Jeevan Shanti Plan - An Overview

The New LIC Jeevan Shanti plan 758 is an LIC one time investment pension 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 the annuities are paid after the deferment period, throughout the annuitant's lifetime.

Under this one time investment plan LIC provides fixed and guaranteed benefits on survival or death. This LIC Jeevan Shanti plan does not offer any bonuses, however the returns are guaranteed as pension for the whole life of the policyholder and the partner in case of joint life cover. 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 offers LIC pension plan single premium feature with deferred annuity.

• The plan provides two Annuity options to choose from:

  • Single Life Annuity

  • Joint Life Annuity

• This plan falls under the category of life insurance and 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

Benefits of LIC New Jeevan Shanti plan to the policyholders are as follows:

• 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:

• 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.

You shall use the LIC Jeevan Shanti Calculator to calculate the customised annuity for your specific policy.

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.

What is the Process to Invest Jointly in LIC Jeevan Shanti Plan?

Co-investing under the New Jeevan Shanti 758 Plan for lifelong security after retirement is possible. A policyholder can invest along with their parents, children, grandparents, grandchildren, spouse, or siblings. The policy can be purchased online or offline through agents as well.

Step 1: You shall select the joint life deferred annuity option when you purchase the plan.

Step 2: Submit necessary documents of both you and your secondary annuitant. You shall have to provide relationship proof connecting the two annuitants.

Step 3: Pay the single premium (one-time purchase price of the policy).

Step 4: You shall now receive your policy documents confirming the purchase of the policy.

Are LIC Pension Plans Worth Buying?

Whether LIC pension schemes are worth buying depends on the intent of the person going for it. An LIC pension policy is a secure plan for people who are not looking for building wealth but only want a continuous means of finances for life, after they retire. LIC guaranteed return plans are those pension plans where there is a fixed guaranteed payout promised to the policyholder for life. For individuals not wanting to take risk with market-linked investments, this LIC pension plan shall be worth the purchase.

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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