LIC Jeevan Shanti: A Lifelong Pension Policy!

Life Insurance Corporation of India, a name that is known by almost all the Indians. It is One of the most trusted insurance companies in decades, the Life Insurance Corporation of India (LIC) offers an array of policies. These policies are designed and launched in the insurance market keeping in mind the needs and requirements of every section of the society.

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One special LIC policy that offers lifelong pensions to the insured is the LIC Jeevan Shanti plan. The main offering under this plan is that it allows receiving a lifelong pension by investing a lump sum amount only once.

Let us explore this lifelong pension policy more for a better understanding before opting to buy it.

LIC New Jeevan Shanti

It is a single premium, non-participating, annuity plan where the insurer is rewarded with dual benefits. This advanced plan by the Life Insurance Corporation of India (LIC) can be purchased both offline and online.

Life Insurance Corporation of India offers the following options in the LIC Jeevan Shanti plan:

  • Deferred Annuity Option 
  • Immediate Annuity Option

Here is the eligibility difference between a deferred annuity plan and an immediate annuity plan:


Eligibility Condition



Entry age (Minimum)

30 years

30 years

Entry age (Maximum)

85 years

79 years

Deferment Period (Minimum)

Not available

1 year

Deferment Period (Maximum)

Not available

20 years (depending on vesting age)

Vesting Age (Minimum)

Not available

31 years

Vesting Age (Maximum)

Not available

80 years

Under deferred annuity, two annuity options available are as follows:

  • Option 1. Single Life Deferred Annuity
  • Option 2. Joint Life Deferred Annuity

Once the insured selects an annuity option, it cannot be changed throughout the policy term.

The process to Invest in LIC Jeevan Shanti Plan?

An individual interested in purchasing the LIC Jeevan Shanti plan can use both online and offline methods. Similarly, investors who are planning to invest in this single-premium, annuity plan can buy this policy either by

  • A LIC agent offline or
  • Through the nearest LIC office or
  • By visiting the official website of LIC, that is,

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.

  1. LIC Jeevan Shanti - Benefits

    Benefits of this plan are as follows:

    • It is a kind of lifelong pension plan with just a one-time investment
    • It offers different types of annuity covering diverse requirements of individuals planning to buy the policy
    • During the deferment period, it provides guaranteed additions
    • The policyholder has the option of selecting either an immediate annuity or deferred annuity plan
    • It offers a guaranteed rate of annuity
    • A loan can be availed only after 1 year of completion of the policy
    • For online policy purchase, the free-look period is increased to 30 days
    • The policy can be returned within 15-days if not satisfied
    • A policy Surrender option is also available after 3 months
    • The death benefit under single life and joint life deferred annuity is
      • The purchased value of policy + benefits on death (accrued) – annuity amount paid to date, if any, or
      • 105% of Purchase Price (Whichever is higher)

    Benefit on Death (accrued) end of each policy month shall be accrued, till the deferment period.

  2. LIC Jeevan Shanti - Features

    Features under LIC Jeevan Shanti plan are as follows:

    • Purchase price (minimum): Rs.1,50,000 (keeping in mind the minimum annuity amount)
    • The purchase price has no maximum limit
    • The minimum age criteria to buy the policy is 30 years
    • The maximum age criteria depend upon the plan opted for
    • The policy can be either bought individually or jointly
    • A joint annuity can be purchased either with parents, children, grandparents, grandchildren, spouse, or siblings
    • The loan can be 80% of surrender value (maximum) and can never exceed 50% of the annuity amount (yearly)

The minimum annuity amount is as follows:

Annuity Mode





Minimum Annuity

1000 per month

3000 per quarter

6000 per half-year

12000 per annum


Annuity Option

Annuity Amount


Half Yearly



Single Life Deferred Annuity





Joint Life Deferred Annuity





Wrapping it!

LIC Jeevan Shanti 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 annuity plan, which can be purchased both online and offline is a safe investment for the future.

*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

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