LIC Jeevan Shanti Plan For A Lifelong Pension

Life Insurance Corporation of India offers various policies, keeping the needs and requirements of every section of society. Specifically, for the welfare of senior citizens,

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++
rating
10.5 Crore
Registered Consumer
51
Insurance Partners
5.3 Crore
Policies Sold
Now Available on Policybazaar
Secure your Retirement with LIC
100% Guaranteed Pension For Life
+91
Secure
We don’t spam
View Plans
Please wait. We Are Processing..
Your personal information is secure with us
By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company
Get Updates on WhatsApp
We are rated++
rating
10.5 Crore
Registered Consumer
51
Insurance Partners
5.3 Crore
Policies Sold

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

Criteria Eligibility Condition
Purchase Price (Minimum) Rs 1,50,000 Rs 50,000 (If purchased for a disabled dependent)
Purchase Price (Maximum) No Limit
Entry age (Minimum) 30 years
Entry age (Maximum) 79 years
Deferment Period (Minimum) 1 year
Deferment Period (Maximum) 5 years (depending on vesting age)
Vesting Age (Minimum) 31 years
Vesting Age (Maximum) 80 years
Annuity Amount (Rs)
(Minimum)
Monthly - 1,000
Quarterly - 3,000
Half-yearly - 6,000
Yearly - 12,000

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.

retire karo befikar retire karo befikar

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.

Modes Annuity Under Single-life Option (Rs) Annuity Under Joint-life Option (Rs)
Monthly 6,240 6,112
Quarterly 18,915 18,527
Half-yearly 38,220 37,436
Yearly 78,000 76,400

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.

FAQs

  • Q. What is LIC’s New Jeevan Shanti policy?

    The LIC New Jeevan Shanti Plan is a single-premium, deferred annuity plan in which you pay once and receive guaranteed regular income for life. You can choose between Single Life Annuity (only for yourself) and Joint Life Annuity (for you and a family member). Under this LIC guaranteed return plan, the annuity amount can not be altered after buying the policy.
  • Q. Is Jeevan Shanti tax-free?

    The Jeevan Shanti LIC Plan is not entirely tax-free. The premiums paid are eligible for tax benefits under Section 80CCC of the Income Tax Act. However, the annuity (monthly/quarterly/yearly payments you receive) is taxable as regular income.
  • Q. Can I close my Jeevan Shanti policy?

    Yes, you can surrender the Jeevan Shanti Plan LIC anytime. It allows surrendering for both Single Life and Joint Life options. The surrender value payable will be the higher of the Guaranteed Surrender Value or the Special Surrender Value.
  • Q. What is the benefit of LIC Jeevan Shanti?

    The Jeevan Shanti LIC Plan offers guaranteed lifelong income through a one-time investment. It is especially beneficial for retirees seeking stable income. Key benefits include:
    Assured Returns
    At least 105% Return on Death
    Flexible payout frequency and option to cover just yourself or a dependent.
  • Q. What is the interest rate for LIC Jeevan Shanti in 2025?

    The loan interest rate under the new LIC Jeevan Shanti plan for May 1, 2024 to April 30, 2025 is 9.50% p.a., compounded half-yearly. And for the policies where you choose to receive instalment benefits, the applicable interest rate for calculating those instalments (for the same period) is 5.07% p.a. (effective).

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in

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 2025
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) 2025
LIC Jeevan Umang Plan
LIC Jeevan Shanti Plan
LIC Online Premium Payment
LIC Jeevan Labh Policy-736
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-715
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 Digital App

16 May 2025

4 min read

The Life Insurance Corporation of India (LIC) is the largest and
Read more
History Of LIC - India’s Largest Insurance Company

17 Mar 2025

3 min read

The Life Insurance Corporation of India (LIC) is the largest
Read more
LIC Unclaimed Deposits: How to Check & Claim LIC Unclaimed Amount?

10 Mar 2025

4 min read

The Life Insurance Corporation of India (LIC) is the household
Read more
How to Link Aadhaar with LIC Policy Online

10 Mar 2025

4 min read

You must have accessed your life insurance policies online and
Read more
LIC Smart Pension- 879

25 Feb 2025

3 min read

LIC Smart Pension Plan 2025 is a retirement plan that offers a
Read more
LIC Online Premium Payment

2 min read

The LIC online premium payment facility lets policyholders conveniently pay their premiums. The LIC online
Read more
How to Check the Maturity Amount of LIC Policies?

4 min read

The LIC maturity value is the amount payable to the policyholders at the end of their policy term. To calculate
Read more
Surrendering LIC Policy Before Maturity Time: Your Guide!

3 min read

The surrender value of an LIC policy is the amount given to the policyholder if they cancel their policy before
Read more

LIC Jeevan Shanti: A Lifelong Pension Policy! Reviews & Ratings

4.8 / 5 (Based on 27 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Jyotsana
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Nimesh
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amit
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Azam
, April 09, 2021
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
Seema
Agra, April 07, 2021
Good plan
I like my Lic India term plan from the online market and I found the solace in this plan. It is a good thing to support yourself by getting the best term plan so secure the life.
Ashraf
Babina, March 23, 2021
Additional riders and benefits
It is a good idea for everyone to buy a LIC term plan as I have got the additional riders too under the same. The plan is very nice and much helpful.
Naman
Anantnag, March 22, 2021
Tax benefits
With this LIC term insurance plan I received a tax rebate and tax benefits. I found it much better as compared to other plans and it’s a kind of coverage and investment for me. I am totally happy with this plan and found it worthy.
Chetan
Mawana, March 16, 2021
Secure your family
I have secured my family by buying a LIC term insurance plan. It is a long term plan with a lot of benefits under the same. At-least I will be satisfied that my family will safe and financially secured after I am not around. It’s a great plan under my budget.
Bibek
Baleshwar, March 02, 2021
Premium payment is easy
It’s really easy to pay for the premium amount of my lic India term plan. Also, I pay it online because it is transparent in nature. I bought this plan like about 4 years back and continuing it for its safety purposes.
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL