LIC Jeevan Shanti Calculator

The LIC Jeevan Shanti plan was withdrawn by LIC and reintroduced as LIC New Jeevan Shanti Plan. LIC New Jeevan Shanti Calculator is one of the convenient tools which help to evaluate the approximate premium amount that one needs to pay while buying the policy. With the help of the LIC Jeevan Shanti Calculator, policy buyers can now calculate the premium payable and the maturity benefits to that they are entitled prior to purchase of the plan.

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Before discussing LIC, let’s discuss what is LIC New Jeevan Shanti Plan. 

LIC’s New Jeevan Shanti was relaunched as a deferred annuity plan in which policy seekers can purchase the plan in a single premium only. The policy offers both single and joint life annuity options, and the option once selected cannot be changed. However, the joint-life option can only be purchased with a lineal family member, like a parent, grandparent, child, or sibling. 

The plan can be bought either offline or online through the Life Insurance Corporation of India’s (LIC) official website. Today, we will discuss why you should consider using a Jeevan Shanti Calculator before buying LIC’s New Jeevan Shanti Policy.

What is LIC Jeevan Shanti Calculator? 

LIC Jeevan Shanti Calculator is an online tool that helps to estimate the premium rate of the plan for the chosen sum assured amount. Using the LIC Jeevan Shanti calculator is easy and simple. It provides an easy-to-use experience to compute complete premium amounts of LIC plans and also provides maturity amounts. 

Why Should You Use The LIC Jeevan Shanti Calculator 2022?

LIC’s New Jeevan Shanti plan offers deferred annuity on a single premium payment. It can be difficult to keep track of how much pension you would receive on a certain premium amount. 

  • LIC Calculator, in that case, can be helpful as it reduces the time and effort required to calculate these amounts accurately.

  • This online tool computes the tough calculations within seconds and saves you from having to perform lengthy and tedious calculations yourself. 

  • You can check the list of plans along with their premium rate in just one click using the LIC calculator. 

  • Choose to receive the pension from one of the four annuity modes, the LIC Jeevan Shanti Calculator can give the exact amount you would receive through any of these modes. These modes can be monthly, quarterly, bi-annually, or yearly.

  • You can compare different LIC plans in one click  

How To Use The LIC Jeevan Shanti Plan Calculator?

You can check out and learn more about the two deferred annuity plans offered under LIC’s New Jeevan Shanti Plan. Afterward, you need to decide upon one pension option and select the desired annuity payout mode. Then you can proceed with the following steps to easily calculate the premium or purchase amount accurately.

  • Fill in your personal information like name, date of birth, and contact number.

  • Select your preferred annuity option and pension frequency.

  • Enter the deferment period you want within your pension plan.

  • Fill in the Purchase amount you are willing to pay for the plan.

Sample Premium Rates of LIC Jeevan Shanti Plan

Jeevan Shanti Plan is one of LIC’s most affordable plans, as it can fit into anyone’s budget. The rates of pension plans are based on the mode opted for and remain fixed throughout the policy term. A typical presentation is given below which you can refer to, for a better understanding.

Pension Amount for Various Annuity Options and Modes

If a person who is 35 years old, purchases the policy for Rs. 5 Lacs, at a deferment period of 5 years then the pension amount for each annuity option will be as follows:

Annuity Options Pension Amount for each Annuity Option
Monthly Quarterly Bi-annually Yearly
Option 1  (Single Life Deferred Annuity) Rs. 3,056 Rs. 9,264 Rs. 18,718 Rs. 38,200
Option 2 (Joint Life Deferred Annuity) Rs. 3,000 Rs. 9,094 Rs. 18,375 Rs. 37,500

Advantages of Using LIC Jeevan Shanti Calculator

LIC Jeevan Shanti plan calculator is a user-friendly and resourceful tool that makes difficult calculations easier. It can be used to secure the financial conditions of the family with accurate calculations of the required information. There are many definite advantages of the lLIC Jeevan Shanti Calculator, some of which are

  1. Saves Time and Energy

    Using a LIC Calculator not only reduces the time required and effort but also increases accuracy. Here the plan calculator factors in all the details like death benefit and surrender value to do the complex and lengthy calculation in minutes. 

  2. Gives the Estimated  Surrender Amounts

    Within just a few seconds detailed information is presented to the policyholder. Other than surrender value, LIC Jeevan Shanti Plan Calculator also estimates information like death claims and complimentary guaranteed additions.

  3. Cost-effective

    LIC Jeevan Shanti plan calculator is free of cost service provided by insurance companies online and it is accessible to all. It enables a policyholder to judge which pension plan they want to opt for.

Why You Should Buy LIC Jeevan Shanti Plan?

Here is a list of all the benefits you can avail of by buying LIC’s New Jeevan Shanti Plan.

  1. Tax Benefits

    Policyholders will be eligible to receive tax benefits under Section 80C and 10(10D) of the Income Tax Act.

  2. Loan Facility

    There is a loan facility available through this plan and can be availed at any point after three months of the completion of the policy.

  3. Surrender Value

    The policyholder can surrender the policy at any point during the policy term and shall receive the higher of the Guaranteed Surrender Value or the Special Surrender Value.

  4. Guaranteed Income

    As the name suggests, the policyholder will receive monthly income for their lifetime. In case of the annuitant(s) death. the policy will cease to exist and the nominee will be paid the death benefit.

  5. Free Look Period

    There is a free look period of 30 days attached to this policy, during which the pensioner can review the terms and conditions and cancel the policy if needed.

  6. Flexible Annuity Payments

    The plan offers four pension modes that can be selected at the time of buying the policy. The annuity payments can be made on a monthly, half-yearly, quarterly, or yearly basis.

FAQ's

  • What are the modes of annuity payments?

    A1. Modes of annuity payments offered are yearly, half-yearly, quarterly, or monthly installments. 
  • Is LIC Jeevan Shanti a good plan?

    A3. LIC Jeevan Shanti is a single-premium deferred pension plan and is a great option for people looking to receive regular income after retirement to continue their current lifestyle. These payments not only encourage people to be financially independent but also to fulfill their post-retirement dreams.
  • Which is better LIC Jeevan Shanti or LIC Jeevan Akshay?

    A4. LIC Jeevan Shanti as discussed above is a deferred annuity plan whereas LIC Jeevan Akshay is an immediate annuity plan. In Jeevan Shanti, you would start receiving the pension after the end of the deferment period while in Jeevan Akshay you would receive the pension amounts right after buying the policy.
  • What are the premium payment modes available in LIC Jeevan Shanti?

    A3. The premiums can be paid in a Single-premium only.
  • Will I have to undergo a medical test?

    A4. No, there is no medical test under this plan.
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