LIC New Jeevan Shanti 858

Let's learn more about the LIC Jeevan Shanti policy, including its features, benefits, and how it can help you reach your retirement goals.

LIC New Jeevan Shanti 858- Plan Overview

The LIC New Jeevan Shanti 858 is a single-premium, deferred annuity plan for individuals that provides financial support to policyholders after their retirement. Simply explained, it postpones the payment of the annuity amount to a certain time period chosen by you. It can be purchased by making a single premium payment. The New Jeevan Shanti pension plan by LIC of India offers lifetime guaranteed income, in the form of annuity payments to the policyholders. Under this plan, the benefits are paid on death or survival and are fixed and guaranteed.

To understand the plan better, here are the LIC Jeevan Shanti Policy details about the annuities you need to know:

The LIC Jeevan Shanti plan comes with two Annuity Options. The options available are:
Option 1: Deferred annuity for Single life
Option 2: Deferred annuity for Joint life

The annuity starts after a deferment period selected by the policyholder. The plan is now available as LIC Jeevan Shanti 758 for purchase through offline and online channels.

Key Features of LIC New Jeevan Shanti 858

• LIC Jeevan Shanti plan (858) offers flexibility in the death benefit payout. You can choose either a lump sum amount or instalments for 5, 10, or 15 years.

• The plan offers a unique feature of providing financial security for a disabled dependent. If you pass away, the death benefit can be used to purchase an immediate annuity from LIC, ensuring a steady income stream for your dependent.

• You will get incentives if you choose to pay for a higher amount for purchasing the policy. The incentives start from the purchase price of Rs 5 Lakhs.

• The LIC Jeevan Shanti plan allows the policyholders to avail a loan against the policy.

• Annuity payout can start after a minimum deferment period of 1 year.

Eligibility Criteria of LIC New Jeevan Shanti 858

You can only enjoy all the above benefits if the following conditions are met. Here are the LIC Jeevan Shanti policy details about its eligibility:

Benefits of LIC New Jeevan Shanti Plan 858

Here are the benefits of LIC New Jeevan Shanti Plan:

Listed below are some other benefits of the plan, other than the ones previously mentioned:

Options for Death Benefit Payment
Under the LIC New Jeevan Shanti Pension Plan (Plan No. 858), the annuitant must choose how the death benefit will be paid to the nominee(s). This choice must be made when buying the LIC Jeevan Shanti policy, but can be changed later during the annuitant's lifetime. Options include:

• Lumpsum: The entire death benefit is paid to the nominee(s) in one lump sum.

• Annuitization: The death benefit is used to buy an Immediate Annuity for the nominee(s), which gives them a steady stream of income for the rest of their lives. The amount of money that is paid out depends on the nominee's age and the current annuity rates.

• Installments: The nominee(s) can get the death benefit in equal payments over 5, 10, or 15 years. You can choose this option for the whole amount or just part of it, and it helps you keep track of your money over time.

Option to take the plan for Disabled Dependents (Divyangjan):
If the policy buyer has a disabled dependent, they can choose the Deferred Annuity for Single Life option under the LIC Jeevan Shanti plan, with the dependent as the nominee.

Minimum purchase price: Rs 50,000.

If the buyer passes away and the purchase price is less than Rs 1,50,000, the amount will automatically be used to buy an Immediate Annuity for the dependent.

The dependent will then receive regular income based on current annuity rates, without any restrictions.

Rebates:

High Purchase Price
You get rewards for choosing a higher purchase price in three categories:

• Rs 5,00,000 to Rs 9,99,999; 

• Rs 10,00,000 to Rs 24,99,999; and 

• Rs 25,00,000 and above. 

Online Purchase

Sample Premium Illustration of LIC New Jeevan Shanti Plan - 858

Below is a sample premium illustration for the LIC Jeevan Shanti Plan.

Purchase Price: Rs 10,00,000 (excluding applicable taxes)

Age of Annuitant at Entry: 45 years (Last Birthday)

Deferment Period: 12 years

Age of Secondary Annuitant at Entry: 35 years (applicable for Option 2 only)

To check the LIC Jeevan Shanti pension plan maturity and premium calculations, you can use the LIC New Jeevan Shanti calculator. This will help you determine if the plan meets your future needs or if you need to save/invest more in it. This LIC calculator factors in your current age, retirement age, purchase price, deferment period, etc, to give personalised and accurate information.

LIC Jeevan Shanti 858 Plan Details

• Surrender Value
  The policy can be surrendered anytime during the policy term. The surrender value will be the higher of the Guaranteed Surrender Value or the Special Surrender Value.

• Loan Facility
  You can apply for a loan after 3 months of policy issuance. A loan is available during and after the deferment period, per LIC rules. For a joint life annuity, the Primary Annuitant can take the loan; if not alive, the Secondary Annuitant can. The loan amount is capped so that yearly interest doesn't exceed 50% of the annual pension and is limited to 80% of the surrender value.

• Free Look Period
  You have a 30-day free look period to review the policy documents. If you have any concerns, you can report them within this timeframe, and LIC will cancel the policy and get a refund your purchase price.

• Tax
  Any applicable statutory taxes imposed on LIC Jeevan Shanti or other insurance plans, as per the laws of India, will be collected according to the current tax rates. The policyholder will pay the tax amount separately from the premium. This tax amount will not be included in the calculation of the benefits payable under the plan.

What Is Not Covered In LIC New Jeevan Shanti Plan 858?

Suicide is the exclusion in LIC Jeevan Shanti 858 plan. If the Annuitant or the Last Survivor (in case of a joint life annuity) dies by suicide within 12 months from the start of the policy, whether mentally stable or not, the policy will be considered void. In such a case, LIC will pay the higher of the following two amounts:

• 80% of the premium paid, or

• The surrender value of the policy.

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