LIC New Jeevan Shanti

LIC New Jeevan Shanti 858 is a single premium deferred annuity pension plan designed to protect the post-retirement life of the policyholder. The plan offers guaranteed returns and comes with 2 annuity options. The plan is available both online and offline, giving policyholders the flexibility to buy it at their convenience.

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We are rated~
rating
6.7 Crore
Registered Consumers
51
Insurance Partners
3.4 Crore
Policies Sold

Introduction to LIC New Jeevan Shanti 

Important Features

Eligibility Criteria

Benefits

New Jeevan Shanti Premium Calculator

Additional Policy Details

FAQs

Introduction to LIC New Jeevan Shanti

LIC New Jeevan Shanti- 858 is a deferred annuity, single premium plan designed to secure the policyholder's financial future after retirement. This LIC pension plan offers lifetime guaranteed income to the policyholders. The plan comes with two Annuity Options. The options available are: 

Option 1: Deferred annuity for Single life 

Option 2: Deferred annuity for Joint life

Important Features of LIC New Jeevan Shanti

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

  • It can also be bought to benefit a disabled person who is directly dependent on you. If you die, the death benefit can be used to purchase an immediate annuity from LIC, creating an instant income source for the dependent to survive.

  • A higher purchase price (above Rs.5 Lakhs) will earn you extra annuity rates.

  • The plan does not offer any maturity benefit.

Important Features of LIC New Jeevan Shanti Important Features of LIC New Jeevan Shanti

Eligibility Criteria of LIC New Jeevan Shanti

You can only enjoy all the benefits discussed above if the following conditions are met.

Criteria Minimum Maximum
Entry Age 30 years 79 years
Vesting Age 31 years 80 years
Deferment Period 1 year 12 years, depending on the o Maximum Vesting Age
Purchase Price Rs.1,50,000 No Limit
Annuity Monthly - Rs.1,000 Quarterly - Rs.3,000 Half-Yearly - Rs.6,000 Yearly - Rs.12,000 Depends on the purchase price

LIC New Jeevan Shanti Plan Benefits

The plan offered by the LIC comes with a host of benefits. Take a look below to explore the benefits provided by the plan:

Policy Type  Survival Benefit Death Benefit
Deferred Annuity for Single Life During the deferment period:  Nothing will be payable during the deferment period.
After the deferment period:  Once the deferment period is over, the Annuity payments will be paid to the policyholder as per the chosen mode of payment. The payments will be paid only until the annuitant is alive.
During the deferment period: 
The death benefit paid will be the higher of:
  • The purchase price plus the accrued additional benefit on death minus the total annuity amount payable till date of death or
  • 105% of the purchase price.

After the deferment period: 
Upon the policyholder's death, the annuity payments will immediately cease, and only the death benefit will be payable to the nominee.
Deferred Annuity for Joint Life During Deferment Period:
No benefit will be paid
After the deferment period:
The annuity payments will be paid as long as the primary and secondary annuitants are alive. The payments will be made as per the chosen mode of payment.
If the last survivor receiving payments passes away, the payments will stop immediately, and the defined benefit will be paid to the nominee.
During the deferment period: 
On the death of the last survivor, the death benefit paid will be the higher of:
  • The purchase price plus the accrued additional benefit on death minus the total annuity amount payable till date of death or
  • 105% of the purchase price.

After the deferment period:  The annuity amount will continue to be paid as long as one of the annuitants is alive.
If the last survivor receiving payments passes away, the payments will stop immediately, and the defined benefit will be paid to the nominee.

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

  1. Option to take the plan for a dependent person

    Suppose the person buying the plan has a dependent with a disability. In that case, they can choose the Deferred Annuity for a Single life option, with the dependant as the nominee, with a minimum purchase price of 50,000/-. If the policyholder passes away and the purchase price is less than 1,50,000, the death benefit will be used to buy an immediate annuity for the dependent. The annuity payments to the dependant will be based on prevailing Immediate Annuity rates without any restrictions.

  2. Incentive on 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. 

    The incentive depends on the purchase price and how long you wait before starting annuity payments (deferment period). The reward increases as you move to a higher purchase price category and choose a more extended deferment period.

What is the LIC Jeevan Shanti Pension Plan Calculator?

To check the LIC Jeevan Shanti pension plan maturity and premium calculations, you can use the LIC New Jeevan Shanti calculator. This online free-of-cost tool helps you see how much monthly income you will receive based on your investment. This will help you decide if the plan suffices for 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. Therefore, you should know the following eligibility conditions to purchase this policy.

You will have to keep the eligibility conditions in mind while using the LIC New Jeevan Shanti calculator to get accurate estimates of the benefits and costs.

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Additional Policy Details about LIC New Jeevan Shanti

  • Surrender Value
    You can surrender the policy at any point. Doing so will entitle you to the Guaranteed Surrender Value (GSV) or the Special Surrender Value, whichever is higher. You can calculate the GSV yourself using the following formula -
    GSV = (GSV Factor X Purchase Price) minus the total amount paid as annuity till the date of surrender
    The GSV factors for LIC New Jeevan Shanti are -

    • 75% if the policy is surrendered in the 1st, 2nd, or 3rd policy year.

    • 90% if the policy is surrendered in the 4th year or after.

  • Loan Facility
    You can apply for a loan against the benefits under this policy if you urgently need money. You can only use this facility after completing 3 months of the policy term. The maximum loan amount is limited to 80% of the surrender value.

  • Free Look Period
    You get 15 to 30 days to review the policy documents and report any objections. In doing this, LIC will cancel the policy and refund the purchase price back to you.

Exclusions of LIC New Jeevan Shanti

  • Suicide Exclusion
    LIC does not entertain death claims arising out of suicide within the first 12 months of the LIC New Jeevan Shanti policy. Nominees will get 80% of the premium or surrender value, whichever is higher at that time.

FAQs

  • Q: Can I pay premiums for LIC New Jeevan Shanti every month?

    Ans: No, the plan requires you to pay a lump sum amount at the time of purchase.
  • Q: What is the vesting age?

    Ans: When you reach the vesting age, your pension starts coming in. The end of the deferment period will signify the vesting age in the case of LIC New Jeevan Shanti.
  • Q: Can I buy LIC New Jeevan Shanti for my parents?

    Ans: Yes, you can include a parent under the joint-life cover option available with LIC New Jeevan Shanti. Note the joint-life annuity cover cannot be taken for more than two individuals.
  • Q: Why should I choose LIC pension plans?

    Ans: LIC functions with the backing of the Indian Government which makes it a reliable insurer. Every aspect of insurance buying, claims, and payment of proceeds has been digitalized. Moreover, the company has a host of new insurance products to choose from, catering to the unique needs of its customers. The flexibility of choice and increased savings are other reasons why LIC pension plans make a good investment.
  • Q: What is the LIC New Jeevan Shanti Calculator?

    Ans: It is an online tool by LIC that lets you estimate the benefits of a plan according to your needs. Based on the amount you invest, your required monthly income, expected retirement age, and current age, the calculator gives personalized results. Using the calculator before actually purchasing the plan gives you more clarity on how much more you need to save to get to your desired monthly income after retirement.


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LIC New Jeevan Shanti Reviews & Ratings

4.8 / 5 (Based on 73 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.
Ram
Balasore, April 16, 2021
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
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.
Anubha
Mainpuri, April 14, 2021
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
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.
Amisha
Babina, April 13, 2021
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
Jay
Lakhimpur, April 12, 2021
Safety
I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
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.
Ashok
Mota Chiloda, April 09, 2021
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
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.
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