LIC New Jeevan Shanti 758 is a single premium deferred annuity plan that provides guaranteed and fixed benefits paid on death or survival. This plan offers the flexibility of two annuity options, ensuring it aligns with your specific retirement needs. It is available both online and offline.
Read moreIntroduction to LIC New Jeevan Shanti
New Jeevan Shanti Premium Calculator
LIC New Jeevan Shanti- 758 is a deferred annuity, single-premium individual plan designed to secure the policyholder's financial future after retirement. The New Jeevan Shanti pension plan by LIC offers lifetime guaranteed income to the policyholders. Under this plan, the benefits are paid on death or survival are fixed and guaranteed.
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
LIC Jeevan Shanti plan (758) offers flexibility in the death benefit payout. You can choose either a lump sum amount or installments 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.
A higher purchase price (above Rs.5 Lakhs) will earn you extra annuity rates.
The plan does not offer any maturity benefit.
You can only enjoy all the above benefits 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 | 5 years, depending on the 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 |
The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:
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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: No payments will be made to the policyholder during this time. After the deferment period: Once the deferment period is over, the policyholder will begin to receive annuity payments. The chosen payment frequency (e.g., monthly, quarterly) will determine how these payments are disbursed. Annuity payments will continue only as long as the annuitant is alive. |
During the deferment period: The death benefit paid will be the higher of:
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 made as long as the primary and secondary annuitants are alive, using 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: If the last surviving annuitant dies during the deferment period, a death benefit will be paid. This benefit is calculated as the greater of:
After the deferment period, Annuity payments will continue as long as at least one of the annuitants is alive. If the last surviving annuitant receiving payments dies, all annuity payments cease immediately. A defined death benefit will be paid to the designated nominee. |
Listed below are some other benefits of the plan, other than the ones previously mentioned:
Suppose the person buying the plan has a dependent with a disability. In that case, they can choose the Jeevan Shanti LIC plan 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 dependent will be based on prevailing Immediate Annuity rates without any restrictions.
In the event of the policyholder's death:
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.
Existing policyholders and nominees or beneficiaries of a deceased policyholder can receive a 0.15% increase in the tabular annuity rate as an incentive when purchasing the LIC New Jeevan Shanti plan through an agent or broker. This benefit applies if the existing policy matured within one year before buying the policy, or if the nominee/beneficiary buys the plan within one year of the policyholder’s death, or if the existing policyholder already holds an active LIC Jeevan Shanti policy.
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.
Below is a sample premium illustration for the LIC New Jeevan Shanti Plan - 758.
Purchase Price: ₹10,00,000 (excluding applicable taxes)
Age of Annuitant at Entry: 45 years (Last Birthday)
Deferment Period: 5 years
Age of Secondary Annuitant at Entry: 35 years (applicable for Option 2 only)
Annuity Option | Annuity Amount (₹) | |||
Yearly | Half-yearly | Quarterly | Monthly | |
Option 1: Deferred Annuity for Single Life | 89,400 | 43,806 | 21,680 | 7,152 |
Option 2: Deferred Annuity for Joint Life | 85,400 | 41,846 | 20,710 | 6,832 |
Surrender Value
Policyholders can surrender their LIC New Jeevan Shanti policy at any time. They will receive a higher Guaranteed Surrender Value (GSV) or Special Surrender Value upon surrender.
To calculate the GSV, use the following formula:
GSV = (GSV Factor × Purchase Price) - Total Annuity Paid Until Surrender
GSV Factors:
75% if surrendered in the 1st, 2nd, or 3rd policy year.
90% if surrendered in the 4th year or later.
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.
Suicide
LIC does not payout death claims arising out of suicide within the first 12 months of the New Jeevan Shanti LIC plan. Nominees will get 80% of the premium or surrender value, whichever is higher at that time.
LIC Resources
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*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
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