LIC New Jeevan Shanti 858 is a single premium deferred annuity pension plan designed to protect the policyholder's post-retirement life. The plan offers guaranteed returns and comes with 2 annuity options. It is available both online and offline, giving policyholders the flexibility to buy it at their convenience.
Read moreIntroduction to LIC New Jeevan Shanti
New Jeevan Shanti Premium Calculator
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
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.
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 | 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 |
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:
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: On the death of the last survivor, the death benefit paid will be the higher of:
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:
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.
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.
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.
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 against your policy benefits if you need immediate money. This option becomes available after you have completed 3 months of the policy term. The maximum loan amount is capped at 80% of the surrender value.
Free Look Period
You have a 15 to 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 refund your purchase price.
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.
LIC Resources
LIC Online Services |
LIC Investment Plans |
LIC Other Plans |
10 Oct 2024
2 min read
The LIC Index Plus Premium and Maturity Calculator is a valuable07 Oct 2024
3 min read
Surrendering the LIC policy is an important aspect of LIC20 Sep 2024
4 min read
When it comes to securing your financial future through life20 Sep 2024
3 min read
When managing your life insurance with the LIC, understanding13 Sep 2024
4 min read
Life Insurance Corporation of India (LIC) offers a range of3 min read
The LIC Online Payment by Policybazaar enables policyholders to pay their insurance premiums online at their3 min read
Since 1956, LIC of India has offered several policies that combine insurance protection with wealth accumulation3 min read
The surrender value of an LIC policy is the amount given to the policyholder if they cancel their policy before4 min read
The LIC maturity value is the amount payable to the policyholders at the end of their policy term. To calculateInsurance
Calculators
Policybazaar Insurance Brokers Private Limited CIN: U74999HR2014PTC053454 Registered Office - Plot No.119, Sector - 44, Gurugram - 122001, Haryana Tel no. : 0124-4218302 Email ID: enquiry@policybazaar.com
Policybazaar is registered as a Composite Broker | Registration No. 742, Registration Code No. IRDA/ DB 797/ 19, Valid till 09/06/2027, License category- Composite Broker
Visitors are hereby informed that their information submitted on the website may be shared with insurers.Product information is authentic and solely based on the information received from the insurers.
© Copyright 2008-2024 policybazaar.com. All Rights Reserved.