LIC New Jeevan Shanti
LIC New Jeevan Shanti is a single-premium deferred annuity plan from LIC that provides guaranteed lifetime income after a chosen deferment period. It comes in versions like Plan 858 (older) and the current Plan 758, with online calculators to estimate pensions. These tools help users plan retirement by showing annuity amounts based on age, premium, and deferment.
What is LIC New Jeevan Shanti?
LIC New Jeevan Shanti is a non-linked, non-participating pension plan where you pay a one-time premium. The annuity payments start only after a deferment period of 1 to 5 years, making it ideal for those wanting income post-retirement without immediate payouts.
This plan ensures a fixed, guaranteed income for life, either for one person (single life) or two (joint life, like a spouse). It replaced older versions and focuses on long-term financial security with death benefits for nominees. Unlike savings plans, it prioritises steady income over growth, with no market risks. The minimum purchase price is Rs 1.5 lakh, with no upper limit.
History and Versions
LIC launched the original Jeevan Shanti (Plan 850) years ago, which had both immediate and deferred options. The immediate part was withdrawn in 2020, replaced by Jeevan Akshay VII.
New Jeevan Shanti Plan 858 was launched on January 5, 2023, and was withdrawn on February 7, 2024 (or October 1, 2024, in some updates). It offered deferred annuities with return of purchase price options.
The latest version, Plan 758 (UIN 512N338V07 or V08), became available from October 1, 2024, after minor modifications to the previous plan. No withdrawal date is announced yet as of January 2026; check current LIC information for updates. These updates improved flexibility in death benefits and incentives.
Key Features of Plan 758
- Plan 758 allows deferment from 1 to 5 years, with vesting age 31-80 years. Entry age is 30-79 years for the primary annuitant.
- Choose payout modes: yearly, half-yearly, quarterly, or monthly.
- High purchase prices can receive incentives that increase the annuity estimate.
- Death-benefit provisions apply during deferment, subject to the policy terms.
- Surrender and loan features can add liquidity, subject to the applicable conditions.
Eligibility Criteria
- Minimum entry age: 30 years for the reference single-life journey.
- Maximum entry age is constrained by vesting age and deferment.
- Minimum purchase price: Rs 1,50,000.
- Vesting age: 31-80 years.
- Joint life requires a secondary annuitant with applicable eligibility.
Annuity Options Explained
Option 1: Single Life Deferred Annuity
Income is designed for the primary annuitant and continues for life after the deferment period, subject to policy terms.
Option 2: Joint Life Last Survivor Deferred Annuity
Payments can continue to the survivor after the first death under the joint-life option. The spouse is a common secondary annuitant.
Sample Annuity Rates Table
For an illustrative Rs 10 lakh purchase price and a 45-year-old male, the supplied source gives the following approximate example for a 5-year deferment. Actual policy rates can vary.
| Annuity Option | Monthly | Quarterly | Half-Yearly | Yearly |
|---|---|---|---|---|
| Single Life | Rs 7,152 | Rs 21,456 | Rs 42,912 | Rs 89,400 |
| Joint Life (spouse 35) | Rs 6,832 | Rs 20,496 | Rs 40,992 | Rs 85,400 |
How to Use LIC New Jeevan Shanti Calculator
- Enter the purchase price or single premium.
- Enter age at entry.
- Select the deferment period while keeping the vesting age within the allowed range.
- Choose single-life or joint-life annuity.
- Select the payout mode: yearly, half-yearly, quarterly or monthly.
- Apply available incentive or rebate options where applicable.
- Calculate the annuity and review the rate breakdown, vesting age and minimum payout warnings.
Benefits and Death Coverage
Guaranteed lifelong income can help protect against longevity risk. The family can also receive a death benefit under the applicable policy provisions. Incentives can improve the annuity amount for qualifying purchase prices, while flexible payout and death-benefit options can help match different retirement needs.
Comparison: 858 vs 758
Both are deferred annuity plans, but Plan 758 is the modified successor to Plan 858 in the source material. The broad concept remains a single-premium deferred annuity with annuity options and death benefits, while identifiers and incentives differ.
| Feature | Plan 858 | Plan 758 |
|---|---|---|
| Launch | Jan 2023 | Oct 2024 |
| Withdrawal | Feb/Oct 2024 | None (2026) |
| UIN | 512N338V06 | 512N338V07/V08 |
| Core Benefits | Same annuity/death | Enhanced incentives |
Tax Benefits
According to the supplied source, premiums may qualify for Section 80C/80CCC-related deductions subject to the applicable tax rules, while annuity income is taxable according to the taxpayer's slab. Consult a qualified tax adviser for the current treatment.
How to Buy the Plan
The source describes buying through an LIC branch, an agent, or an online portal, with proposal documents, identity proofs and premium payment submitted through accepted channels.
Frequently Asked Questions
What is the minimum premium for Plan 758?
Rs 1.5 lakh, with no maximum stated in the supplied source.
Can I surrender after buying?
Yes, the supplied source says surrender is possible, subject to the applicable surrender value and policy conditions.
Is a medical test needed?
The supplied source says it is usually not required but underwriting can apply, particularly for higher ages.
What if I die during deferment?
The source states that the nominee receives a death benefit based on the applicable policy formula, with 105% of the premium mentioned as a minimum reference.
Joint life for whom?
The source says joint life can be arranged with a secondary annuitant; the spouse is a common choice.
Current annuity rates?
The source describes rates as age-sensitive and gives an approximate 7-9% effective range for middle ages. The calculator uses its own illustrative rate table.
Loan interest rate?
The source cites approximately 9.5% per annum as an example. Verify the current applicable rate before relying on it.
Conclusion
LIC New Jeevan Shanti, especially Plan 758 in the supplied source, is presented as a deferred annuity option intended to provide reliable retirement income with family protection. The calculator helps test purchase price, age, deferment, annuity option and payout mode scenarios before seeking the latest official quotation.