LIC New Jeevan Shanti (758)

Are you looking for a steady income after retirement? The New Jeevan Shanti Plan from LIC could be your answer. This plan helps secure your future by providing lifelong income payments.

LIC New Jeevan Shanti Maturity Calculator

Another good part is that it comes with flexible options that work well for both individuals and families. In this blog post, let’s look at all the important details in simple terms to help you make the right choice for your future.

What Is LIC’s New Jeevan Shanti Plan?

LIC’s New Jeevan Shanti is a non-linked, non-participating, deferred annuity plan. Here’s how it works: You pay a one-time premium and, after a deferment period (chosen by you), LIC will provide you with a fixed income (annuity) for life.

You get two choices:

1. Single Life Annuity: The income is paid for your lifetime.
2. Joint Life Annuity: The income continues as long as either you or the second person (spouse or close relative) is alive.

Key Features

Here’s why this plan is worth considering:

• One-time Premium: Pay once and enjoy lifelong income.
• Flexibility: Choose the frequency to receive payments—monthly, quarterly, half-yearly, or annually.
• Guaranteed Rates: Your income is locked in when you buy the plan.
• Customizable Death Benefits: Decide how your family receives the benefits if something happens to you.

Are you looking to explore more LIC plans and calculate their benefits? Check out our range of LIC Premium Calculators below to find the perfect plan for your needs:

1. LIC Yuva Credit Life Premium Calculator
2. LIC New Jeevan Amar Premium Calculator
3. LIC Jeevan Akshay Premium Calculator
4. LIC New Jeevan Shanti Premium Calculator
5. LIC Index Plus Plan Premium Calculator
6. LIC Micro Bachat Plan Premium Calculator
7. LIC Nivesh Plus Premium Calculator

Who Can Buy This Plan?

You can invest in this plan if you meet these criteria:

Payment Modes and Frequency

You can choose how often you want your annuity payments:

• Monthly: ₹1,000 minimum.
• Quarterly: ₹3,000 minimum.
• Half-Yearly: ₹6,000 minimum.
• Annually: ₹12,000 minimum.

Annuity Options: Single Life vs. Joint Life

Here’s a closer look at what each option offers:

Single Life Annuity

• You will receive income for life.
• After your death, the death benefit goes to your nominee.

Joint Life Annuity

• You and one other person (spouse, child, or parent) will receive income for life.
• After both of you pass away, the nominee will get the death benefit.

What Happens in Case of Death?

The death benefit is the higher of:

1. Purchase Price + Accrued Additional Benefit on Death – Total Annuity Paid, OR
2. 105% of the Purchase Price.

Example: Let’s say:

• Purchase Price = ₹10,00,000
• Annuity Rate (monthly) = ₹7,152
• Deferment Period = 5 years

The Accrued Additional Benefit is: ₹10,00,000 × ₹7,152 ÷ 12 = ₹59,600/year.

This amount is added to the death benefit during the deferment period.

Incentives to Boost Your Income

You can earn extra benefits in these ways:

1. High Purchase Price

• ₹5–10 lakh: Small increase in annuity rate.
• ₹10–25 lakh: Better boost.
• ₹25 lakh+: Maximum incentives.

2. Existing LIC Policyholders

If you or a nominee already have an LIC policy, you get an extra 0.15% added to your annuity rate.

3. Direct Online Purchase

When you buy directly from the LIC website, you can get a discount of up to 2.5% on annuity rates.

Can You Surrender the Policy?

Yes, you can surrender the policy if needed. The surrender value is the higher of:

1. Guaranteed Surrender Value (GSV): 75–90% of your purchase price minus annuity paid.
2. Special Surrender Value: Reviewed annually.

Loan Against Policy

If you need financial help, you can take a loan against this policy:

• Available after 3 months or after the free-look period.
• Maximum loan: 80% of the surrender value.
• Interest rate: 9.5% (as of 2024–25).

Real-Life Illustration

Let’s see how this works with an example:

How to Claim Death Benefits

You can choose how your nominee receives the death benefits:

1. Lump Sum: Entire benefit paid at once.
2. Installments: Spread over 5, 10, or 15 years.
3. Annuitization: Converted into an immediate annuity for the nominee.

Tax Benefits and Exclusions

• Tax Benefits: Check with your advisor to understand the tax benefits under current laws.
• Exclusions: If the policyholder commits suicide within 12 months, LIC will refund 80% of the purchase price or the surrender value.

How to Buy the Policy

Here is how you can buy the policy:

1. Offline: Visit your nearest LIC branch or speak to an LIC agent.
2. Online: Buy directly on LIC’s official website.

Final Thoughts: Why Choose LIC’s New Jeevan Shanti?

This plan is perfect for:

• Retirees looking for stable income.
• Families who want to ensure financial security for loved ones.
• Anyone who values guaranteed returns and peace of mind.