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LIC’s New Jeevan Shanti (Plan No.858)

LIC New Jeevan Shanti (Plan No.858), is a non-linked, single premium, deferred annuity plan. This plan gives you 2 different plan options to choose – Single Life Annuity and Joint Life Annuity. The annuity rates under this plan are guaranteed to the policyholders at the inception of the policy and are paid post deferment period throughout the lifetime of annuitants.

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क्या LIC का New Jeevan Shanti Pension Plan लेना चाहिए? | Plan 858 |  Details | Features | Review

Eligibility Criteria

Minimum Entry Age30 years
Maximum Entry Age79 years
Minimum Vesting Age31 years
Maximum Vesting Age80 years
Minimum Deferment Period1 year
Maximum Deferment Period12 years subject to maximum vesting age
Minimum AnnuityMonthly- Rs.1,000
Quarterly- Rs.3,000
Half-Yearly- Rs.6,000
Annually- Rs.12,000
Minimum Purchase PriceRs.1,50,000
Maximum Purchase PriceNo Limit
Free Look Period15 days
Annuity Payment ModeMonthly, Quarterly, Half-Yearly, and Annually
SurrenderAfter 3 months of issuance of a policy
InvestmentOne-time

Annuity Options-

  1. Deferred Annuity for Single Life – Under this option, no amount is payable during the deferment period. After the deferment period, you will receive the pension as per the option you have selected as long as you are alive.
  2. Deferred Annuity for Joint Life:- Under this plan, no amount is payable during the deferment period. After the deferment period, you will receive the pension as per the option you have selected as long as the primary or secondary holder alive.

Death Benefits during deferment period

Higher of the below will be payable –
Purchase Price + Additional Benefit on Death – The total Annuity amount payable till date of death

OR

105% of Purchase price.

(Additional benefit on Death=(purchase price*Annuity rate per annum payable monthly)/12)

This Additional benefit on death is applicable only during the deferment period but not while you are issuing the pension.

LIC’s New Jeevan Shanti (Plan No.858)

Life Insurance Corporation (LIC) is an Indian insurance company owned by the Government of India. It was founded on 1st September 1956 and is headquartered in Mumbai, India. LIC caters to different segments of insurance products including health, pension, unit-linked, and others.

One of its key pension plans- LIC’s New Jeevan Shanti (Plan No.858), is a non-linked, single premium, deferred annuity plan that allows the policyholder to choose between Single Life and Joint Life Annuity. The annuity rates are guaranteed to the policyholders at the inception of the policy and are paid post deferment period throughout the lifetime of annuitants.

This policy was launched on 21st October 2020. Before this, the LIC Jeevan Shanti was available in two different variants- Immediate and Deferred Annuity under which Option A to Option J was available under Immediate Annuity Option. With the issuance of a new policy, the deferred annuity option is available under LIC’s New Jeevan Shanti Plan.

Jeevan Shanti Plan Details

Eligibility Criteria

Minimum Entry Age30 years
Maximum Entry Age79 years
Minimum Vesting Age31 years
Maximum Vesting Age80 years
Minimum Deferment Period1 year
Maximum Deferment Period12 years subject to maximum vesting age
Minimum AnnuityMonthly- Rs.1,000
Quarterly- Rs.3,000
Half-Yearly- Rs.6,000
Annually- Rs.12,000
Minimum Purchase PriceRs.1,50,000
Maximum Purchase PriceNo Limit
Free Look Period15 days
Annuity Payment ModeMonthly, Quarterly, Half-Yearly, and Annually
SurrenderAfter 3 months of issuance of a policy
InvestmentOne-time

LIC New Jeevan Shanti: Tax Benefits

Investment under LIC New Jeevan Shanti plan is eligible for tax benefit under Section 80CCC. Benefit under Section 80CCC comes under the overall limit of Rs 1.5 lacs under Section 80C.

The annuity income (pension income) is taxable at your income tax slab rate.

Additional Benefits

LIC’s New Jeevan Shanti- How Does it Work?

Let’s take the help of an example to answer the above question.

Purchase Price (excluding applicable taxes): Rs.10 lakh

Age of Annuitant at entry: 45 years

Deferment Period: 12 years

Age of Secondary Annuitant at entry: 35 years (applicable for Joint Life Annuity only)

How Can I buy LIC’s New Jeevan Shanti (Plan No.858) Online?

Policyholders are required to follow the below-mentioned steps to purchase LIC’s Jeevan Shanti Insurance Policy online:

How can you reach LIC

Call: You can call the customer care number (02268276827) or

SMS: SMS LICHELP < Policy No.>and send it to 9222492224 or SMS LICHELP < Policy No.>and send it to 56767877.

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