LIC’s New Jeevan Shanti (Plan No. 758)

 LIC’s New Jeevan Shanti (Plan No. 758) is a single premium, non-linked, non-participating deferred annuity plan from LIC that provides guaranteed lifetime income to policyholders after a chosen deferment period. It is designed as a retirement solution to ensure a steady and reliable source of pension income post-retirement, with options for single and joint life annuities and flexible death benefit choices.

What is LIC’s New Jeevan Shanti Plan 758?

LIC New Jeevan Shanti is a retirement-oriented deferred annuity plan where you pay a one-time premium up front (lump sum purchase price) and receive regular pension payments only after the expiry of a fixed deferment period chosen by the policyholder. The annuity payouts continue for life, providing financial security in old age.​

It offers two types of plans: single life annuity, where pension payments are guaranteed till the death of the annuitant, and joint life annuity for policyholders seeking income security for spouse or dependent family members.​

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Key Features

• Single Premium Deferred Annuity: Pay once and enjoy guaranteed lifetime pension income starting after a deferment period set by the policyholder.​

• Choice of Annuity Options:

  • Single life annuity

  • Joint life annuity (for spouse or family member)

• Flexible Deferment Period: Range typically between 1 to 5 years during which no pensions are paid; after which regular payouts start.​

• Payment Frequency Options: Monthly, quarterly, half-yearly, or yearly annuity payouts to suit individual preference​

• Death Benefit Options: Policyholder can choose from lump sum or installments (5, 10, or 15 years) payout to nominee on death.​

• Higher Purchase Price Incentives: Additional benefits and rebates on larger single premium amounts.

• Coverage for Disabled Dependents: Death benefits can be used to purchase immediate annuity ensuring steady income for disabled dependent or nominee.​

• Tax Benefits: Under Indian Income Tax laws, purchase price qualifies for deduction under Section 80C and annuity income is taxed as per applicable slabs.

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Eligibility Criteria

• Entry Age: Minimum 30 years, Maximum 79 years.​

• Maximum Vesting Age: 80 years.​

• Minimum Purchase Price: ₹1,50,000 (₹50,000 for Divyangjan - persons with disabilities).​

• No Maximum Purchase Price Limit: Allows investment flexibility.​

• Annuity can be for Single or Joint Life: Joint life annuity applies to spouse, siblings or lineal descendants.​

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Premium and Pension Details

• Single Premium Payment: One-time payment made at purchase per chosen sum assured.

• Annuity Rate: Guaranteed as per age, deferment period, purchase price, and annuity type.​

• Special Annuity Rates: Online purchase attracts slightly higher annuity rates.​

• Pension Amount: Determined at policy issuance; paid regularly after deferment period ends.​

• Examples: For purchase price of ₹10,00,000 and a 5-year deferment, monthly annuity amount will be fixed and guaranteed for life.​

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Benefits

• Regular Guaranteed Pension Income: Helps meet post-retirement financial needs without stress.​

• Flexibility in Annuity Start: Choose deferment period based on retirement planning.​

• Joint Life Income Option: Secures spouse's or dependent's financial future.​

• Death Benefit Flexibility: Nominee receives lump sum or installment payout option post annuitant’s death.​

• Higher Purchase Incentives: Encourages higher investments with additional benefit additions.​

• Financial Security for Disabled Dependents: Option to purchase immediate annuity for disabled dependent on annuitant’s death.​

• Tax Benefits: Premium investment under 80C and tax-efficient annuity income.​

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Death Benefit Details

• Death benefit is payable as selected: lump sum or installment payment over 5, 10 or 15 years to registered nominee.​

• Ensures financial support continues for family post annuitant’s demise.​

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How to Buy LIC New Jeevan Shanti 758

• Available online at LIC’s official website and through licensed agents and brokers.

• Requires standard KYC documents including age proof and identity proof.​

• Payment can be made online via net banking, credit card, or offline modes as permitted.​

• Medical examination may be required depending on the purchase price and age.​

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Suitability

• Ideal for retirees and senior citizens looking for a reliable pension income post-retirement.

• Suitable for individuals who want a flexible deferred pension with joint life options.

• Helps people who seek tax-efficient income structuring for their post-retirement years.​

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Conclusion

LIC’s New Jeevan Shanti Plan No. 758 is a trustworthy and flexible deferred annuity plan aimed at providing lifelong guaranteed pension income. With the choice of single or joint life annuity and flexible death benefits, it caters comprehensively to the diverse financial needs of retirees. Its tax advantages and purchase incentives make it an attractive addition to retirement financial planning.