LIC New Jeevan Shanti Plan
The LIC New Jeevan Shanti plan is one of the most popular pension plans of LIC. It offers guaranteed lifelong income with a one-time investment and proves to be a reliable option for retirement planning.
What is the LIC New Jeevan Shanti Plan?
LIC New Jeevan Shanti is a pension plan offered by Life Insurance Corporation of India in which you pay a one-time amount and receive regular income (pension) after a waiting period. The current, active version of LIC New Jeevan Shanti is Plan No. 758.
This plan guarantees lifetime pension income and is ideal for people seeking financial security in retirement. It does not depend on the stock market, so your money is safe from market ups and downs.
Here, the pension payment depends on its type, which includes:Single Life Annuity: Paid only to you for your lifetime. Joint Life Annuity: Pension continues for two family members, such as spouse, parents, children, or siblings.
Key Highlights of LIC New Jeevan Shanti
| Feature | Details |
|---|---|
| Plan Type | Single premium, deferred annuity plan |
| Risk Level | Not linked to the stock market, so returns are stable and predictable |
| Premium Payment | One-time payment only |
| Annuity Options | Single Life Annuity and Joint Life Annuity |
| Payout Options | Yearly, half-yearly, quarterly, or monthly |
| Guaranteed Returns | Annuity rates are fixed at the start and remain unchanged |
| Lifetime Income | Regular income is paid for a lifetime after the deferment period |
| Joint Life Benefit | Pension continues for two family members |
| Death Benefit Options | Lump sum, annuitisation, or in installments |
| Purchase Mode | Available online and offline (through agents/intermediaries) |
Eligibility Criteria for LIC New Jeevan Shanti 758
| Criteria | Details |
|---|---|
| Minimum Purchase Price | Rs. 1,50,000 (may increase based on minimum annuity requirement) |
| Maximum Purchase Price | No limit (subject to underwriting approval) |
| Minimum Entry Age | 30 years |
| Maximum Entry Age | 79 years |
| Minimum Vesting Age | 31 years |
| Maximum Vesting Age | 80 years |
| Minimum Deferment Period | 1 year |
| Maximum Deferment Period | 5 years (within vesting age limit) |
Note: For specially-abled dependents, the minimum purchase price is reduced to Rs 50,000 instead of Rs 1,50,000.
How LIC New Jeevan Shanti Works?
Invest once Wait for a few years Receive guaranteed income for life
Pay Once (Single Premium)
You invest a lump sum amount at the beginning of the policy.Choose Deferment Period
You select how long you want to wait before starting your pension (minimum 1 year to maximum 5 years).Select Annuity Option
Single Life : Pension is paid only to youJoint Life : Pension continues for both individuals (like spouse or family member)Annuity Starts After Waiting Period
Once the deferment period ends, you start receiving regular pension payments.Get Lifetime Income
The pension is paid for your lifetime (or both lives in the joint option).
Benefits of LIC New Jeevan Shanti
Here are the key benefits of the LIC New Jeevan Shanti plan:
Guaranteed Lifetime Income
In the LIC New Jeevan Shanti plan, you get a fixed pension for your entire life. The income does not change over time and helps you to stay financially secure after retirement.
Fixed and Safe Returns
Your pension amount is decided at the start and does not get affected by market ups and downs. The policyholder does not have to worry about any risk due to market fluctuations.
Flexible Death Benefit Options
In case of death, benefits can be taken as:Lump sum amountRegular income (annuity)Installments
This ensures financial support for your family. The death benefit is higher of the following:Purchase Price + Additional Benefit on Death - annuity already paidOR 105% of the purchase price
Option for Single or Joint Life
You can choose the pension option that suits your needs. Either go with the Single Life plan or the Joint Life plan, whichever suits your needs.
Flexibility to Choose
You can choose when you want to start receiving your pension by selecting a deferment period that suits your financial needs and plans. The deferment period is the waiting time between your investment and when your pension starts.
Loan Facility Available
You can take a loan against the policy if needed. This makes it simpler to deal with financial emergencies.
Multiple Payout Options
You can receive a pension as per your convenience. The time period includes:MonthlyQuarterlyHalf-yearlyYearly
Support for Dependent with Disability
This plan offers a special option to support a dependent with disability that helps to secure their financial future. It ensures that they continue to receive income even after your lifetime, which provides long-term financial protection and peace of mind.
One-Time Investment
Pay once and enjoy lifelong income. No need to worry about repeated payments.
Who Should Buy LIC New Jeevan Shanti?
Any of the following individuals should buy the LIC New Jeevan Shanti retirement plan:
LIC New Jeevan Shanti vs Other Pension Plans
LIC New Jeevan Shanti is best for guaranteed and stable income, while other pension plans may offer more flexibility and growth options, but with some risk.
| Basis | LIC New Jeevan Shanti | Other Pension Plans |
|---|---|---|
| Premium Payment | One-time investment | Regular or flexible premium payments |
| Pension Type | Deferred annuity (starts after waiting period) | Immediate, deferred, or both options |
| Returns | Fixed and guaranteed | May be fixed or market-linked |
| Market Risk | No market risk | Market-linked plans carry risk |
| Annuity Options | Limited (Single & Joint life) | Multiple options and riders available |
| Bonus / Profit | No bonus or profit sharing | Some plans offer bonuses or profit sharing |
| Complexity | Simple and easy to understand | Can be complex with multiple features |
| Investment Focus | Stable income | Income + wealth creation (in some plans) |
| Best For | Safe, predictable retirement income | Flexible plans with growth potential |
How to Buy LIC New Jeevan Shanti Plan
To buy the plan online, follow these steps:
Step 1.
Visit the official LIC website.
Step 2.
On the homepage, select "Buy Policies Online" or choose the plan category (such as Endowment or Money Back).
Step 3.
Pick the specific plan you want to purchase.
Step 4.
Click on "Learn More" to access the application page.
Step 5.
Complete the form and upload the required documents.
Step 6.
Submit the form and pay online.
Identity proof such as Aadhaar Card, PAN Card, Passport, etc.Address proof, including Aadhaar, Driving Licence, Voter ID, etc.Age proof (Birth certificate, school certificate, passport, etc.)Recent passport-size photographBank details (cancelled cheque or account details)PAN Card (for KYC and financial transactions)
Suicide Exclusion
If the annuitant commits suicide within 12 months of buying the policy, the plan becomes void. In such cases, only a limited amount (the higher of 80% of the premium or the surrender value) is paid, and no full benefits are given.
No Maturity Benefit
This plan does not provide any maturity amount at the end. It is purely designed to give regular pension income, not a lump sum return.
No Bonus or Profit Sharing
You will not receive any bonus or extra profits. The returns are fixed and do not change over time.
Annuity Option Cannot Be Changed
Once you choose between a single life annuity or a joint life annuity, it cannot be changed later.
Reduction in Annuity for Frequent Payments
If you choose monthly, quarterly, or half-yearly payouts instead of yearly, the annuity amount will be slightly lower.
Mode Percentage Reduction in Yearly Annuity Rate Half-yearly 2% Quarterly 3% Monthly 4% Surrender May Lead to Loss
If you exit the policy early, you may receive less than what you invested. It is better suited for long-term holding.
Policy Can Be Cancelled for Incorrect Information
If wrong or incomplete details are provided during purchase, the policy can be cancelled, and benefits may be denied.
Tax Depends on Current Laws
Tax benefits and deductions may change as per government rules, so it is advisable to check before investing.
Free Look Period
You get 30 days to review the policy after purchase. If you are not satisfied, you can cancel it and get a refund after a small deduction.
Termination of Policy
The policy ends when events like death benefit payment, surrender, free look cancellation, or certain defaults occur. After termination, no further benefits are payable.
Loan
You can take a loan against the policy after a certain period. The loan amount and interest are subject to conditions, and it depends on the surrender value of the policy.
Surrender Value
You can exit the policy anytime, but the amount you receive may be less than what you invested. Surrender value depends on policy terms and duration.
Documents Required for LIC New Jeevan Shanti Plan
You need basic KYC documents, age proof, and bank details to buy the plan. This includes:
Things to Know About LIC New Jeevan Shanti
Here are some important terms and conditions you should know before buying the plan:
Disclaimer: Squareinsurance does not promote, rate, or recommend any specific insurance company or insurance plan. The above information is for general understanding only. For complete and accurate details, please refer to the official plan brochure.
FAQs
It is a pension plan where you pay a one-time amount and receive regular income after a waiting period for your lifetime.
Yes, it is a good option for people who want a safe and guaranteed income after retirement, but it may not be suitable for those looking for high returns.
The minimum investment is Rs 1,50,000 (Rs 50,000 in special cases, like for a dependent with disability).
Yes, you can surrender the policy anytime, but you may get less than what you invested, especially in the early years.
The annuity depends on your investment amount, age, chosen option, and deferment period. Higher investment and longer waiting periods usually give higher income.