LIC New Jeevan Shanti (Plan 758) Premium Calculator | Tax, Benefits, Sum-Assured & Claim Process

Are you trying to find a safe way to turn your one-time payment into a lifetime income? You can quickly estimate the annuity payout you’ll receive for your single premium investment with LIC’s New Jeevan Shanti (Plan 758) Premium and Maturity Calculator. This calculator gives you transparency and control right away. LIC created this deferred annuity plan to assist low-risk investors and retirees in planning their post-retirement income.

LIC New Jeevan Shanti Calculator

LIC New Jeevan Shanti (Plan 758)

Standard Deferred Annuity Plan with Return of Purchase Price

Purchase Price (₹) – Single Premium Min: ₹1,50,000 (unless Divyangjan case: ₹50,000). No Max Limit.

Annuity Type

Single Life (Option 1) Joint Life (Option 2)

Choose annuity for one or two lives (Spouse/Family).

Primary Annuitant Age Age at entry (Min 30, Max 79).

Secondary Annuitant Age Applicable for Joint Life (Min 30, Max 79).

Deferment Period Years until annuity starts (Min 1, Max 12, subject to Vesting Age <= 80).

Preferred Annuity Payout Select how often you wish to receive payouts (after deferment).

Purchased Online?

Applies 2% / 2.5% annuity rate increase for direct online purchase (check eligibility).

Important: The annuity amounts shown are illustrative estimates based on limited data and plan rules. Actual rates depend on various factors and LIC’s prevailing rates at the time of purchase. Please contact LIC for an official quote.

Guaranteed Annuity Payouts Payable after Deferment Period

Yearly

₹ 0

Payable once a year

Half-Yearly

₹ 0

Payable twice a year

Quarterly

₹ 0

Payable four times a year

Monthly

₹ 0

Payable every month

Annuity rates are guaranteed for life. GST is applicable on the purchase price as per prevailing rates (shown illustratively below). Annuity received may be taxable.

Calculation Details

Purchase Price:	₹ 0
GST (Illustrative @1.8%):	₹ 0
Total Premium (Illustrative):	₹ 0
Annuity Type:	–
Primary Annuitant Age:	– Years
Secondary Annuitant Age:	– Years
Deferment Period:	– Years
Annuity Start Age (Vesting):	– Years
Purchased Online:	–

Benefits for Nominee/Family After You

In case of unfortunate demise of the annuitant (or last survivor in joint life), the following Death Benefit is payable to the nominee:

Higher of:

105% of the Purchase Price
Purchase Price + Accrued Additional Benefits* – Total Annuity Amount Paid till death

Illustrative Death Benefit (minimum guarantee): ₹ 0 (This is 105% of Purchase Price)

*Accrued Additional Benefits are added monthly during the deferment period only. The exact amount depends on the specific annuity rate applicable for monthly payout mode. The Death Benefit ensures the return of purchase price or more, potentially enhanced by accruals during deferment. The nominee can choose to receive this as a lump sum, in installments, or use it to purchase an immediate annuity.

Plan Summary & Key Features (Click to Expand)

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Key Features (Point 1):

Single Premium payment.
Deferred Annuity: Payouts start after a chosen period (1-12 years).
Two Annuity Options: Single Life and Joint Life.
Flexible Annuity Modes: Yearly, Half-yearly, Quarterly, Monthly.
Death Benefit Options: Lump Sum, Installments, or Annuitisation (buying another annuity).

Annuity Options (Point 2):

Option 1: Deferred Annuity for Single Life.
Option 2: Deferred Annuity for Joint Life (payable as long as either annuitant is alive).
Option chosen at the start cannot be changed later.

Benefits (Point 3):

During Deferment: Nothing paid on survival. Death benefit paid to nominee on death.
After Deferment: Annuity paid as per chosen mode as long as the annuitant(s) are alive. On death, annuity stops, and death benefit is paid.

Death Benefit (Point 3 cont.):

Calculated as: Higher of [105% of Purchase Price] OR [Purchase Price + Accrued Additional Benefit on Death – Total Annuity Paid].
Accrued Benefit: Calculated monthly during deferment only, based on Purchase Price and monthly annuity rate.

Eligibility (Point 4):

Min. Purchase Price: ₹1,50,000 (Subject to min. annuity payout). Special case for Divyangjan: ₹50,000. No Max Limit.
Min. Entry Age: 30 years (last birthday).
Max. Entry Age: 79 years (last birthday).
Min. Vesting Age (Age at Annuity Start): 31 years.
Max. Vesting Age: 80 years.
Min. Deferment: 1 year. Max. Deferment: 12 years (subject to max vesting age).
Min. Annuity Payouts: ₹1000/month, ₹3000/quarter, ₹6000/half-year, ₹12000/year.
Joint Life: Can be between any two lineal descendant/ascendant (e.g., Parent-Child) or spouse/siblings.

Annuity Payment Mode (Point 5):

Payable in arrears (i.e., at the end of the period) – Yearly, Half-Yearly, Quarterly, or Monthly.

Incentives (Point 6):

Higher annuity rates for higher purchase prices (slabs: 5L+, 10L+, 25L+).
Incentive (0.15% rate increase) for existing LIC policyholders/nominees (conditions apply, offline purchase).
Incentive for Direct Online Sale: 2% rate increase (<10L purchase), 2.5% rate increase (>=10L purchase). Applies to new customers and existing policyholders buying online.

Annuity Rate Reduction for Frequency (Point 7):

Compared to Yearly mode, rates are reduced by: 2% for Half-Yearly, 3% for Quarterly, 4% for Monthly.

Death Benefit Payout Options (Point 9):

Nominee can choose (at proposal stage, modifiable by annuitant): Lump Sum, Annuitisation (buy immediate annuity), or Installments (5, 10, or 15 years).

Option for Divyangjan (Dependant with Disability) (Point 9.ii):

Can buy the plan (Option 1) for the benefit of a Divyangjan nominee with min. purchase price of ₹50,000. Death benefit must be used to buy an immediate annuity for the Divyangjan.

QROPS (UK Pension Transfer) (Point 10):

Can be purchased using funds transferred from a UK pension scheme (conditions apply, min vesting age 55).

Surrender Value (Point 11):

Policy can be surrendered anytime. Value is higher of Guaranteed Surrender Value (GSV) or Special Surrender Value (SSV). GSV Factor depends on policy year (75% for years 1-3, 90% for year 4+).

Loan Facility (Point 12):

Available after 3 months or free-look expiry (whichever is later). Loan amount capped (e.g., max 80% of Surrender Value, interest payable <= 50% of annual annuity). Interest rate linked to G-Sec rates (9.50% p.a. for May’24-Apr’25).

Taxes (Point 13):

GST applicable on premium. Annuity received may be taxable. Consult a tax advisor.

Free Look Period (Point 14):

30 days from policy receipt to review terms. Can return policy if not satisfied (premium returned after deductions).

Exclusions (Point 15):

Suicide within 12 months: Higher of 80% premium paid or Surrender Value is payable.

Grievance Redressal (Point 16):

Contact LIC Branch/Divisional/Zonal/Central Office or use online portal (licindia.in). Can approach IRDAI or Insurance Ombudsman if needed.

Section 45 (Point 17):

Policy cannot be questioned after 3 years on any grounds, except fraud.

Prohibition of Rebates (Section 41) (Point 18):

Offering or accepting rebates on premium/commission is prohibited.

Year-wise Annuity & Benefit Projection (Illustrative – Click to Expand)

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Why Choose LIC’s New Jeevan Shanti?

What is LIC New Jeevan Shanti?

It is a deferred annuity plan; you pay LIC a single premium (lump sum) and receive a guaranteed annuity over a time period of your choosing.
The benefit you are looking for is in the annuity stream, not a lump sum at maturity, so there is no maturity benefit.
Depending on the options selected (lump sum, annuity continuation, or installments), a death benefit is due upon death.
The policy has a 30-day free-look period, surrender is permitted, and policy loans are available after three months.

As a result, it’s perfect for people who have money and want a steady, guaranteed income for the rest of their lives or for a set period of time.

Key Features & Benefits

Feature	Benefit
Guaranteed annuity payments	Predictable income stream — no market risk
Flexible annuity options	You can choose from different payout frequencies and death benefit modes
Surrender & loan facility	Liquidity in emergencies (subject to terms)
Transparent service standards	LIC promises specific TATs for claims and service requests
Death benefit safety	Even if you pass away, your beneficiary can be protected per option chosen

Real-World Example

Assume Mr. Sharma, 65, chooses an annuity mode with a 5% annual rate and invests ₹10,00,000 as a single premium under New Jeevan Shanti (this is a hypothetical example). With the premium & maturity calculator, he could see:

Annual annuity payout: ~ ₹50,000
Monthly equivalent: ~ ₹4,166

He would have received ₹10,000,000 over the course of 20 years, and his designated beneficiary would have received the death benefit in accordance with the option.

(Note: Actual annuity rates are dependent on your age, option, and LIC’s current rates; these figures are merely examples.)

How It Works (Step-by-Step)

Enter your single premium amount and age into the calculator.
Choose annuity option (e.g. lifetime, for fixed term, joint life, etc.).
The tool computes your periodic annuity payout based on LIC’s current tables.
You can adjust options (frequency, death benefit) to see how your payout changes.
Proceed with purchase via LIC branch or through your advisor.

You can compare with other options (such as pension funds and bank fixed deposits) and see before you commit thanks to this interactive feature.

FAQs

Is there a fixed maturity benefit in this plan?

No. New Jeevan Shanti is a pure deferred annuity plan — there is no maturity payout.

Can I surrender the policy?

Yes. The policy can be surrendered anytime, with the surrender value calculated per LIC’s rules.

When can I take a policy loan?

You may avail a policy loan after three months from issuance (or after expiry of the free look period, whichever is later).

What happens if the annuitant dies?

The death benefit depends on which option you choose (lump sum, continuing annuity to the nominee, or installments).

How long does LIC take to settle claims?

For death claims not needing investigation: up to 15 days. For more complex cases requiring investigation: up to 45 days.

Can I alter policy details later (change nominee, address, etc.)?

Yes — LIC promises turnaround time of 7 days for most post-policy service requests (name change, address, nomination, etc.).

Is the annuity rate fixed for life?

Yes, once the plan is purchased, the annuity rate is fixed and guaranteed under that plan.

Expert Insights & Analysis

“In an environment where interest rates are volatile, guaranteed income products like LIC’s New Jeevan Shanti help retirees avoid sequence risk and ensure liquidity security.”
— Senior Actuarial Consultant, Financial Planning Forum

Comparative Analysis

Today, a 10-year bank fixed deposit might yield 7% annually, but real returns could decrease due to reinvestment risk and post-tax expenses.
A guaranteed annuity provides longevity protection (payouts continue as long as you live), but inflation over a 15-year period erodes fixed income.
Annuity plans are not affected by market fluctuations, but mutual fund systematic withdrawal plans (SWPs) are subject to market risk.

Market Data Snapshot

About 140 million people in India are over 60, and their numbers are expected to increase by about 7% a year by 2024 (Reserve Bank/Government projections).
Because life expectancy is rising, it is more important than ever to protect your lifetime income.