LIC's New Jeevan Shanti (Plan No.858)
LIC of India
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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 Price Rs.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

Features and Benefits of LIC's New Jeevan Shanti (Plan No.858)

Mentioned below are some of the important features and benefits of LIC’s New Jeevan Shanti Insurance:

  • The policyholders can avail of the death benefit under both options (Higher of the purchase price plus accrued additional benefit on death minus total annuity amount payable till death or 105% of purchase price).
  • You can avail of installment benefit for the amount payable on death over the chosen period of 5 years or 10 years or 15 years (instead of lump-sum amount).
  • You can avail of the plan for dependent persons with disabilities (Divyangjan).
  • Policyholders can surrender the insurance policy anytime during the policy tenure. However, the surrender value paid shall be higher of special surrender value or guaranteed surrender value.
  • You can avail loan facility (anytime) after three months from the date of issuance of policy or after the expiry of the free look period, whichever is later.
  • No medical examination is required.

Additional Benefits

  • Policyholders can avail of a 2% rebate by an increase in annuity rate that shall be applicable for policies purchased online and as QROPS.
  • This insurance plan can be purchased as a Qualifying Recognized Overseas Pension Scheme (QROPS) through the transfer of UK tax-relieved assets subject to terms and conditions offered by Her Majesty Revenue & Customs (HMRC).
  • The insurance policy offers a reduction in annuity rates- Half Yearly (2%), Quarterly (3%), and Monthly (4%).
  • Under Single Life Deferred Annuity, nothing will be paid on the survival of the annuitant during the deferment period.

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.20 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)

Annuity OptionAnnuity Amount Payable through Different Modes
YearlyHalf YearlyQuarterlyMonthly
Deferred Annuity for Single Life1,98,80097,41248,21015,904
Deferred Annuity for Joint Life1,88,20092,21845,63815,056

Comparison Table of LIC New Jeevan Shanti, LIC Jeevan Shanti, and LIC Jeevan Akshay VII

FeaturesLIC New Jeevan Shanti (Plan No.858)LIC Jeevan Shanti (Plan No.850)LIC Jeevan Akshay VII (Plan No.857)
Types of Annuity OptionDeferred AnnuityImmediate and Deferred AnnuityOption A to Option J
Loan AvailabilityAnytime after three months from the issuance of a policyAnytime after one year of issuance of a policyAnytime after three months from the issuance of a policy
Purchase PriceRs.1.50 lakhRs.1.50 lakhRs.1 lakh
Surrender ValueCan be surrendered any time during the policy termCan be surrendered after 3 months of purchaseCan be surrendered after 3 months of purchase

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:

  • Visit the official website of LIC.
  • Scroll down and click 'LIC's Jeevan Shanti' under 'Buy Policy Online'.
  • Click 'Buy Online' under LIC's New Jeevan Shanti.
  • Tap on 'Click to Buy Online' and enter the required details.
  • Click 'Calculate Premium' and then enter the OTP received on your registered number.
  • Enter your personal information.
  • Check the premium details and click 'Confirm & Proceed'.
  • Make the payment online and you will receive your insurance policy on your registered email id.

How Can I claim for LIC's New Jeevan Shanti Insurance?

To file a claim for LIC's New Jeevan Shanti Insurance, you are required to visit the nearest branch of LIC. Get in touch with the customer representative and (s)he will guide you through the further steps.

Customer Care Details of LIC

Call: Individuals can call the customer care number (02268276827).

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

FAQs

1. What are the exclusions under the LIC's New Jeevan Shanti Insurance?

The insurance policy will not offer any coverage if the annuitant/last survivor (in case of a joint-life annuity) commits suicide within 12 months from the date of commencement of risk.

2. Does this policy offer incentives?

Yes. Below given table shows the incentives offered under the plan:

For Rs.1,000 Purchase Price (in Rs.)
Rs.5 lakh to Rs.9,99,999Rs.10 lakh to Rs.24,99,999Rs.25 lakh to Rs.49,99,999Rs.50 lakh to Rs.99,99,999Rs.1 crore & above
1.502.102.452.602.70

3. What are the modes of annuity payments?

Policyholders can make annuity payments through four modes- Yearly, Half-Yearly, Quarterly, and Monthly.

4. Can I avail of LIC's New Jeevan Shanti Insurance for my spouse?

No, you can't avail of this insurance policy for your spouse as it is an individual insurance policy.

5. What is the free-look period under this policy?

The insurer offers a free-look period of 15 days and 30 days (if you have purchased the policy online) under which you can cancel the policy if you are not satisfied with its terms and conditions.

Last updated on 06-11-2020