LIC New Jeevan Shanti Plan: Annuity plans are popular among a number of people, including senior citizens, who want to get a regular income pre or post retirement.

Investors who want to achieve their retirement goal or need a regular income during their working years purchase these annuity plans.

These plans can provide annuity immediately after purchasing the policy or after a few years.

The policyholder, or annuitant, can also choose the deferment period and the number of years for which they want to get annuity payouts.

Such annuity plans can be market-linked and non-market-linked.

LIC New Jeevan Shanti Plan (758) is one of the annuity payout plans from Life Insurance Corporation of India (LIC).

The non-market-linked annuity plan provides regular monthly, quarterly, half-yearly, or yearly payouts after making an investment.

Know more about the policy and how much monthly, quarterly, half-yearly, and yearly annuity payouts a 40-year-old person may get on investments of Rs 6 lakh, Rs 12 lakh, and Rs 18 lakh.

LIC New Jeevan Shanti Plan: Annuity options

The policy provides a deferred annuity for single life as well as joint life. The deferment period can be from 1 year to 5 years.

LIC New Jeevan Shanti Plan: Survival and death benefits

Nothing will be payable on the survival of annuitant.

If the annuitant dies, annuity payments will be made in arrears for as long as the annuitant is alive.

On the annuitant’s death, the annuity payments will cease immediately, and the death benefit will be payable to nominee(s). 

Death benefit should be higher of the purchase price plus the accrued additional benefit on death (as specified below) minus the total annuity amount payable till the date of death. 

or it will be 105 per cent of the purchase price  

The policy also has the provision of an accrued additional benefit on death.

The policyholder, however, won’t get any bonus on the completion of the policy.

LIC New Jeevan Shanti Plan: Minimum and maximum purchase price

The minimum purchase price is Rs 1,50,000, barring a few other conditions, while there is no maximum purchase price.

LIC New Jeevan Shanti Plan: Minimum and maximum entry and vesting age

The minimum entry age is 30 years, while the maximum is 79 years.

The minimum vesting age is 31 years, while the maximum is 80 years.

LIC New Jeevan Shanti Plan: Minimum and maximum deferment period

The minimum deferment period is 1 year, while the maximum is 5 years. 

LIC New Jeevan Shanti Plan: Minimum annuity on Rs 1 lakh investment   

Monthly: Rs 1,000

Quarterly: Rs 3,000

Half-yearly: Rs 6,000

Yearly: Rs 12,000

LIC New Jeevan Shanti Plan: Incentive for higher purchase price

Incentive for higher purchase price by way of increase in the annuity rate is provided for three slabs of purchase price i) Rs 5,00,000 to Rs 9,99,999; ii) Rs 10,00,000 to Rs 24,99,999 iii) Rs 25,00,000 and above.

LIC New Jeevan Shanti Plan: Calculations for story

Here, we are taking the example of monthly, quarterly, half-yearly, and yearly payouts for investments of Rs 600,000, Rs 1,200,000, and Rs 1,800,000. We are taking the example of a deferred annuity for single life and the deferment period in each case is 5 years.

LIC New Jeevan Shanti Plan: Payouts on Rs 6,00,000 investment

Yearly: Rs 38,400-Rs 57,600

Half-Yearly: Rs 19200-Rs 28,800

Quarterly: Rs 9,600-Rs 14,400

Monthly: Rs 3200-Rs 4800

LIC New Jeevan Shanti Plan: Payouts on Rs 12,00,000 investment

Yearly: Rs 76,800-Rs 1,15,200

Half-yearly: Rs 38,400-Rs 57,600

Quarterly: Rs 19,200-Rs 28,800

Monthly: Rs 6400-Rs 9600

LIC New Jeevan Shanti Plan: Payouts on Rs 18,00,000 investment

Yearly: Rs 1,15,200-Rs 1,72,800

Half-yearly: Rs 57,600-Rs 86,400

Quarterly: Rs 28800-Rs 43,200

Monthly: Rs 9,600- Rs 14,400