On February 1, 2022, LIC New Jeevan Shanti (Plan No. 858, UIN No. 512N338V02) was introduced by LIC of India as a single premium non-linked, non-participating plan. The LIC Jeevan Shanti Plan, also known as plan number 858, offers a wide range of possibilities for insurance. There are two Deferred Annuity alternatives in the plan, both of which offer sufficient protection against life’s risks. At the time the insurance was established, the annuity rates for both options were guaranteed.
The plan’s main goal is to provide prospective clients with a wide range of insurance options so they may choose the one that best fits their needs. People searching for insurance that pay out over their lifetime can investigate both offline and online buying choices because LIC Jeevan Shanti policies are accessible both offline and online.
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LIC Jeevan Shanti Plan features
Numerous features are included in the LIC Jeevan Shanti Plan. Let us examine the many aspects of LIC Jeevan Shanti plan in order to gain a better understanding of the policy.
Lifetime Salary
By investing a single lump sum payment, the LIC Jeevan Shanti plan provides lifetime income guarantees at predetermined periods.
Numerous possible Choices
There are two alternatives available to investors in Deferred Annuity Plans. Throughout the deferment period, the rates of deferred payment are guaranteed. Additionally, death benefits are offered by the deferred annuity plans and can be either:
The purchase price plus any additional accrued guaranteed additions less the total annuity amount payable until the death date is the higher amount. OR 105% of the cost of acquisition.
Income Promise
The insurance that makes up LIC Jeevan Shanti will guarantee the insured a monthly income for the rest of their lives. In light of the selected choices, guaranteed incomes must also be provided to annuitants at an early age of death.
Income Tax Returns
Annuitants who select a plan under LIC Jeevan Shanti are entitled to get tax benefits under Section 80C. When filing income tax returns, the one-time premium can be written off as a sizable deduction because it is tax deductible.
LIC Jeevan Shanti Plan: Annuity Options
| Option | Description | Payment Period | Minimum Annuity |
| A: For Life | Annuity payments continue for the lifetime of the annuitant. | Throughout life | Rs. 12,000 per annum |
| B: Guaranteed Period – 5 years and Life Thereafter | Annuity payments guaranteed for 5 years, followed by lifetime payments as long as the annuitant is alive. | 5 years + Lifetime | Rs. 12,000 per annum |
| C: Guaranteed Period – 10 years and Life Thereafter | Annuity payments guaranteed for 10 years, followed by lifetime payments as long as the annuitant is alive. | 10 years + Lifetime | Rs. 12,000 per annum |
Additional Notes:
- All annuity options offer different annuity rates based on the chosen option, purchase price, deferment period, and age of the annuitant. Higher purchase prices, shorter deferment periods, and younger annuitants generally receive higher annuity rates.
- You can choose to receive annuity payments monthly, quarterly, half-yearly, or yearly.
- There is no maximum purchase price for the LIC Jeevan Shanti plan.
- For purchase prices of Rs. 5 lakh and above, an incentive in the form of an increased annuity rate is available.
- The plan is available for individuals aged between 30 and 79 years.
- The minimum deferment period is 1 year and the maximum is 12 years, subject to the maximum vesting age of 80 years.
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LIC Jeevan Shanti Plan Advantages
These are not all of the advantages of LIC Jeevan Shanti Policies. In addition to the above benefits, there are a few more listed below.
Regularity of annuity distributions
Regardless of the plan chosen, the annuitant can choose to make payments at different periods. Annuity payments may be made by the policyholder on a monthly, quarterly, half-yearly, or annual basis.
Death Benefit
A payout under the delayed annuity plan of the LIC Jeevan Shanti plan is payable upon the annuitant’s death.
Loan Facilities
Following the expiration of the free-look period or three months from the date of policy issue, the policyholder may apply for loans against their LIC Jeevan Shanti annuity plans at any time. Loans under joint life policies are available to the primary annuitant only. The Secondary Annuity may apply for loans in the event that the Primary Annuity is not present.
The maximum loan amount allowed under such policy must be such that the annual interest effectively payable on the loan does not surpass fifty percent of the policy’s annuity value.
Consider making a plan that will benefit people with disabilities.
The proposer may designate the Divyangjan as a nominee and select a Single Life Deferred Annuity Plan on their own. In this scenario, the annuitant’s death benefit will be used, under penalty of law, to buy an instant annuity for the nominee, Divyangjan, upon the annuitant’s death.
Free look-up time
LIC A complimentary look-up period of up to 15 days is provided by Jeevan Shanti Plans so that the policyholder can examine the terms and conditions of the policy. The policyholder may return the insurance with a note explaining their displeasure if they are unhappy with the terms and conditions. But only when a new Deferred Annuity Plan is purchased is the free look-up time relevant.
Value of Surrender
During the insurance’s duration, the policyholder may resign the coverage whenever they choose. Whichever is higher—the Special Surrender Value or the Guaranteed Surrender Value—is the surrender value.
Following are the relevant Guaranteed Surrender Value Factors:
| Regulation Years 1 2 3 4 5 & above |
| GSV Factor: 75% 75% 75% 90% 90% |
The special surrender value is subject to periodic assessment and determination, contingent upon previous approval from IRDAI.
LIC Jeevan Shanti Plan: Eligibility Criteria
| Criteria | Description |
| Age | 30 to 79 years at the time of policy purchase |
| Minimum Annuity | Rs. 12,000 per annum |
| Residence | Indian resident or NRI with income in India |
| Medical Requirements | Medical examination may be required for certain sum assured amounts, depending on age and other factors |
| Occupation | No specific restrictions based on occupation |
| Financial Status | Must have sufficient income to afford the premium payments |
Additional Notes:
- The plan cannot be purchased jointly.
- You can choose to appoint a nominee to receive the death benefit in case of the annuitant’s death.
- The plan offers various loan options against the policy.
- Tax benefits are available under Section 80C of the Income Tax Act for the premium payments.
What Makes the LIC Jeevan Shanti Plan Worth Purchasing?
Let’s get the significance of purchasing the LIC Jeevan Shanti plan clear away.
Purchase Ease: The LIC Jeevan Shanti plan is available for purchase online or offline. On the other hand, tracking payments, status, and other details is simpler when purchases are made online.
Multiple Annuity alternatives: The LIC Jeevan Shanti insurance allows the insured to choose from a broad range of alternatives within the policy for both immediate and delayed annuities.
Assured Returns: These returns are easily obtainable following the deferred period and are contributed to the LIC Jeevan Shanti Plan each month.
Guaranteed Income: For the duration of their life, the policyholder will get a guaranteed monthly income. There are various ways in which the guaranteed income can be paid to the nominee/secondary annuitant in the event that the primary annuitant passes away too soon.
Benefits related to taxes: Taxes are imposed in accordance with government-set tax regulations and rates. The plan’s benefits will be calculated without taking paid taxes into account.
The LIC Jeevan Shanti Plan exclusions-
The following is a list of exclusions for the Jeevan Shanti Plan:
Plan for Deferred Annuity
The LIC Jeevan Shanti Plan shall be nullified if the annuitant or any of the annuitants commits suicide within a year of the policy’s start date. Just 80% of the purchase price or the surrender value, whichever is higher, will be the corporation’s responsibility.
How Can I Apply for the Jeevan Shanti Plan of LIC?
You can purchase the LIC Jeevan Shanti Plan locally or online. To buy the policy using the most convenient method for you, follow the instructions below.
Applying online:
- Go to LIC’s official website and select “Buy Online Policies” by scrolling down. Press “Click Here.”
- Of all the policies, “Jeevan Shanti” is visible. Hover over “Click Here To Buy.”
- Select ‘Pension’ to access the policy. Select “Buy Online” under Jeevan Shanti from LIC.
- After selecting “Click to Buy Online,” a form requesting contact information and COVID information will be filled out.
- The OTP shared on your cell phone must be entered. After that is finished, click “Calculate Premium” after entering the necessary information (personal and product).
- Once the payment is paid, you can take the policy home.
To Purchase Offline:
To purchase the LIC Jeevan Shanti Plan offline, the consumer can also choose to visit the closest LIC branch or give the LIC representative a call. Make sure the plan satisfies your long-term objectives and provides for all of your demands before making an investment in order to plan a leisurely post-retirement lifestyle.
Required Documents for LIC Jeevan Shanti Policy Purchase
In order to purchase a LIC Jeevan Shanti Plan, the insured needs to obtain the following kinds of documentation:
Address evidence: A voter card, passport, driver’s licence, Aadhar card, and other documents can serve as evidence of address.
Identity Proof: You can provide identification such as your passport, PAN card, or Aadhar card.
What Is the New Jeevan Shanti Plan Price of LIC?
- Anyone who wants to purchase the LIC New Jeevan Shanti Plan only needs to go to the business’ website.
- LIC New Jeevan Shanti Plan purchases can be made online by visiting the official website.
- Enter the necessary information, such as your password and user ID.
- After choosing the plan, pay the premium in full.
- Use the LIC Jeevan Shanti Calculator to find the premium and maturity value for your LIC New Jeevan Shanti Plan.
- The LIC New Jeevan Shanti Policy Details will be sent to the registered email address after payment has been received.
Frequently Asked Questions
1. Are there mature benefits associated with the LIC Jeevan Shanti Plans?
The LIC Jeevan Shanti Plans do not provide benefits upon maturity. When purchasing these plans, the proposer may, however, focus on the immediate and deferred annuity benefits during the annuitant’s lifespan and after the annuitant’s death, if any.
2. Can I get the money owed to me in instalments upon my death?
Yes, rather than receiving the whole amount due upon death, the amounts payable may be paid in instalments over a set period of 5, 10, or 15 years. The annuitant may choose to have the amount expressed as a percentage of the entire amount of claim profits payable, or as an absolute sum.
| Mode of Instalment Amount | Minimum Instalment Payable |
| Monthly | Rs 5,000 |
| Quarterly | Rs 15,000 |
| Half-yearly | Rs 25,000 |
| Yearly | Rs 50,000 |
The amount of payables are listed below:
3. Does the policy include a monthly supplement?
Yes, the insurance guarantees monthly additions by the end of each month. The monthly addition value is determined by multiplying the purchase price by the annual annuity rate that must be paid each month.
