LIC New Jeevan Shanti Plan is a non-market-linked deferred annuity plan offered by LIC, providing annuity options for both single and joint lives. The policyholder has the flexibility to decide on the deferment period and how long they want to receive annuity payouts. Since annuity plans can be either market-linked or non-market-linked, the returns may differ even for the same investment amount.
The LIC New Jeevan Shanti Plan (Plan No. 758) is a non-market-linked annuity policy that offers periodic payouts—monthly, quarterly, half-yearly, or yearly—after the premium is paid. Here's what you need to know about the key features:
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Eligibility:
Minimum entry age: 30 years
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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
Minimum purchase price: Rs 1,50,000 (with some exceptions)
Annuity Payment Frequency Requirements:
Monthly: Minimum Rs 1,000
Quarterly: Minimum Rs 3,000
Half-yearly: Minimum Rs 6,000
Yearly: Minimum Rs 12,000
No payments will be made when the annuitant survives the policy duration. The policy remains active at the time of annuitant death, so payments run incrementally as long as the remains alive. Following their demise, both annuity payments stop instantly, and any death benefit is distributed to the designated beneficiaries. The death benefit should stand at its highest value between the start price and the accumulated additional death benefit (below), less all annuity payments up to death day.
If the condition isn't met, the amount can go up to 105% of the purchase price. The policy also includes an additional benefit payable upon death. However, the annuitant will not receive any bonus once the policy term ends.
There is an incentive for higher purchase amounts through increased annuity rates, categorized into three slabs:
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
| Investment Amount | Monthly Payout (Rs) | Quarterly Payout (Rs) | Half-Yearly Payout (Rs) | Yearly Payout (Rs) |
|---|---|---|---|---|
| Rs 5,00,000 | 2,666.66 – 4,000 | 8,000 – 12,000 | 16,000 – 24,000 | 32,000 – 48,000 |
| Rs 11,00,000 | 5,866.67 – 8,800 | 17,600 – 26,400 | 35,200 – 52,800 | 70,400 – 1,05,600 |
| Rs 19,00,000 | 10,133.33 – 15,200 | 30,400 – 45,600 | 60,800 – 91,200 | 1,21,600 – 1,82,400 |
| Rs 25,00,000 | 13,333.33 – 20,000 | 40,000 – 60,000 | 80,000 – 1,20,000 | 1,60,000 – 2,40,000 |
| Rs 29,00,000 | 15,466.67 – 23,200 | 46,400 – 69,600 | 92,800 – 1,39,200 | 1,85,600 – 2,78,400 |
(Disclaimer: This article is for informational purposes only and not an investment advice. Prior to making an investment or taking a loan, conduct thorough research and consult with your financial advisor.)
Also Read: LIC’s Saral Pension Plan: Secure A Rs 12,000 Monthly Pension For Life With A One-Time Investment