LIC New Jeevan Shanti is a single-premium deferred annuity plan from LIC that provides guaranteed lifetime income after a chosen deferment period. It comes in versions like Plan 858 (older) and the current Plan 758, with online calculators to estimate pensions. These tools help users plan retirement by showing annuity amounts based on age, premium, and deferment.

What is LIC New Jeevan Shanti?

LIC New Jeevan Shanti is a non-linked, non-participating pension plan where you pay a one-time premium. The annuity payments start only after a deferment period of 1 to 5 years, making it ideal for those wanting income post-retirement without immediate payouts.

This plan ensures fixed, guaranteed income for life, either for one person (single life) or two (joint life, like spouse). It replaced older versions and focuses on long-term financial security with death benefits for nominees.

Unlike savings plans, it prioritizes steady income over growth, with no market risks. The minimum purchase price is Rs 1.5 lakh, with no upper limit.

History and Versions

LIC launched the original Jeevan Shanti (Plan 850) years ago, which had both immediate and deferred options. The immediate part was withdrawn in 2020, replaced by Jeevan Akshay VII.

New Jeevan Shanti Plan 858 (UIN 512N338V04 or V06) launched on January 5, 2023, and was withdrawn on February 7, 2024 (or October 1, 2024 in some updates). It offered deferred annuities with return of purchase price options.

The latest version, Plan 758 (UIN 512N338V07 or V08), became available from October 1, 2024, after minor modifications to the previous plan. No withdrawal date is announced yet as of January 2026; check LIC site for updates.​

These updates improved flexibility in death benefits and incentives. Official details are on LIC India website.

Key Features of Plan 758

Plan 758 allows deferment from 1-5 years, vesting age 31-80 years. Entry age is 30-79 years for primary annuitant.

Choose payout modes: yearly, half-yearly, quarterly, or monthly (rates slightly lower for frequent payouts). High purchase prices (Rs 5 lakh+) get incentives up to 4-5% extra annuity.

Death benefit during deferment is higher of purchase price + bonuses minus payouts or 105% of premium. After vesting, payments continue till the last annuitant is alive.

Surrender possible anytime, loan after 3 months up to 80% surrender value. Tax benefits under Section 80C and 10(10D) apply, but consult an advisor.

Eligibility Criteria

For Plan 758:

• Minimum entry age: 30 years (single life), varies for joint.
• Maximum entry age: 79 – deferment years.
• Minimum purchase price: Rs 1,50,000.
• Vesting age: 31-80 years.

Joint life needs a secondary annuitant (spouse usually), aged appropriately. No medicals for most ages, but underwriting is possible.

Annuity Options Explained

Two main options:

Option 1: Single Life Deferred Annuity – Income for primary annuitant only, lifelong after deferment.

Option 2: Joint Life Last Survivor Deferred Annuity – Payments continue to survivor (e.g., spouse) after first death.​

Death benefit choices: lump sum to nominee, buy immediate annuity for them, or 5/10/15-year installments.

During deferment, accrued benefit (like interest at ~7-8%) adds to death claim.

Sample Annuity Rates Table

Here is an example table for a Rs 10 lakh purchase price, 45-year-old male, 5-year deferment (rates approximate as of 2025; actual vary by age/gender).

Annuity Option	Monthly	Quarterly	Half-Yearly	Yearly
Single Life	Rs 7,152	Rs 21,456	Rs 42,912	Rs 89,400
Joint Life (spouse 35)	Rs 6,832	Rs 20,496	Rs 40,992	Rs 85,400

Use the official calculator for precise figures.

How to Use LIC New Jeevan Shanti Calculator

Online calculators like on Policybazaar or liccalculator.info let you input age, gender, purchase price, deferment, and option.

Steps:

1. Enter name, DOB, gender.
2. Choose single/joint, deferment years.
3. Input premium amount.
4. View estimated monthly/yearly pension and death benefits.

Official tools on LIC site or apps provide accurate rates. Example: Rs 10 lakh at 45 yields ~Rs 7,000 monthly after 5 years.

Benefits and Death Coverage

Guaranteed lifelong income protects against longevity risk. Family gets death benefit ensuring no premium waste.

Incentives boost returns for larger investments. Flexible payout/death options suit needs.​

No bonuses or profits, but stability is key. Loan/surrender adds liquidity.

Comparison: 858 vs 758

Both are similar deferred plans, but 758 is modified post-2024 withdrawal of 858. Key same: single premium, 1-5 deferment, annuity options.

Differences are minor: updated UIN, possible rate tweaks, and better incentives. 858 withdrawn on Oct 1, 2024; 758 active.

Feature	Plan 858	Plan 758
Launch	Jan 2023	Oct 2024
Withdrawal	Feb/Oct 2024	None (2026)
UIN	512N338V06	512N338V07/V08
Core Benefits	Same annuity/death	Enhanced incentives

Tax Benefits

Premium qualifies for Section 80C deduction up to Rs 1.5 lakh. Annuity income taxable as per slab, but 40% commutation is tax-free.

Death benefits often tax-free under 10(10D). GST extra on premium.

How to Buy the Plan

Visit LIC branch, agent, or online portal. Submit proposal, ID proofs, premium via cheque/NEFT.

Agent like LIC calculator sites offer quotes. Policy issues in days.

FAQs

Conclusion

LIC New Jeevan Shanti (especially Plan 758) offers reliable retirement income with family protection. Use calculators to match your needs and consult agents for latest rates. Secure your future today with this simple, guaranteed plan.