LIC New Jeevan Shanti Plan 758

Planning for a secure and steady income after retirement can be easy with the right pension plan. The LIC New Jeevan Shanti Plan 758 is a popular choice for individuals wanting a guaranteed lifetime income with flexibility.

Introduction to LIC New Jeevan Shanti Plan 758

The LIC New Jeevan Shanti Plan 758 is a single premium deferred annuity plan offered by LIC of India. You pay a one-time lump sum premium, and the plan starts paying you a guaranteed annuity (income) after a deferred period. This plan is designed to provide financial security during retirement through regular, fixed payments for life.

Unlike traditional savings, this plan ensures lifetime income, irrespective of market fluctuations, providing peace of mind for retirement planning.

Key Features of LIC New Jeevan Shanti Plan 758

• Single premium payment: Pay once and get lifelong pension benefits.
• Deferred annuity: The annuity (pension) starts after a waiting period that you can choose (1 to 12 years).
• Two annuity options: Choose between single life or joint life annuity.
• Guaranteed fixed income: Payments are fixed and guaranteed from the start.
• Flexible payout frequency: Monthly, quarterly, half-yearly, or yearly pensions.
• Death benefits: Provides lump sum or annuity benefits to nominees in case of policyholder’s death.
• Tax benefits: Premiums paid and pensions received may be eligible for tax benefits as per the Income Tax Act.

This plan suits those who want a simple, low-risk way to create retirement income, offering security and flexibility.

Understanding the Annuity Options

Single Life Deferred Annuity

• During the deferment period, no payment is made.
• After the deferment period, the annuity payments begin and continue for the lifetime of the annuitant.
• On death of the annuitant after deferment, payments stop and the nominee receives the death benefit.

Joint Life Deferred Annuity

• You can nominate a spouse or family member as the second annuitant.
• Payments begin after deferment and continue till the last survivor of the two lives.
• Death benefit is payable on the death of the last surviving annuitant.

Both options ensure guaranteed income, with the joint life option providing added security for couples or family members.

Benefits of LIC New Jeevan Shanti Plan 758

1. Guaranteed lifetime income: No matter how long you live, the annuity payments continue, ensuring a steady income.
2. Single premium ease: Only one payment is needed, simplifying the investment.
3. Flexible annuity payout modes: Choose how frequently you want to receive your pension—monthly, quarterly, half-yearly, or yearly.
4. Security for nominees: Provides a death benefit to the nominee either as a lump sum or in installments.
5. Joint life annuity option: Useful for couples wanting continuous income for the surviving spouse.
6. Bonus for disability: Lower premium rates are available if the plan is purchased for a disabled dependent.
7. Tax advantages: Premiums and annuity payouts may have tax benefits under prevailing laws.
8. No market risk: Since this is a non-linked plan, payouts are not affected by stock market fluctuations.

What is the LIC New Jeevan Shanti Plan 758 Calculator?

The LIC New Jeevan Shanti Plan 758 Calculator is a digital tool that helps you estimate your pension benefits before buying the plan. It calculates the approximate annuity amount you will receive based on your:

• Age
• Premium amount
• Annuity option (single or joint life)
• Deferment period
• Payment frequency (monthly, quarterly, etc.)

This calculator saves you the trouble of manually calculating complex payouts and helps you plan your investments better.

How to Use the LIC New Jeevan Shanti Plan 758 Calculator?

Using the calculator is simple and user-friendly:

1. Enter your age: The plan accepts entry ages from 30 to 79 years.
2. Enter the single premium amount: minimum ₹1,50,000 (₹50,000 for differently-abled persons).
3. Choose the deferment period: Between 1 to 12 years, depending on the desired payout start.
4. Select pension payment frequency: monthly, quarterly, half-yearly, or yearly.
5. Choose the annuity type: single or joint life.
6. Calculate: The tool will show you the expected annuity payout and death benefits.

The calculator can also help compare payout amounts for different annuity options and frequencies, empowering you to make an informed choice.

This tool is available on LIC’s official website and various insurance portals.

Why Use the LIC New Jeevan Shanti Calculator?

• Accurate Estimates: It provides reliable annuity amounts based on your inputs.
• Personalized Planning: Helps tailor the policy parameters as per your retirement needs.
• Time-saving: Removes manual calculation errors and time-consuming estimations.
• Compare Options: Enables quick comparison between single life and joint life annuities or different payout frequencies.
• Informed Decisions: Helps you understand the returns and benefits before investing.

Important Terms Explained Simply

• Deferred Annuity: You choose a waiting period (deferment), during which you don’t receive payments. After deferment, pensions start.
• Annuity Rate: The rate at which your paid premium is converted into periodic pension payouts.
• Death Benefit: The payment made to nominees upon the death of the annuitant, which might be a lump sum or installments.
• Purchase Price: The lump sum amount you pay as the single premium.
• Vesting Age: The age at which pension payments begin (Entry Age + Deferment Period).

Understanding these terms helps in better grasping how the plan and calculator work.

Example: Using the Calculator for LIC New Jeevan Shanti Plan 758

Let’s say:

• You are 55 years old
• You pay ₹5,00,000 as a single premium
• Choose a deferment period of 5 years (pension starts at 60 years)
• Select single life annuity
• Choose monthly payout

Using the calculator, you can estimate that after 5 years, you will receive a fixed monthly pension, which will continue for life. Also, in case of death during deferment, your nominee will get the death benefit.

This clear estimate helps you decide if the plan suits your income goals post-retirement.

Tax Benefits of LIC New Jeevan Shanti Plan 758

• The premium paid under this plan qualifies for a tax deduction under Section 80CCC of the Income Tax Act.
• The pension received is taxable as income in the year it is received.
• Death benefits paid to the nominee are generally tax-exempt under Section 10(10D), subject to conditions.

Always consult a tax advisor for up-to-date advice based on your situation.

Where to Buy LIC New Jeevan Shanti Plan 758?

You can buy this plan:

• Online: Directly via LIC’s website or insurance portals
• Offline: Through LIC agents or authorized brokers

Online purchases sometimes offer additional benefits like bonus annuity rates.

Tips for Choosing LIC New Jeevan Shanti Plan 758

• Decide your pension start age by selecting an appropriate deferment period.
• Choose the annuity option based on your family and nominee needs.
• Consider various payout frequencies and select the one that suits your monthly or yearly income needs.
• Use the LIC New Jeevan Shanti Calculator to see which option maximizes your benefits.
• Keep in mind your tax planning while buying the policy.
• Factor in inflation and plan for additional savings beyond this plan as the pension amount remains fixed.

Frequently Asked Questions

Conclusion

The LIC New Jeevan Shanti Plan 758 is an ideal pension plan for individuals seeking a guaranteed lifetime income with a single premium investment. The plan offers flexibility in annuity options and payout frequencies while ensuring safety and tax benefits.

Using the LIC New Jeevan Shanti Plan 758 Calculator can simplify your planning by providing accurate estimates personalized to your inputs. By understanding the features and benefits explained above, one can confidently plan for a financially secure retirement.