LIC New Jeevan Shanti – Plan No. 758
An independent, plain-language look at LIC New Jeevan Shanti (Plan No. 758, UIN 512N338V05) — what it offers, who it may suit, and what to check before buying.
Currently Available Pension / Deferred Annuity Plan UIN: 512N338V05
What Is LIC New Jeevan Shanti?
LIC's New Jeevan Shanti is a single-premium, non-linked deferred annuity plan. You pay one lump sum, choose a deferment period, and then receive a guaranteed regular annuity (pension) for life once payouts begin, under the option chosen at purchase (single life or joint life, and the specific annuity option).
Key Features
- Single premium — one lump sum payment, no recurring premiums
- Choice of deferment period before annuity payouts begin
- Single life or joint life annuity options
- Annuity rate is guaranteed at the time of purchase for the option chosen
Who May Consider This Plan
- Individuals with a lump sum (e.g. retirement corpus, maturity proceeds, or a bonus) wanting a guaranteed future income
- Those planning ahead of retirement who want to lock in an annuity rate now for income starting later
Important Considerations
Annuity plans convert a lump sum into an income stream and are generally not designed for liquidity — options to withdraw the full amount later are limited compared to savings plans. Annuity rates and options available should be confirmed at the time of purchase, as they are revised periodically by LIC.
Example Scenario
Illustrative only: Someone at age 50 with a lump sum could choose a deferment period so that a guaranteed monthly pension begins at, say, age 60, continuing for life under the option selected. Actual annuity amounts depend on the sum invested, deferment period and annuity option chosen — request a current quote for exact figures.
LIC New Jeevan Shanti FAQs
No — it is a single-premium deferred annuity. You pay once, and receive a guaranteed income later, rather than building a corpus through recurring premiums.
Jeevan Shanti is a deferred annuity — you choose when payouts start. Saral Pension is an immediate annuity — payouts typically start soon after purchase. Which is relevant depends on when you need the income to begin.
Discuss LIC New Jeevan Shanti With S. Kulkarni
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