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:

Eligibility:

Minimum entry age: 30 years

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