LIC New Jeevan Shanti Plan 758 Calculator
Enter Policy Details
Annuity Results
The LIC New Jeevan Shanti Plan 758 Calculator helps estimate the pension payable under LIC New Jeevan Shanti Plan 758. It uses the Purchase Price, annuitant’s age, deferment period, annuity option, payment mode, and applicable annuity rate to calculate an estimated yearly, half-yearly, quarterly, or monthly pension.
LIC New Jeevan Shanti Plan 758 is a single-premium deferred annuity plan. The Purchase Price is paid once, and pension begins after the selected deferment period. The policyholder can choose Deferred Annuity for Single Life or Deferred Annuity for Joint Life.
Annuity accuracy note: The exact pension cannot be calculated from Purchase Price alone. Use the applicable annuity rate from LIC’s official quotation or benefit illustration.
Also Check:
- LIC New Jeevan Shanti Plan Calculator
- LIC New Jeevan Shanti Plan 858 Calculator
- LIC Jeevan Shanti Plan 850 Calculator
- LIC Pension Plans Calculator
What Does the Calculator Show in Result?
The calculator may display estimated pension, pension start age, Single Life and Joint Life comparison, surrender value, possible loan eligibility and an indicative death benefit.
Table of Contents
How to Use the LIC New Jeevan Shanti Plan 758 Calculator
- Enter the Purchase Price.
- Enter the primary annuitant’s age.
- Select Single Life or Joint Life.
- Enter the second annuitant’s age for Joint Life.
- Choose the deferment period.
- Enter the applicable annuity rate.
- Select the payment mode.
- Apply only the eligible incentive.
- Select Calculate.
- Use Reset before another calculation.
What Is LIC New Jeevan Shanti Plan 758?
LIC New Jeevan Shanti Plan 758 is a non-linked, non-participating individual deferred annuity plan. The Purchase Price is paid once, and pension begins after a deferment period of one to five years.
The annuity rate is fixed when the policy is issued. Since the plan is non-linked, the pension is not affected by stock-market performance. It also does not receive a bonus or share in LIC’s profits.
LIC New Jeevan Shanti Plan 758 Quick Details
| Particular | Plan details |
|---|---|
| Plan name | LIC’s New Jeevan Shanti |
| Plan number | 758 |
| Plan type | Non-linked, non-participating deferred annuity plan |
| Premium type | Single premium |
| Entry age | 30 to 79 years |
| Pension start age | 31 to 80 years |
| Deferment period | 1 to 5 years |
| Minimum Purchase Price | ₹1,50,000, subject to minimum annuity |
| Annuity options | Single Life and Joint Life |
| Payment modes | Yearly, half-yearly, quarterly and monthly |
| Surrender facility | Available subject to policy rules |
| Loan facility | Available subject to policy conditions |
| Maturity benefit | No separate maturity benefit |
Key Features
- Single premium payment
- Deferred pension after one to five years
- Single Life and Joint Life options
- Fixed annuity rate at policy issue
- Monthly, quarterly, half-yearly and yearly payment modes
- Surrender and policy-loan facilities
- Joint Life pension continuation after the first death
- No market-linked return
- No automatic inflation-linked increase
History and Versions
LIC New Jeevan Shanti was earlier available under Plan 858, which was issued in different versions before being withdrawn from new sale. LIC later introduced the current Plan 758 under UIN 512N338V08 with revised eligibility conditions, annuity rates and a shorter deferment-period range. Existing Plan 858 policies continue according to the UIN, annuity rate and policy terms mentioned in their original policy schedules. Therefore, Plan 858 calculations should not be used for a new Plan 758 policy.
Purchase Price Explained
Purchase Price means the one-time amount paid to buy the annuity policy. Taxes are separate and do not normally form part of the amount used for annuity calculation.
The normal minimum Purchase Price is ₹1,50,000, subject to the minimum pension required for the selected payment mode.
Single Life vs Joint Life
| Point | Single Life | Joint Life |
| Number of annuitants | One | Two |
| Pension after first death | Stops | Continues to survivor |
| Death-benefit timing | On death of annuitant | After death of last survivor |
Under Single Life, pension is payable for the lifetime of one annuitant after deferment.
Under Joint Life, pension continues while either annuitant is alive. The selected option cannot be changed later.
Deferment Period
The deferment period is the waiting time before pension begins.
| Entry age | Deferment period | Pension start age |
| 45 years | 1 year | 46 years |
| 45 years | 3 years | 48 years |
| 45 years | 5 years | 50 years |
| 60 years | 5 years | 65 years |
| 75 years | 5 years | 80 years |
No pension is payable during the deferment period.
How Pension Is Calculated
Yearly pension = Purchase Price ÷ 1,000 × applicable annuity rate per ₹1,000
For a Purchase Price of ₹10,00,000 and a rate of ₹86.10 per ₹1,000:
₹10,00,000 ÷ 1,000 × ₹86.10 = ₹86,100
The actual rate depends on age, option, deferment period, Purchase Price slab, payment mode and eligible incentive.
Annuity Modes and Minimum Pension
| Payment mode | First payment after vesting | Reduction in yearly rate | Minimum pension |
| Yearly | 12 months | Nil | ₹12,000 per year |
| Half-yearly | 6 months | 2% | ₹6,000 per half-year |
| Quarterly | 3 months | 3% | ₹3,000 per quarter |
| Monthly | 1 month | 4% | ₹1,000 per month |
A non-yearly pension should not always be calculated by simply dividing the yearly amount. The applicable reduction is first applied.
Annuity-Rate Incentives
LIC may increase the applicable annuity rate for specified higher Purchase Price slabs, eligible direct sales and qualifying existing policyholders.
The exact incentive should be confirmed through the official benefit illustration. Do not combine incentives unless LIC’s quotation allows it.
New Jeevan Shanti Plan 758 Calculator Example
Assume:
- Purchase Price: ₹10,00,000
- Primary annuitant age: 45 years
- Secondary annuitant age: 35 years
- Deferment period: 5 years
| Option | Yearly | Half-yearly | Quarterly | Monthly |
| Single Life | ₹86,100 | ₹42,189 | ₹20,879 | ₹6,888 |
| Joint Life | ₹82,800 | ₹40,572 | ₹20,079 | ₹6,624 |
The Single Life option gives a higher pension in this illustration. Joint Life gives lower pension but continues while either annuitant remains alive.
Death Benefit in Brief
The death benefit is broadly the higher of:
- Purchase Price + accrued Additional Benefit on Death − total annuity payable up to death, or
- 105% of Purchase Price
For Joint Life, pension continues after the first death. The death benefit becomes payable after the death of the last survivor.
LIC New Jeevan Shanti Plan 758 Surrender Value
The policy can be surrendered during the policy term.
Guaranteed Surrender Value = GSV Factor × Purchase Price − Total annuity payable up to surrender
| Policy year | GSV factor |
| Year 1 | 75% |
| Year 2 | 75% |
| Year 3 | 75% |
| Year 4 | 90% |
| Year 5 and above | 90% |
LIC pays the higher applicable value after considering Guaranteed Surrender Value, Special Surrender Value, annuity already payable and outstanding loan.
Comparison of Plan 858 vs Plan 758
Plan 858 and Plan 758 are both single-premium deferred annuity plans offering Single Life and Joint Life options. The main difference is that Plan 858 is an older withdrawn version, while Plan 758 is the current version available for new purchase. Plan 758 follows updated annuity rates, eligibility conditions and a shorter deferment-period range. Existing Plan 858 policyholders should use the annuity rate and terms mentioned in their policy schedule, while new buyers should use the current Plan 758 quotation.
| Point | Plan 858 | Plan 758 |
|---|---|---|
| Current status | Withdrawn from new sale | Available for new purchase |
| Plan number | 858 | 758 |
| UIN range | 512N338V01, V2, V4, V5 to 512N338V06 | 512N338V07 & 512N338V08 |
| Policy type | Deferred annuity | Deferred annuity |
| Premium payment | One-time Purchase Price | One-time Purchase Price |
| Annuity options | Single Life and Joint Life | Single Life and Joint Life |
| Deferment period | Based on the applicable version; older versions allowed up to 12 years | 1 to 5 years |
| Annuity rate | Based on the UIN and rate shown in the original policy schedule | Based on the current LIC quotation |
Loan Facility
A policy loan may be available after three months from policy issuance or after the Free Look Period, whichever is later.
The loan cannot exceed 80% of surrender value, and annual loan interest cannot exceed 50% of annual annuity.
Tax Benefits
The Purchase Price paid for an eligible annuity plan may qualify for tax deduction under Section 80CCC when the old tax regime is selected, subject to the overall limit available under Sections 80C, 80CCC and 80CCD(1). This deduction is generally not available under the new tax regime. Pension received from the policy is taxable as income in the year of receipt. Tax rules can change and may differ according to the policyholder’s income and selected tax regime, so the calculator should not show a fixed tax-saving amount.
How to Buy the Plan
LIC New Jeevan Shanti Plan 758 can be purchased through an LIC branch, authorised agent, intermediary or eligible online channel. Before buying, request the official benefit illustration and check the Purchase Price, annuity option, deferment period, pension mode, annuitant details and applicable incentives.
For Joint Life, both annuitants must meet the permitted relationship and age conditions. The buyer must submit the required identity, address, age, PAN and bank documents, pay the single Purchase Price and complete LIC’s proposal process. The final pension is confirmed only after LIC accepts the proposal and issues the policy schedule.
Frequently Asked Questions
What is the LIC New Jeevan Shanti Plan 758 Calculator?
It estimates pension using Purchase Price, age, annuity option, deferment period, annuity rate and payment mode.
What is the maximum deferment period?
The maximum deferment period is five years, subject to the maximum pension start age of 80 years.
What is the minimum Purchase Price?
The normal minimum is ₹1,50,000, subject to the minimum pension requirement.
Can pension be received monthly?
Yes. Monthly, quarterly, half-yearly and yearly payment modes are available.
Does Joint Life pension continue after the first death?
Yes. Pension continues to the surviving annuitant.
Can the policy be surrendered?
Yes. Surrender is allowed subject to Guaranteed or Special Surrender Value and policy conditions.
Is a policy loan available?
Yes. A loan may be available after the applicable waiting period, subject to surrender value and LIC’s terms.
Conclusion
The LIC New Jeevan Shanti Plan 758 Calculator helps estimate pension from a one-time Purchase Price and compare Single Life and Joint Life options, deferment periods and payment modes.
LIC New Jeevan Shanti Plan 758 provides a fixed annuity according to the rate determined at policy inception. Before purchase, compare the calculator result with LIC’s official benefit illustration.
The annuity remains fixed and does not automatically increase with inflation. The issued policy schedule and LIC’s official calculation take priority.