LIC New Jeevan Shanti Plan 758 – Complete Guide to Guaranteed Pension Benefits
Planning for a financially secure retirement becomes easier with the right pension plan. The LIC New Jeevan Shanti Plan 758 is a trusted retirement solution designed for individuals who want guaranteed lifelong pension income with flexibility and safety.
Introduction to LIC New Jeevan Shanti Plan 758
LIC New Jeevan Shanti Plan 758 is a single premium deferred annuity plan offered by Life Insurance Corporation of India. Under this plan, the policyholder pays a one-time lump sum premium, and after a selected deferment period, guaranteed pension payments begin for life.
This retirement plan is designed to provide stable post-retirement income without any market-related risk. Since the policy is non-linked, the annuity payouts remain fixed and unaffected by stock market fluctuations.
LIC New Jeevan Shanti Plan 758 Overview
The plan is suitable for individuals seeking:
- Guaranteed pension income
- Flexible annuity options
- Safe retirement planning
- Single premium investment
- Long-term financial security
Main Features of LIC New Jeevan Shanti Plan 758
Single Premium Investment
The policy requires only one-time premium payment to start the pension plan.
Deferred Pension Facility
Policyholders can choose a deferment period between 1 year and 12 years before pension payments begin.
Two Annuity Choices
The plan offers:
- Single Life Deferred Annuity
- Joint Life Deferred Annuity
Guaranteed Pension Income
The annuity amount remains fixed and guaranteed throughout the policy duration.
Flexible Pension Payment Modes
Pension can be received through different payout frequencies:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Death Benefit Protection
The nominee may receive death benefits in the form of lump sum or installment payouts according to policy conditions.
Tax Saving Benefits
Premiums and eligible benefits may qualify for tax advantages under prevailing Income Tax rules.
Market Risk-Free Plan
The policy is non-linked, meaning pension payouts are not affected by market ups and downs.
LIC New Jeevan Shanti Plan 758 Eligibility Criteria
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 30 Years | 79 Years |
| Vesting Age | 31 Years | 80 Years |
| Deferment Period | 1 Year | 12 Years |
| Purchase Price | ₹1,50,000 | No Limit |
| Purchase Price for Disabled Dependents | ₹50,000 | No Limit |
| Minimum Monthly Pension | ₹1,000 | Based on annuity rates |
Understanding LIC New Jeevan Shanti Annuity Options
Single Life Deferred Annuity
Under this option:
- No pension is paid during the deferment period
- Pension starts after deferment completion
- Pension continues for the lifetime of the annuitant
- Death benefits are paid to nominee after death
Joint Life Deferred Annuity
This option allows inclusion of spouse or eligible family member as second annuitant.
Key benefits include:
- Pension continues until the death of the last surviving annuitant
- Additional financial security for spouse or family
- Death benefit payable after both annuitants pass away
Benefits of LIC New Jeevan Shanti Plan 758
Guaranteed Lifetime Pension
The policy ensures lifelong fixed pension payments after retirement.
Easy One-Time Investment
Only a single premium payment is required to secure future retirement income.
Flexible Payout Frequency
Policyholders can select pension frequency according to financial needs.
Family Financial Protection
Nominees receive death benefits under eligible policy conditions.
Joint Life Security
Joint annuity option ensures continued pension support for surviving spouse.
Special Benefits for Disabled Dependents
Lower purchase price options are available for differently-abled dependents.
Tax Benefits
Eligible tax deductions and exemptions may be available under applicable tax laws.
No Market-Linked Risk
Returns remain stable and guaranteed regardless of stock market conditions.
What is LIC New Jeevan Shanti Plan 758 Calculator?
The LIC New Jeevan Shanti Plan 758 Calculator is an online estimation tool that helps users calculate expected pension payouts before purchasing the policy.
The calculator estimates pension benefits based on:
- Age
- Purchase price
- Annuity option
- Deferment period
- Pension payout mode
This tool simplifies retirement planning by providing quick and accurate pension estimates.
How to Use LIC New Jeevan Shanti Plan 758 Calculator?
Using the calculator is simple and user-friendly.
Step 1: Enter Your Age
Provide your current age between 30 and 79 years.
Step 2: Enter Purchase Price
Input the single premium amount you want to invest.
Step 3: Choose Deferment Period
Select a deferment period between 1 and 12 years.
Step 4: Select Pension Frequency
Choose how often you want to receive pension:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Step 5: Choose Annuity Type
Select:
- Single Life Annuity
- Joint Life Annuity
Step 6: Click on Calculate
The calculator displays estimated pension payouts and death benefit details instantly.
Why Should You Use LIC New Jeevan Shanti Calculator?
Accurate Pension Estimation
The calculator provides reliable pension estimates based on selected inputs.
Personalized Retirement Planning
Users can customize deferment period, payout mode, and annuity options according to retirement goals.
Saves Time
It eliminates complicated manual calculations.
Easy Comparison of Options
The tool helps compare single-life and joint-life annuity benefits.
Better Financial Decisions
Investors can understand future retirement income before purchasing the plan.
Important Terms Explained Simply
Deferred Annuity
A pension plan where payouts begin after a selected waiting period.
Annuity Rate
The rate used to convert premium amount into regular pension payouts.
Death Benefit
The amount payable to nominee after the death of annuitant.
Purchase Price
The lump sum premium paid at policy purchase.
Vesting Age
The age when pension payouts begin after completion of deferment period.
Example of LIC New Jeevan Shanti Plan 758 Calculator
Suppose:
| Details | Value |
|---|---|
| Age | 55 Years |
| Purchase Price | ₹5,00,000 |
| Deferment Period | 5 Years |
| Annuity Type | Single Life |
| Pension Mode | Monthly |
Using the calculator, the policyholder can estimate the fixed monthly pension payable after completion of 5 years.
In case of death during the deferment period, eligible death benefits are payable to the nominee.
Tax Benefits of LIC New Jeevan Shanti Plan 758
The policy may offer several tax benefits under the Income Tax Act.
Section 80CCC Benefits
Premiums paid may qualify for deductions under Section 80CCC.
Tax on Pension Income
Annuity income received is taxable according to applicable income tax slab.
Section 10(10D) Benefits
Eligible death benefits paid to nominees may receive tax exemptions under Section 10(10D), subject to conditions.
It is advisable to consult a tax advisor for updated tax guidance.
Where Can You Buy LIC New Jeevan Shanti Plan 758?
The policy can be purchased:
- Online through the official LIC India Website
- Through insurance portals
- Via LIC agents
- From authorized insurance brokers
Online purchases may sometimes offer additional annuity benefits.
Useful Tips Before Buying LIC New Jeevan Shanti Plan 758
- Select deferment period according to retirement age
- Choose annuity type carefully based on family needs
- Compare payout frequencies using calculator
- Consider inflation impact on retirement income
- Review tax planning before investing
- Use the calculator to compare multiple investment amounts
Frequently Asked Questions About LIC New Jeevan Shanti Plan 758
What is LIC New Jeevan Shanti Plan 758?
It is a single premium deferred annuity plan that provides guaranteed pension income after a selected deferment period.
Who Can Buy LIC New Jeevan Shanti Plan 758?
Individuals between 30 years and 79 years of age are eligible to purchase the policy.
What is the Deferment Period?
The deferment period is the waiting duration between premium payment and pension start date.
What Annuity Options are Available?
The plan offers:
- Single Life Deferred Annuity
- Joint Life Deferred Annuity
Are Tax Benefits Available?
Yes, premiums may qualify for deductions under Section 80CCC subject to applicable tax laws.
Can Pension Be Received Monthly?
Yes, pension can be received monthly, quarterly, half-yearly, or yearly.
Conclusion
The LIC New Jeevan Shanti Plan 758 is a reliable retirement pension solution for individuals seeking guaranteed lifelong income through a one-time investment. With flexible annuity choices, fixed pension payouts, tax advantages, and market risk-free returns, the plan offers financial security during retirement years.
Using the LIC New Jeevan Shanti Plan 758 Calculator helps investors estimate pension benefits accurately and make informed retirement planning decisions with confidence.
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