LIC New Jeevan Shanti Plan 858 Calculator | Best Plan For long-term financial stability
Planning for retirement requires a reliable source of income that can provide long-term financial stability. Among the various pension products offered by LIC, the LIC New Jeevan Shanti Plan 858 is widely preferred for
+2% extra annuity for online purchase
Planning for retirement requires a reliable source of income that can provide long-term financial stability. Among the various pension products offered by LIC, the LIC New Jeevan Shanti Plan 858 is widely preferred for its guaranteed lifelong income and deferred annuity benefits.
What is LIC New Jeevan Shanti Plan 858?
The LIC New Jeevan Shanti Plan 858 is a single-premium, non-linked, and non-participating deferred annuity policy designed to provide guaranteed pension income after a selected deferment period. Under this plan, the policyholder makes a one-time lump-sum investment, and LIC starts paying regular pension income once the deferment period is completed.
This retirement-focused plan is suitable for individuals who want a secure and predictable income source during their post-retirement years while also benefiting from stable long-term returns.
One of the major advantages of the LIC New Jeevan Shanti Plan 858 is that the annuity income remains guaranteed throughout the annuitant’s lifetime, offering financial security and peace of mind. Policyholders can also choose their preferred pension payout frequency, including monthly, quarterly, half-yearly, or yearly options.
How Does LIC New Jeevan Shanti Plan 858 Work?
The LIC New Jeevan Shanti Plan 858 is a deferred annuity plan, which means pension payments do not begin immediately after investing the lump-sum premium. Instead, the policyholder selects a deferment period, and the annuity starts only after that period ends.
During the deferment period, the invested amount earns guaranteed returns, which helps increase the future pension amount. Once the annuity begins, LIC provides guaranteed pension payouts for the lifetime of the annuitant. In the case of a joint life annuity option, the pension continues until the death of the last surviving annuitant.
Benefits of LIC New Jeevan Shanti Plan 858
Lifetime Guaranteed Income
The plan ensures regular annuity payments throughout the annuitant’s lifetime, offering financial stability during retirement.
Flexible Annuity Choices
Policyholders can choose from multiple annuity options based on their financial goals, including single life and joint life annuity variants.
Death Benefit Protection
If the annuitant passes away during the deferment period, the plan provides assured benefits to the nominee or legal heirs.
Tax Benefits
The premium paid may qualify for tax deductions under applicable income tax laws, making it a useful retirement and tax-saving investment option.
Guaranteed and Stable Returns
The annuity rates are fixed at the time of policy purchase, protecting the investor from market fluctuations and uncertainties.
Financial Peace of Mind
The plan provides a dependable retirement income source for individuals seeking long-term financial security.
Eligibility Criteria and Policy Details
| Attribute | Details |
|---|---|
| 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 | 12 years (subject to vesting age) |
| Minimum Purchase Price | ₹1,50,000 |
| Maximum Purchase Price | No upper limit |
| Annuity Payment Modes | Monthly, Quarterly, Half-Yearly, Yearly |
| Free Look Period | 15 days |
| Surrender Availability | After 3 months |
Using the LIC New Jeevan Shanti Plan 858 Calculator
The LIC New Jeevan Shanti Plan 858 Calculator is an online estimation tool that helps users calculate their expected pension amount based on various inputs such as:
- Lump-sum investment amount
- Entry age
- Deferment period
- Pension payout frequency
- Single life or joint life annuity option
Steps to Use the Calculator
- Enter the investment amount (minimum ₹1,50,000).
- Fill in your age at policy purchase.
- Choose the deferment period in years.
- Select the payout frequency such as monthly or yearly.
- Choose between single life or joint life annuity.
- The calculator will display the estimated pension amount based on your details.
This tool helps investors understand their future retirement income and make better financial decisions.
Annuity Options Available in LIC New Jeevan Shanti Plan 858
| Annuity Option | Description |
|---|---|
| Single Life Annuity | Pension is paid throughout the lifetime of the policyholder |
| Joint Life Annuity | Pension continues until the death of the last surviving annuitant |
| Annuity with Return of Purchase Price | The purchase price is returned to the nominee after death |
| Annuity Certain for 5, 10, or 15 Years with Life Annuity | Guaranteed annuity for a fixed period followed by lifelong payouts |
Tax Implications of LIC New Jeevan Shanti Plan 858
- The single premium paid under the plan qualifies for tax deduction under Section 80C of the Income Tax Act, subject to applicable limits.
- The annuity or pension income received from the policy is taxable under the head “Income from Other Sources.”
- Due to its tax-saving benefits and guaranteed pension structure, the plan is considered a popular retirement planning option.
Why Choose LIC New Jeevan Shanti Plan 858?
- LIC is a trusted government-owned insurance provider with a strong reputation and nationwide presence.
- The plan is ideal for individuals seeking stable and guaranteed retirement income.
- Flexible payout frequencies and deferment periods allow better customization according to financial goals.
- Suitable for both salaried professionals and self-employed individuals planning long-term retirement security.
Important Notes for Policyholders
- The annuity rates are guaranteed at the time of policy purchase, ensuring fixed and predictable returns.
- Policyholders can surrender the policy after three months, subject to LIC’s surrender value terms and conditions.
- The plan can be purchased through both online and offline channels.
- Under the 2024 revisions, the original Plan 858 was withdrawn and replaced with the modified LIC New Jeevan Shanti Plan 758, where the maximum deferment period for new policies was reduced from 12 years to 5 years.
Frequently Asked Questions
What is LIC New Jeevan Shanti Plan 858?
It is a single-premium deferred annuity pension plan that provides guaranteed lifelong income after a selected deferment period.
When was the plan launched?
The plan was introduced by LIC India in June 2024.
Is Plan 858 still available?
No, the original Plan 858 was withdrawn for new business from 1 October 2024 and replaced with the modified LIC New Jeevan Shanti Plan 758.
What is the minimum age to purchase the plan?
The minimum entry age is 30 years, while the maximum entry age is 79 years.
What is the minimum investment amount?
The minimum purchase price required is ₹1,50,000.
Is the annuity income taxable?
Yes, the pension income received under the plan is taxable according to applicable income tax rules.
Conclusion
The LIC New Jeevan Shanti Plan 858 has been regarded as a dependable retirement solution for individuals seeking guaranteed lifelong income through a one-time investment. Even though the original plan has been replaced by the modified LIC New Jeevan Shanti Plan 758, its features and benefits continue to make it an important benchmark in retirement planning solutions offered by LIC.
Using the LIC New Jeevan Shanti Plan Calculator can help investors estimate future pension income accurately and make informed retirement decisions. Backed by LIC’s reliability and financial strength, the plan provides long-term peace of mind and financial security for retirement years.
Comments 0