In short (tl;dr)
New Jeevan Shanti locks in an annuity rate today for an income that starts one to twelve years from now, with the purchase price returned to your nominee on death.
About LIC New Jeevan Shanti
New Jeevan Shanti (Plan 758) is a single premium deferred annuity. You pay once, choose a deferment period between 1 and 12 years, and the pension begins at the end of it. The rate is guaranteed on the day you buy, which is the whole point: you are fixing the terms of a retirement income years before you need it.
During the deferment the purchase price accrues guaranteed additions, so the amount payable on an early death grows month by month. Both options return the purchase price plus accrued additions to the nominee on death, whether that happens during the deferment or after the annuity has started.
The longer you defer, the higher the eventual annuity — both because you are older when it starts and because the money has been compounding. Someone aged 55 deferring to 65 will draw substantially more than the same person buying an immediate annuity at 55.
Key features
- Deferment period of 1 to 12 years, chosen at purchase
- Annuity rate locked in on the day you buy, not when the income starts
- Purchase price returned to the nominee on death, with accrued additions
- Single life and joint life options
- Surrender allowed after three months, unlike most annuities
New Jeevan Shanti at a glance
- Plan number
- 758
- Category
- Pension & Annuity
- Entry age
- 30 to 79 years
- Minimum purchase price
- ₹1,50,000
- Maximum maturity age
- 100 years
- UIN
- 512N338V08
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
Benefits under New Jeevan Shanti
Death benefit
The purchase price plus accrued additions, payable on death whether during the deferment period or after the annuity has commenced. Under Option 2, the annuity continues to the surviving spouse first.
Vesting
There is no maturity. The annuity begins at the end of the deferment and continues for life.
Who it suits
Someone five to twelve years from retirement who wants to fix their pension rate now, before interest rates move.
What to watch out for
The money is locked away during the deferment. There is a surrender facility, but the value is calculated on LIC's terms, not the market's.
How this calculator works
New Jeevan Shanti is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule — the death benefit in each policy year, every survival payout, and the maturity value — and discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- Published annuity rates at age 55
- Discount basis
- 35.00% a year, on LIC (2012-14) Ultimate mortality
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:New Jeevan Shanti on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
New Jeevan Shanti carries no optional riders, so the premium above is the whole premium. Some LIC plans let you bolt on accident, term or premium-waiver cover for an extra premium; this one does not.
Source: New Jeevan Shanti sales brochure (PDF), read in full.
LIC New Jeevan Shanti — frequently asked questions
What is the deferment period in New Jeevan Shanti?
Anything from 1 to 12 years, chosen when you buy. The annuity starts at the end of it, at a rate fixed on the purchase date.
How much pension does New Jeevan Shanti pay for ₹10 lakh?
It depends on your age and the deferment. A 55-year-old deferring 10 years to 65 would draw roughly ₹1.2 to ₹1.4 lakh a year, considerably more than an immediate annuity bought at 55 would pay, because the purchase price accrues additions during the deferment.
What is the difference between Jeevan Akshay-VII and New Jeevan Shanti?
Jeevan Akshay-VII starts the pension immediately. New Jeevan Shanti defers it by 1 to 12 years and pays more when it starts. Akshay-VII offers ten options including maximum-income ones with no death benefit; Jeevan Shanti has two options, both of which return the purchase price.
Can I surrender New Jeevan Shanti?
Yes, at any time after three months from the date of purchase. That is unusually flexible for an annuity — most cannot be surrendered at all.
Related calculators
Plans people usually weigh up against New Jeevan Shanti before deciding.
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No. 857Hand over a lump sum, start drawing a guaranteed income immediately, for life.
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No. 872A deferred annuity with regular or single premiums and eleven payout options.
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No. 771Guaranteed additions during the premium term, then 10% of the sum assured a year for life.
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