Formula
Y = a × Q / 1000
Half-yearly = 0.98 × Y / 2
Quarterly = 0.97 × Y / 4
Monthly = 0.96 × Y / 12
where
- Y
- yearly annuity
- a
- annuity rate, ₹ a year per ₹1,000 of purchase price, for your age, annuity option and deferment period
- Q
- purchase price
The more often the annuity is paid, the smaller each instalment is against a straight share of the yearly amount.
In short (tl;dr)
New Jeevan Shanti locks in an annuity rate today for an income that starts one to five years from now, with the purchase price returned to your nominee on death.
What is 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 5 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 45 deferring the full 5 years will draw noticeably more than the same person buying an immediate annuity at 45.
Key features
- Deferment period of 1 to 5 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 at any time during the policy term, 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
Is it 758 or 858?
LIC's own page gives this plan as 758 with UIN 512N338V08, and that is where both come from here. Plan 858 was withdrawn on 1 October 2024 and replaced that day by this one. The replacement also cut the maximum deferment period from 12 years to 5. If 858 is what your policy document says, that document is the one that governs; a later version does not change the terms yours was sold on.
What are the benefits of LIC New Jeevan Shanti?
What does LIC New Jeevan Shanti pay on death?
The purchase price plus accrued additions, payable on death whether during the deferment period or after the annuity has commenced, never less than 105% of the purchase price. Under Option 2, the annuity continues to the surviving second annuitant first, who does not have to be a spouse.
What do you get at vesting?
There is no maturity. The annuity begins at the end of the deferment and continues for life.
Who is LIC New Jeevan Shanti for?
Someone one to five years from retirement who wants to fix their pension rate now, before interest rates move.
What should you 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.
Who can take LIC New Jeevan Shanti?
Age to buy the annuity
- Minimum
- 30 years
- Maximum
- 79 years
Deferment period
- Minimum
- 1 year
- Maximum
- 5 years
The pension starts when this period ends, so your age plus the deferment is the age it begins.
Purchase price
- Minimum
- ₹1,50,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 2 of the New Jeevan Shanti sales brochure, linked in the form above.
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, meaning the death benefit in each policy year, every survival payout and the maturity value, then 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 45
- Discount basis
- Solved separately for each annuity option, on LIC (2012-14) Ultimate mortality, to reproduce that option's own published rate at age 45
- 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.
How LIC New Jeevan Shanti compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| New Jeevan ShantiNo. 758 · this page | Not applicable | One premium | ₹1.5 Lakh | Buy the pension now, start drawing it up to five years later at a locked-in rate. |
| Jeevan Akshay-VIINo. 857 | Not applicable | One premium | ₹1 Lakh | Hand over a lump sum, start drawing a guaranteed income immediately, for life. |
| Jeevan Dhara IINo. 872 | Not applicable | One premium | ₹1 Lakh | A deferred annuity with regular or single premiums and eleven payout options. |
| Smart PensionNo. 879 | Not applicable | One premium | ₹1 Lakh | LIC's newest immediate annuity, with liquidity features the older plans lack. |
| Jeevan UtsavNo. 771 | 20 to 100 years | 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16 years | ₹5 Lakh | Guaranteed additions during the premium term, then 10% of the sum assured a year for life. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
LIC New Jeevan Shanti: frequently asked questions
What is the deferment period in New Jeevan Shanti?
Anything from 1 to 5 years, chosen when you buy. The annuity starts at the end of it, at a rate fixed on the purchase date. This was cut from 12 years under the previous version of the plan, Plan 858, withdrawn on 1 October 2024.
How much pension does New Jeevan Shanti pay for ₹10 lakh?
LIC's own published example: a 45-year-old deferring the full 5 years draws ₹86,100 a year under Option 1 (single life) or ₹82,800 under Option 2 (joint life, with a second annuitant aged 35). Both figures are for yearly mode; half-yearly, quarterly and monthly modes pay slightly less per year. Rates rise with both entry age and deferment length.
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 5 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 during the policy term. That is unusually flexible for an annuity, most cannot be surrendered at all, though LIC's brochure itself cautions that surrendering early can mean a significant loss against what was paid in. The three-month wait some sources mention is for taking a loan against the policy, not for surrender.
How can the death benefit be paid out under New Jeevan Shanti?
Three ways, chosen by the annuitant at the proposal stage: as a lump sum, used to buy an immediate annuity for the nominee (annuitisation), or spread over 5, 10 or 15 years in instalments. Unlike the annuity option itself, which is fixed for life once chosen, this payment-form choice can be changed later, at any time during the annuitant's life.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against New Jeevan Shanti before deciding.
Jeevan Akshay-VII
No. 857Hand over a lump sum, start drawing a guaranteed income immediately, for life.
Open calculatorJeevan Dhara II
No. 872A deferred annuity with regular or single premiums and eleven payout options.
Open calculatorSmart Pension
No. 879LIC's newest immediate annuity, with liquidity features the older plans lack.
Open calculatorJeevan Utsav
No. 771Guaranteed additions during the premium term, then 10% of the sum assured a year for life.
Open calculator