LIC Jeevan Shanti Plan

LIC’s New Jeevan Shanti is an individual annuity plan that requires a single premium payment. It offers two options: Single life and Joint life Deferred annuity. The annuity rates are fixed and guaranteed from

the beginning of the policy. After a specified deferment period, annuities are paid out for the lifetime of the annuitant(s).

This plan is non-participating, meaning it does not offer any additional benefits beyond those guaranteed at the start of the policy. Regardless of actual experience, benefits upon death or survival are

predetermined and fixed according to the chosen Annuity Option. Therefore, the policy does not provide discretionary benefits such as bonuses or a share in surplus profits.

To secure a government-guaranteed and reliable source of income regularly, one should consider purchasing the LIC Jeevan Shanti plan.

Let’s quickly grasp the significance of investing in this plan:

Guaranteed Monthly Income: Returns within the LIC Jeevan Shanti Plan are assured and accumulate on a monthly basis, becoming available for withdrawal after the specified deferred period.

Multiple Pension Options: The LIC Jeevan Shanti policy provides a range of immediate and deferred Pension options, allowing the insured to choose from various alternatives within the policy.


  • A Single Amount Investment plan.
  • Option to defer your pension from 1 to 12 years – To get higher rate of interest
  • Guaranteed Interest Rates from 6.91% to 14.96%
  • Eligible Age Group for entry: 30 to 79 years
  • Option to take pension for Yourself (Single Life) + For your Spouse (Second Life)
  • Pension stays the same for the second life too.
  • The second life can include a spouse, as well as close relatives like parents, children, grandchildren and siblings.
  • Pensioner Death ensures that the nominee receives at least 105% of the initial amount invested.

New Rates for pension from LIC’s Jeevan Shanti Plan No. 858 with effect from 07-02-2024

LIC Jeevan Shanti Plan

Other Advantages of the LIC Jeevan Shanti Policy

Annuity Flexibility: Choose to receive annuity payments at your convenience, whether it’s monthly, quarterly, half-yearly, or yearly.

Loan Provision: After completing the first year of the policy term, policyholders can request a loan. Immediate annuity plans for Options F and J offer this facility, while deferred annuity plans, including

both single and joint life options, also provide access to loans.

Death Benefit Coverage: Specific Options F and J in immediate annuity plans offer death benefits to nominees. Additionally, death benefits are available for both single and joint plans in deferred annuity


Special Coverage: The policy is designed with special provisions for individuals with disabilities (divyangjan), ensuring comprehensive coverage tailored to their needs.

Surrender Option: Surrender the LIC Jeevan Shanti policy within three months of purchase. Immediate annuity plans, specifically Options F and J, offer surrender value, while both options in deferred

annuityplans provide this benefit.

Free Look Period: Enjoy a free look period of 15 days for offline purchases. During this period, policyholders can cancel the policy if they are not satisfied with the terms and conditions.


FAQs on LIC Jeevan Shanti Plan

What is the LIC Jeevan Shanti policy’s minimum and maximum Purchase price?

The minimum purchase price for the LIC Jeevan Shanti policy is ₹1,50,000, while there is no upper limit specified for the maximum purchase price.


After the policy is issued, can the annuity payout be modified?

No, after a policy is issued, the annuity payout cannot be altered.


Who is eligible to purchase LIC Jeevan Shanti?

Individuals 30 years of age and older may purchase LIC Jeevan Shanti Plan.


Is there a medical examination required to purchase LIC Jeevan Shanti?

No, there is no requirement for a medical examination to purchase the LIC Jeevan Shanti policy.


What happens in the event of the policyholder’s death?

Pensioner Death ensures that the nominee receives at least 105% of the initial amount invested. If policy is taken on Joint Life, the second life gets the same amount of pension



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