PolicyBros.in
Pension PlansPlan 758NRI Eligible

LIC New Jeevan Shanti

Guaranteed pension for a peaceful retirement

What is LIC New Jeevan Shanti?

LIC New Jeevan Shanti (Plan 758, UIN 512N338V08) is a pension plan from Life Insurance Corporation of India. It is a non-participating plan: your payouts come from the annuity rates locked in when you buy, not from bonus declarations.

You pay the entire premium once at purchase, with nothing more to pay after that. What the plan pays: Lifetime pension/annuity. On the annuitant's death: Purchase price returned to nominee (in some options).

It suits people looking for retirement, guaranteed pension and senior citizens. NRIs can buy this plan too.

Key Highlights

Single premium deferred annuity. One-time investment for future pension
Annuity rates locked for life at the time of purchase. immunised against falling interest rates
Enhanced cover during deferment. unpaid annuities accumulate monthly to the purchase price
Death benefit: higher of 105% of purchase price OR purchase price plus accumulated annuity
Annuity rates 6.89% to 9.22% per annum at age 60 depending on deferment period
No TDS deduction on annuity payments to the policyholder
Loan available up to 40% of purchase price, 3 months after policy issue
Easy exit option: 100% return of purchase price plus accumulated annuity
Employer-employee scheme: Section 37(1) tax benefit when gifted to employees

Benefits Explained Simply

If Something Happens to You (Death Benefit)

Purchase price returned to nominee (in some options)

When the Plan Matures (Maturity Benefit)

Lifetime pension/annuity

Eligibility & Details

Minimum Entry Age30 days (for children)
Maximum Entry Age79 years
Minimum Sum Assured₹1,50,000
Policy TermLifetime annuity
Premium Paying TermSingle premium
Bonus Typenone
Risk Levellow
NRI EligibleYes

Tax Benefits

  • Section 80CCC deduction on premium
  • Pension is taxable as income

Premium Rates (Indicative)

Age1 years2 years3 years4 years5 years
45 yrs₹10,00,000-₹10,00,000-₹10,00,000
55 yrs₹10,00,000-₹10,00,000-₹10,00,000
65 yrs₹10,00,000-₹10,00,000-₹10,00,000

VERIFIED from official LIC Sales Brochure. Deferred annuity plan. Single premium. ₹10L purchase, age 45, 5yr deferment: Option I ₹86,100/yr. Mode reduction: Half-yearly 2%, Quarterly 3%, Monthly 4%.

Source: LIC Official Sales Brochure | Data last verified: 21 March 2026

Example: What You Could Get

Select a plan with available rates to see an illustration.

Who is This Plan Best For?

retirementguaranteed pensionsenior citizens

Frequently Asked Questions

What is LIC New Jeevan Shanti (Plan 758)?

LIC New Jeevan Shanti is a pension plans plan from Life Insurance Corporation of India. Guaranteed pension for a peaceful retirement.

What is the eligibility age for LIC New Jeevan Shanti?

Entry age is between 30 and 79 years. Policy term: Lifetime annuity. Premium paying term: Single premium.

What is the minimum sum assured for LIC New Jeevan Shanti?

Minimum sum assured is ₹1,50,000. There is no upper limit on sum assured.

What are the tax benefits of LIC New Jeevan Shanti?

Section 80CCC deduction on premium. Pension is taxable as income.

Is LIC New Jeevan Shanti available for NRIs?

Yes. LIC New Jeevan Shanti is available to Non-Resident Indians. NRIs can buy this plan during a visit to India or through power of attorney.

What happens if I stop paying premiums on LIC New Jeevan Shanti?

If you stop paying premiums before 3 years, the policy lapses and you lose all benefits. After 3 years of premium payments, the policy acquires a paid-up value and you receive a reduced sum assured. You can also revive a lapsed policy within 5 years by paying outstanding premiums plus interest.

The information above is for educational purposes only. Actual premiums, benefits, and terms are as per LIC of India. For official and complete details, visit licindia.in.

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