LIC New Jeevan Shanti Calculator: Monthly and Yearly Pension for Plan 758

What does the New Jeevan Shanti calculator do?

LIC New Jeevan Shanti is a pension plan for people who have a lump sum today and want a guaranteed income later. You pay a single purchase price, choose how many years to wait (the deferment period), and from the vesting date you receive a fixed pension for life. When you die, your nominee gets the purchase price back with any Additional Benefit on Death, and at least 105% of it is guaranteed.

The calculator shows:

• your pension per instalment in the mode you pick (monthly, quarterly, half-yearly or yearly);
• the yearly pension and the effective annuity rate;
• your vesting age and the death benefit at the end of the deferment period;
• how many years of pension it takes to get back the purchase price;
• a table of the pension received after vesting, with the running total.

It covers the current Plan 758 and uses the same numbers as our Plan 758 page. Existing Plan 858 holders should go by their policy document, because their rate was fixed when they bought. This is an independent estimate. LIC’s annuity rates are fixed at purchase and revised from time to time, so confirm with a quote before you invest.

New Jeevan Shanti at a glance

Feature	Details
Plan type	Single premium, non-linked, non-participating deferred annuity
Current version	Plan 758 (from 1 October 2024); Plan 858 earlier
Entry age	30 to 79 years
Deferment period	1 to 5 years
Vesting age	Up to 80 years
Minimum purchase price	₹1,50,000; no upper limit
Annuity options	Single life or joint life (last survivor)
Payout modes	Monthly, quarterly, half-yearly, yearly
Death benefit	Purchase price + Additional Benefit on Death − pension paid, or 105% of purchase price if higher

How it works

The calculator follows the figures in LIC’s published Plan 758 sales brochure. Its illustration is the anchor: ₹10 lakh, age 45, a 5-year deferment pays ₹86,100 a year for single life (₹6,888 a month) and ₹82,800 for joint life with a 35-year-old secondary annuitant. Other ages and deferments are estimated from that point, so treat them as approximate. The steps:

1. Tabular rate by age and deferment. Older buyers and longer deferments get a higher rate, because LIC holds the money longer and expects to pay for fewer years.
2. Joint life. Paying until the second death costs a little: ₹82,800 against ₹86,100 in the brochure example.
3. High purchase price incentive. A fixed amount per ₹1,000 of purchase price is added to the yearly rate, by slab (₹5 lakh, ₹10 lakh, ₹25 lakh and above) and deferment. For example, ₹10 lakh to ₹25 lakh with a 5-year deferment earns ₹5.50 per ₹1,000.
4. Channel incentives. Direct online purchase adds 2% of the tabular rate (2.5% from ₹10 lakh). An existing LIC policyholder or nominee gets 0.15% through an agent, or 2.15% online below ₹10 lakh.
5. Payout mode. Yearly pays the full rate. Half-yearly, quarterly and monthly reduce it by 2%, 3% and 4%, spread across the instalments.

No GST is added. Individual life insurance and annuity premiums have been GST-exempt since 22 September 2025. Before that, annuity purchases attracted 1.8%.

Worked example

A 45-year-old invests ₹10 lakh, chooses a 5-year deferment, single life, monthly payout, through an agent. This is the brochure’s own example:

Result	Amount
Monthly pension	₹6,888
Yearly pension (yearly mode)	₹86,100
Vesting age	50
Annuity rate	8.61%
Death benefit at the end of deferment	₹13,86,880
Years of pension to recover the price	12.1
Pension in the first 20 years (monthly mode)	₹16,53,120

The same ₹10 lakh pays ₹42,189 half-yearly or ₹20,879 quarterly, which shows how little you give up for a monthly income.

The deferment effect. The same ₹10 lakh at age 45 with only a 1-year deferment pays an estimated ₹73,753 a year from age 46. Waiting the full 5 years lifts that to ₹86,100, about 17% more for life.

A couple buying together. A 45-year-old choosing joint life with a 35-year-old spouse and a 5-year deferment gets ₹6,624 a month (₹82,800 a year on the yearly mode) from age 50. The pension continues for the surviving spouse.

Tip: if you are within five years of retirement, pick the deferment so that the pension starts the month your salary stops. Every extra year of waiting, up to five, raises the pension for the rest of your life.

How to read the results

• Pension per instalment: what arrives in your bank each month, quarter, half-year or year.
• Yearly pension: the figure on the yearly mode, the best for comparing plans.
• Annuity rate: yearly pension ÷ purchase price. This is not an investment return, because your capital also comes back to your nominee.
• Death benefit: what your nominee would receive at the end of the deferment period. After vesting it falls as pension is paid, but never below 105% of the purchase price.
• Years to recover the price: how long the pension takes to add up to what you paid.
• Pension table: the yearly pension after vesting and the running total at 1, 5, 10 and more years.

If the instalment falls below LIC’s minimum (₹1,000 a month, ₹3,000 a quarter, ₹6,000 a half-year or ₹12,000 a year), the calculator flags it.

Tips and common mistakes

• The pension is fixed. It does not rise with inflation. Keep some growth assets alongside it.
• Lock in when rates are good. Annuity rates are set at purchase and LIC revises them for new buyers. Buying earlier fixes today’s rate.
• Don’t put everything in one annuity. Money in an annuity is hard to get back. Keep an emergency fund in more liquid options.
• Compare with an immediate annuity. If you need income right away, see the Jeevan Akshay calculator.
• Watch the tax. The pension is taxed as income each year. Post-tax, the effective rate is lower for people in higher slabs.

Related plans and calculators

• Full plan details: New Jeevan Shanti 758 and, for existing policyholders, New Jeevan Shanti 858.
• Planning retirement from scratch? Try the LIC pension calculator.