LIC New Jeevan Shanti 758 is a single-premium deferred annuity. You pay one purchase price (minimum ₹1.5 lakh), wait 1 to 5 years, then receive a guaranteed pension for life, for yourself alone or jointly with a family member. In LIC's brochure example, which our calculator matches, a 45-year-old investing ₹10 lakh with a 5-year deferment gets ₹6,888 a month from age 50, before tax.
New Jeevan Shanti 758 Pension Calculator
Your estimate
yearly mode; other modes are 2–4% lower
- Annuity rate
- 8.61%
- Vesting age
- 50 years
- Death benefitat the end of deferment: purchase price + Additional Benefit on Death (at least 105% of the price); falls as pension is paid
- ₹13,86,880
- Years of pension to recover the price
- 12.1 years
- Purchase price₹10,00,00038%
- Pension in first 20 years₹16,53,12062%
Pension received after vesting
| Policy year | Age | Yearly pension | Total pension so far |
|---|---|---|---|
| 6 | 51 | ₹82,656 | ₹82,656 |
| 10 | 55 | ₹82,656 | ₹4,13,280 |
| 15 | 60 | ₹82,656 | ₹8,26,560 |
| 20 | 65 | ₹82,656 | ₹12,39,840 |
| 25 | 70 | ₹82,656 | ₹16,53,120 |
| 30 | 75 | ₹82,656 | ₹20,66,400 |
| 35 | 80 | ₹82,656 | ₹24,79,680 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is LIC New Jeevan Shanti Plan 758?
LIC New Jeevan Shanti Plan 758 is a single-premium, non-linked, non-participating deferred annuity plan. You pay a lump sum once. After a waiting period you choose (the deferment period), LIC pays you a fixed pension for life.
It is built for people who have a lump sum today and want a guaranteed income later. Typical buyers are professionals in their 40s or 50s with a bonus or maturity amount, and retirees who want to lock in an annuity rate now and start the pension a few years later.
Plan 758 is the version LIC sells today. It replaced New Jeevan Shanti Plan 858, which was withdrawn on 1 October 2024. Because the pension is fixed at the start, market ups and downs do not affect it.
New Jeevan Shanti 758 at a glance
| Feature | Details |
|---|---|
| Plan number | 758 |
| Plan type | Single premium deferred annuity (non-linked, non-par) |
| Premium | One-time purchase price |
| Minimum purchase price | ₹1,50,000 (₹50,000 when bought for a Divyangjan dependant) |
| Maximum purchase price | No limit |
| Deferment period | 1 to 5 years |
| Annuity options | Single life or joint life |
| Payout modes | Monthly, quarterly, half-yearly, yearly |
| Minimum pension | ₹1,000 a month, ₹3,000 a quarter, ₹6,000 a half-year or ₹12,000 a year |
| GST | Nil since 22 September 2025 (1.8% applied before) |
| Where to buy | Offline through agents and other intermediaries, or online at licindia.in; not through POSP-LI or CPSC-SPV |
| Status | Available for new purchase |
Eligibility
| Criterion | Minimum | Maximum |
|---|---|---|
| Entry age | 30 years | 79 years |
| Vesting age (pension starts) | 31 years | 80 years |
| Deferment period | 1 year | 5 years, within the vesting age limit |
Joint life can be taken between two lineal family members (grandparent, parent, child or grandchild), between spouses or between siblings. Both annuitants must be within the entry age range.
How the pension is calculated
LIC fixes an annuity rate when you buy the policy. The rate depends on your age at entry, the deferment period and whether you choose single or joint life.
Our calculator follows the figures in LIC’s published sales brochure (August 2025). The brochure’s illustration is ₹10 lakh, entry age 45 and a 5-year deferment: single life pays ₹86,100 a year (₹42,189 half-yearly, ₹20,879 quarterly or ₹6,888 monthly), and joint life with a 35-year-old secondary annuitant pays ₹82,800 a year (₹6,624 monthly). The calculator reproduces all eight published figures. LIC does not publish rates for other ages and deferments, so those are estimated from this point and are approximate.
Step by step:
- Base rate: the tabular rate for your age, deferment and option. A longer deferment gives a higher rate because LIC holds your money for longer before paying.
- High purchase price incentive: from ₹5 lakh, LIC adds ₹2.90 to ₹5.75 a year per ₹1,000 of purchase price, depending on the slab (₹5 lakh, ₹10 lakh, ₹25 lakh) and the deferment. At ₹10 to 25 lakh with a 5-year deferment it is ₹5.50.
- Channel incentives: buying online directly adds 2% of the rate (2.5% from ₹10 lakh). An existing LIC policyholder or nominee gets 0.15% more through an agent, or 2.15% in total online below ₹10 lakh.
- Payout mode: yearly pays the full rate. Half-yearly, quarterly and monthly reduce the yearly rate by 2%, 3% and 4%.
- Minimum check: the instalment must meet the plan minimum, such as ₹1,000 a month.
Worked example. A 55-year-old invests ₹10 lakh, single life, with a 5-year deferment, through an agent. From age 60 the pension is about ₹7,246 a month, or about ₹90,578 a year in yearly mode. That is an annuity rate of about 9.06%. At the monthly rate, the pension adds up to the purchase price in about 11.5 years. For comparison, the brochure case (age 45) bought online pays about ₹7,049 a month instead of ₹6,888.
Joint life example. A couple aged 60 and 56 invest ₹20 lakh with a 5-year deferment. The calculator estimates ₹14,485 a month (about ₹1,81,060 a year in yearly mode), payable until the second death.
Tip: each extra year of deferment raises the pension. At age 55, a 1-year deferment gives about ₹78,231 a year and a 5-year deferment about ₹90,578 (yearly mode). If you do not need the income right away, compare deferments in the chart below before you decide.
Pension chart for ₹10 lakh
The chart under the calculator shows the yearly pension on ₹10 lakh by entry age and deferment (1 to 5 years; single life, yearly mode, through an agent). Reference points:
- Age 45, 5-year deferment: ₹86,100 a year (LIC’s published figure)
- Age 55, 5-year deferment: about ₹90,578 a year
- Age 60, 5-year deferment: about ₹94,160 a year
- Age 75, 5-year deferment: about ₹1,10,280 a year
Apart from the age-45 figure, these are estimates. Your actual pension is the figure in LIC’s quotation on the day you buy.
Death benefit
If the annuitant (or, under joint life, the last survivor) dies, the nominee receives the higher of:
- the purchase price plus any accrued additional benefit, minus the total annuity already paid, or
- 105% of the purchase price.
The Additional Benefit on Death builds up at the end of every policy month during the deferment period only, at the monthly-mode annuity rate without any incentive. The calculator’s death benefit shows the value at the end of deferment: for a 45-year-old with ₹10 lakh and a 5-year deferment, about ₹13,86,880. Once the pension starts, the annuity paid is deducted, so the benefit falls over time.
On a ₹10 lakh policy, the family always gets at least ₹10,50,000, whether death happens during the deferment period or after the pension has started. The nominee can take this as a lump sum or in instalments.
Other benefits and conditions
- Loan: available from three months after the policy is issued or after the free-look period, whichever is later, during or after the deferment period.
- Surrender: allowed at any time. You get the higher of the guaranteed surrender value (75% of the purchase price in years 1 to 3, 90% from year 4, less annuity paid) or the special surrender value, so early exit costs you.
- Free-look period: you can return the policy within the free-look window if the terms do not suit you.
- Guaranteed rates: the annuity rate is locked in at purchase and does not change for life.
Tax benefits
The purchase price may qualify for a deduction under Section 123 of the Income-tax Act, 2025 (earlier Section 80CCC) (within the ₹1.5 lakh combined limit, old tax regime). The pension is taxable as income in the year you receive it. The death benefit paid to the nominee is generally not taxed as income. Since 22 September 2025 there is no GST on the purchase price; buyers before that date paid 1.8%.
Who should buy, and who should not
Good fit:
- You are 45 to 65, have a lump sum and want a fixed income that starts in a few years.
- You want certainty and do not want to manage investments in retirement.
- You want to protect a spouse through the joint life option.
Think twice if:
- You may need the money back soon. Surrendering an annuity early is costly.
- You are in a high tax bracket. The pension is fully taxable, so compare it with tax-efficient options.
- You want income that rises with inflation. The pension is fixed for life.
Plan 758 vs Plan 858 vs an immediate annuity
Plan 858 had a similar structure and was sold until 30 September 2024. The current Plan 758 allows a deferment of 1 to 5 years and carries LIC’s revised rates and incentives, so a new buyer should always use 758 figures. If you already hold 858, your rate stays as it was. See our New Jeevan Shanti 858 page for existing policyholders.
If you want the pension to start right away, an immediate annuity such as Jeevan Akshay VII (Plan 857) may suit you better. To compare different retirement routes, try our LIC pension calculator.
How to use this calculator
- Enter the purchase price.
- Choose single or joint life. For joint life, add the second annuitant’s age.
- Enter your age and the deferment period.
- Pick the payout mode, and tick Bought online if relevant.
- Read the pension per instalment, the yearly pension, the death benefit and the year-wise table. Figures are estimates, not an LIC quotation.
Frequently asked questions
How much pension will I get from ₹10 lakh in New Jeevan Shanti 758?
It depends on age and deferment. LIC's brochure example, which our calculator matches, is a 45-year-old with a 5-year deferment bought through an agent: ₹86,100 a year in yearly mode or ₹6,888 a month in monthly mode. A 60-year-old with a 5-year deferment gets about ₹94,160 a year by our estimate. Confirm with an LIC quote.
What is the minimum and maximum age for New Jeevan Shanti 758?
Entry age is 30 to 79 years (last birthday). The pension must start by age 80, so age plus deferment period cannot exceed 80. The deferment itself is 1 to 5 years. For example, anyone aged 75 or younger can choose the full 5 years, while a 77-year-old can choose up to 3 years.
What is the difference between single life and joint life in Plan 758?
Under single life, the pension is paid for as long as the annuitant lives. Under joint life, it continues to the surviving partner after the first death, and the death benefit is paid after the second death. Joint life pays a slightly lower pension because it usually lasts longer.
What happens if the annuitant dies during the deferment period?
The nominee receives the higher of the purchase price plus the Additional Benefit on Death accrued so far, or 105% of the purchase price. The additional benefit builds up every month of the deferment at the monthly-mode annuity rate. For a 45-year-old with ₹10 lakh and a 5-year deferment, our calculator puts it at about ₹13,86,880 by the end of deferment.
Is the pension from New Jeevan Shanti 758 taxable?
Yes. The annuity is added to your income and taxed at your slab rate. The purchase price may qualify for a deduction under Section 123 (earlier 80CCC) within the overall ₹1.5 lakh limit in the old tax regime. No GST is charged on the purchase price since 22 September 2025.
What is the difference between New Jeevan Shanti 758 and 858?
Plan 758 is the current version, sold after LIC withdrew Plan 858 on 1 October 2024. Both are single-premium deferred annuities with single or joint life. The current 758 version allows a deferment of 1 to 5 years and carries revised annuity rates and incentives. Existing 858 policies keep their original rates.
Can I surrender New Jeevan Shanti 758 or take a loan?
Yes. You can surrender at any time and get the higher of the guaranteed surrender value (75% of the purchase price in years 1 to 3, 90% from year 4, less annuity paid) or the special surrender value. A loan is available from three months after issue or the end of the free-look period, whichever is later.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.