LIC New Jeevan Shanti 858 is a single-premium deferred annuity that LIC withdrew on 1 October 2024 and replaced with Plan 758. Existing policies keep their locked-in pension for life. By our calculator, a 55-year-old who invested ₹10 lakh with a 5-year deferment would receive about ₹8,120 a month from age 60, or roughly ₹1,01,500 a year in yearly mode.
New Jeevan Shanti 858 Pension Calculator
Your estimate
yearly mode; other modes are slightly lower
- Annuity rate
- 10.15%
- Vesting age
- 60 years
- Death benefitat least 105% of purchase price (plus accrued additions, less annuity paid)
- ₹10,50,000
- Years of pension to recover the price
- 10.3 years
- Purchase price₹10,00,00034%
- Pension in first 20 years₹19,48,80066%
Pension received after vesting
| Policy year | Age | Yearly pension | Total pension so far |
|---|---|---|---|
| 6 | 61 | ₹97,440 | ₹97,440 |
| 10 | 65 | ₹97,440 | ₹4,87,200 |
| 15 | 70 | ₹97,440 | ₹9,74,400 |
| 20 | 75 | ₹97,440 | ₹14,61,600 |
| 25 | 80 | ₹97,440 | ₹19,48,800 |
| 30 | 85 | ₹97,440 | ₹24,36,000 |
| 35 | 90 | ₹97,440 | ₹29,23,200 |
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 858?
LIC New Jeevan Shanti Plan 858 is a single-premium, non-linked, non-participating deferred annuity. The buyer pays one purchase price, waits for a chosen deferment period of 1 to 12 years, and then receives a guaranteed pension for life. It could be taken on a single life or on the joint lives of two family members.
LIC withdrew Plan 858 on 1 October 2024 and launched New Jeevan Shanti Plan 758 in its place. If you hold an 858 policy, nothing changes for you. This page helps you check your expected pension and understand your policy terms.
New Jeevan Shanti 858 at a glance
| Feature | Details |
|---|---|
| Plan number | 858 |
| Plan type | Single premium deferred annuity (non-linked, non-par) |
| Entry age | 30 to 79 years |
| Vesting age | 31 to 80 years |
| Deferment period | 1 to 12 years |
| Minimum purchase price | ₹1,50,000 (no maximum) |
| Options | Single life or joint life |
| Payout modes | Monthly, quarterly, half-yearly, yearly |
| Minimum pension | ₹1,000 a month / ₹12,000 a year |
| Status | Withdrawn on 1 October 2024 |
How the pension was calculated
The annuity rate was fixed on the day of purchase. It depended on the age at entry, the deferment period and the option chosen. Our calculator estimates it as follows:
- Base rate from an indicative age × deferment grid. Longer deferment means a higher rate.
- High purchase price addition, as used for Plan 858: about ₹3.50, ₹6.50 or ₹9.75 extra pension per ₹1,000 for purchase prices from ₹5 lakh, ₹10 lakh and ₹25 lakh.
- Online purchase: about 2% extra.
- Mode reduction: half-yearly, quarterly and monthly pay 2%, 3% and 4% less than yearly.
Example. A 55-year-old bought the plan for ₹10 lakh, single life, with a 5-year deferment. From age 60 the calculator shows about ₹8,120 a month, or ₹1,01,500 a year in yearly mode (an annuity rate of about 10.15%). At that monthly pace, the pension returns the full purchase price in about 10.3 years.
Second example. A 45-year-old who invested ₹5 lakh with a 10-year deferment gets about ₹4,340 a month from age 55, or ₹54,250 a year in yearly mode.
Tip: your actual pension is printed on the policy’s annuity schedule. If the calculator is far off, the difference usually comes from the exact annuity rate LIC used on your purchase date.
Death benefit
On the death of the annuitant (or the last survivor under joint life), the nominee receives the higher of:
- purchase price plus accrued additional benefit, minus annuity already paid, or
- 105% of the purchase price.
For ₹10 lakh, the minimum death benefit is ₹10,50,000. The nominee may take it as a lump sum or in instalments.
Loan, surrender and tax
- Loan: available after the initial period in the policy terms, as a share of the surrender value.
- Surrender: allowed, but the value is lower in early years. Early exit usually costs more than it saves.
- Tax: the pension is taxable at your slab rate. Policies bought before 22 September 2025, including every 858 policy, paid 1.8% GST on the purchase price; annuities are GST-free after that date.
What changed in Plan 758?
Plan 758 kept the same basic design: one payment, single or joint life, and the 105% death benefit floor. The deferment period, however, is now 1 to 5 years, against 1 to 12 years under 858. The other change is the pricing. LIC revised the annuity rates and the incentive structure. In our 758 calculator the high purchase price incentive grows with the deferment period, and online buyers get 2% to 2.5% extra.
For existing 858 holders, this changes nothing. For someone buying today, only 758 figures are relevant. You can also compare with an immediate annuity using our New Jeevan Shanti calculator or the broader LIC pension calculator.
Who this page is for
- 858 policyholders who want to check their pension or understand the death benefit.
- Nominees who need to know what the family will receive.
- Buyers comparing versions before choosing Plan 758.
How to use this calculator
- Enter the purchase price you paid.
- Choose single or joint life.
- Enter the age at entry and deferment period.
- Select the payout mode and tick Bought online if applicable.
- Read the estimated pension and death benefit. All figures are approximate.
Frequently asked questions
Is LIC New Jeevan Shanti 858 still available?
No. LIC withdrew Plan 858 for new business on 1 October 2024 and replaced it with New Jeevan Shanti Plan 758. Policies bought before that date continue unchanged, and their annuity rate stays guaranteed for life.
Will my 858 pension change because the plan was withdrawn?
No. The annuity rate is fixed on the date of purchase. Withdrawal only stops new sales. Your pension, death benefit, loan and surrender terms stay exactly as written in your policy document.
How much pension does ₹10 lakh give in New Jeevan Shanti 858?
It depends on entry age and deferment. In our calculator, age 55 with a 5-year deferment gives about ₹1,01,500 a year in yearly mode or ₹8,120 a month. Age 45 with a 10-year deferment on ₹5 lakh gives about ₹4,340 a month.
What is the death benefit in New Jeevan Shanti 858?
The nominee gets the higher of the purchase price plus accrued additional benefit minus annuities paid, or 105% of the purchase price. On a ₹10 lakh policy, that means at least ₹10,50,000.
Should I switch from New Jeevan Shanti 858 to 758?
Usually not. Surrendering an annuity early reduces what you get back, and a new policy would be priced at your current, older age. Keep the 858 policy unless you urgently need the money.
Is the New Jeevan Shanti 858 pension taxable?
Yes. The annuity is taxed as income at your slab rate. The purchase price may have qualified for a Section 123 of the Income-tax Act, 2025 (earlier Section 80CCC) deduction in the year you paid it, under the old tax regime.
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.