On February 1, 2022, LIC actively launched the LIC new Jeevan Shanti plan 858 (Plan No. 858, UIN No. 512N338V02), presenting a range of insurance options to potential customers. This single premium, non-linked, non-participating plan offers two Deferred Annuity options with guaranteed annuity rates. Offline and online purchase options are available for individuals seeking policies that provide lifetime payouts.
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LIC New Jeevan Shanti Plan 858 Eligibility
|30 years ( Minimum)
|79 years ( Maximum)
|31 years ( Minimum)
|80 years ( Maximum)
|One year (Minimum)
|12 years subject to maximum vesting age (Maximum)
|No Limit ( Maximum)
|Look Period (Free)
|Premium Payment Mode
|Monthly, Quarterly, Half-Yearly, and Annually
|After three months of issuance of a policy
LIC New Jeevan Shanti Plan 858 Features
LIC new Jeevan Shanti offers several important features and benefits. Here are some of them
- Under both options, policyholders can receive the death benefit, which is calculated as the higher of the following
- The purchase price plus accrued additional benefit on death minus the total annuity amount payable till death or
- 105% of the purchase price.
- You can receive the installment benefit over a selected period of 5 years, 10 years, or 15 years instead of a lump-sum amount payable on death.
- The plan is available for individuals with disabilities (Divyangjan) who are dependent, allowing them to avail of its benefits.
- Policyholders can surrender the insurance policy at any time during the policy tenure. The surrender value paid will be higher than the special surrender value or guaranteed surrender value.
- After three months from the date of policy issuance or the expiry of the free look period, policyholders can avail of the loan facility without needing a medical examination.
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LIC New Jeevan Shanti Plan 858 Benefits
LIC new Jeevan Shanti plan offers numerous benefits beyond what was mentioned earlier. Here are a few additional benefits
1. Premium Payment Frequency
Regardless of the chosen plan, the annuitant has the flexibility to make annuity payments at various intervals, such as monthly, quarterly, half-yearly, or yearly frequencies.
2. Death Benefit
The LIC new Jeevan Shanti Plan 858 actively provides a death benefit payable upon the annuitant’s demise in the deferred annuity plan.
The policyholder can actively avail of loans against their LIC new Jeevan Shanti plan 858 after three months from the policy issuance or the free-look period’s expiry, whichever is later. In Joint Life Policies, the Primary Annuitant can avail of loans, while in the absence of the Primary Annuitant, the Secondary Annuitant can avail of loans.
The maximum loan amount granted under the policy ensures that the annual interest payment on the loan does not exceed 50% of the annuity amount payable.
4. Disability as an Option
The proposer can choose a Single Life Deferred Annuity Plan for their own life, with Divyangjan as the nominee. In this scenario, upon the annuitant’s death, the death benefit will be utilized to purchase an immediate annuity for the life of the Divyangjan nominee.
5. Look-up Period
LIC new Jeevan Shanti Plan 858 actively provides a free look-up period of up to 15 days, allowing the policyholder to review the policy’s terms and conditions. If dissatisfied, the policyholder may return the policy within this period, stating the reason. However, the free look-up period applies only to purchasing a new Deferred Annuity Plan.
6. Surrender Benefit
During the policy term, the policyholder can surrender the policy at any time. The Surrender Value will be determined as the higher of the Guaranteed Surrender Value or Special Surrender Value.
The applicable Guaranteed Surrender Value Factors are actively used to determine the Special Surrender Value, which is periodically reviewed and subject to prior approval from IRDAI.
|Five and above
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LIC New Jeevan Shanti Plan 858 Additional Benefits
- Policyholders purchasing policies online and as QROPS can receive a 2% rebate through an increase in the annuity rate.
- By complying with the terms and conditions of Her Majesty Revenue & Customs (HMRC), individuals can purchase this insurance plan as a Qualifying Recognized Overseas Pension Scheme (QROPS) by transferring their UK tax-relieved assets.
- The insurance policy actively reduces annuity rates by 2% Half Yearly, 3% Quarterly, and 4% for Monthly payments.
- No payment will be made upon the annuitant’s survival during the deferment period of a Single Life Deferred Annuity.
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LIC New Jeevan Shanti Plan 858 Exclusions
Suicide -If the annuitant or any of the annuitants commit suicide within 12 months from the policy’s commencement date, the LIC new Jeevan Shanti Plan 858 will be rendered void. In such cases, the corporation will be liable to pay 80% of the purchase price or the surrender value, whichever is greater.
How to Apply New Jeevan Shanti Plan 858?
To apply for the LIC new Jeevan Shanti plan 858, you can choose either the online or offline method. Here are the steps to purchase the policy according to your convenience.
- Visit the official LIC website and click ‘Buy Online Policies.’
- Find and select ‘Jeevan Shanti’ among the available policies.
- Click ‘Buy Online’ under LIC’s Jeevan Shanti in the ‘Pension’ section.
- Fill in the required information related to COVID-19 and contact details as prompted.
- Verify your mobile number using the OTP received and proceed to fill in personal and product details.
- Calculate the premium and pay to complete the policy purchase.
To purchase the LIC new Jeevan Shanti plan, follow these steps:
- Visit the nearest LIC branch or contact a LIC agent.
- Seek assistance from the LIC representative to purchase the Jeevan Shanti Plan.
- Before investing, ensure the plan aligns with your long-term goals and adequately covers your needs for a comfortable retirement.
Documents Required New Jeevan Shanti Plan 858
To purchase the New Jeevan Shanti plan 858, you will need to provide the following documents
- Address Proof: Acceptable address proofs include a driving license, passport, voter card, Aadhar card, etc.
- Identity Proof: Valid identity proofs can be your PAN Card, Aadhar card, passport, etc.
LIC new Jeevan Shanti Plan 858 offers a range of options and benefits to suit diverse needs. Policyholders can enjoy guaranteed annuity rates, flexible payment frequencies, and additional features like loan facilities and surrender options. Whether purchased online or offline, this plan provides a secure and reliable path toward a financially protected retirement.
LIC New Jeevan Shanti Plan 858 – FAQs
Can I choose the frequency at which annuity payments are made?
Policyholders can choose the frequency of annuity payments based on their preferences and financial goals. They can opt for monthly, quarterly, half-yearly, or yearly payment intervals, ensuring a suitable payout schedule.
Is it possible to surrender the policy before the completion of the policy term?
Yes, policyholders have the option to surrender their policy at any time during the policy term.
Should I undergo a medical examination to obtain a loan against the policy?
No, a medical examination is not required to avail of a loan against the LIC new Jeevan Shanti Plan 858. This feature provides convenience to policyholders, as they can access funds through a loan without the hassle of undergoing medical tests.
Can I purchase the LIC New Jeevan Shanti plan 858 as a Qualifying Recognized Overseas Pension Scheme (QROPS)?
Individuals can purchase the LIC new Jeevan Shanti plan 858 as a QROPS, subject to the terms and conditions set by Her Majesty Revenue & Customs (HMRC). This option allows the transfer of UK tax-relieved assets, providing flexibility for individuals with overseas pension schemes.