LIC Jeevan Shanti Plan 858
Immediate Annuity / Pension Calculator
LIC Jeevan Shanti Plan 858 Overview
LIC New Jeevan Shanti Plan 858 is a single premium plan wherein the policyholder has the option to choose between Single Life and Joint Life Deferred Annuity. The annuity rates are guaranteed at the inception of the policy.
Eligibility & Rules
- Minimum Purchase Price: ₹1,50,000
- Maximum Purchase Price: No Limit
- Deferment Period: 1 to 12 Years
- Entry Age: 30 to 79 Years
Key Plan Benefits
- Deferred Annuity: Guaranteed pension starts after the chosen deferment period.
- Death Benefit: Purchase Price + Accrued Guaranteed Additions minus Total Annuity paid (with a minimum of 105% of Purchase Price).
Detailed Maturity Benefit
Pension / Annuity: Maturity benefits vary. Typically involves a lifelong regular pension. Under "Return of Purchase Price" options, the initial invested amount is returned to the nominee upon death.
Standard Policy Features
- Grace Period: Not Applicable (Single Premium Policy).
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: Loan is available after 3 months. Policy can be surrendered anytime during the policy term.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹10,00,000 (Purchase Price) |
| Age / Policy Term | 50 / 10 Yrs Deferment Years |
| Yearly Premium (Approx) | ₹10,00,000 (Single) |
| Total Paid Premium | ₹10,00,000 |
| Maturity / Total Benefits | ₹1,15,000 / Year Lifelong Pension starts at Age 60 |
Calculating…