Retirement planning is a crucial part of life, and having a reliable source of steady income after retirement brings peace of mind. The LIC New Jeevan Shanti Plan 758 is one such popular pension plan offered by the Life Insurance Corporation of India (LIC) that helps you secure a guaranteed lifetime income. This article explains the plan, its benefits, and how you can use the LIC New Jeevan Shanti Plan 758 calculator to estimate your returns easily.

What is LIC New Jeevan Shanti Plan 758?

LIC’s New Jeevan Shanti Plan 758 is a single premium deferred annuity plan designed specifically for retirement income. It means you pay a lump-sum premium upfront, and in return, you receive a guaranteed income for life after a chosen deferment period (waiting period).

• This is a non-linked, non-participating plan—which means the returns are fixed and guaranteed, unaffected by market fluctuations.
• It offers the option of annuity payments for a single life or joint life (you and your spouse or family member).
• The plan focuses on delivering financial security in old age by providing regular monthly, quarterly, half-yearly, or yearly pension payments.

Key Features of LIC New Jeevan Shanti Plan 758

Here are some of the most important features you should know about this plan:

1. Single Premium Payment
You pay the premium only once at the time of policy purchase.

2. Flexible Deferment Period
You can choose to start receiving your pension after a deferment period of 1 to 5 years.

3. Annuity Options

• Single Life Annuity: Regular income for your lifetime.
• Joint Life Annuity: Income for your lifetime and also continues to your spouse/family member after your death.

4. Guaranteed Returns
The annuity rates are fixed and guaranteed at the time of policy purchase. There are no bonuses or market-linked returns.

5. Death Benefits
The plan offers fixed benefits on death, giving you and your family peace of mind.

6. Minimum and Maximum Age
The plan is available for individuals aged 30 to 79 years.

7. Minimum Purchase Price
The minimum premium (purchase price) starts at ₹1,50,000 (for some disabled persons, ₹50,000).

8. Payment Frequency Options
Choose how often you want to receive your annuity: monthly, quarterly, half-yearly, or yearly.

Benefits of LIC New Jeevan Shanti Plan 758

The plan offers several advantages. Here are the key benefits:

• Lifetime Guaranteed Pension: You get a monthly or periodic pension for life after the deferment period, thus providing financial security.
• Choice of Payout Flexibility: You decide how you want to receive your income—monthly, quarterly, or annually.
• Joint Life Option: Secure your spouse’s future by opting for a joint life annuity.
• Return of Purchase Price: In one plan option, your purchase price is returned to your nominee after your death.
• Tax Benefits: Eligible for tax deductions under Section 80CCC of the Income Tax Act (subject to applicable laws).
• No Market Risks: Fixed and guaranteed returns ensure the safety of your investment.

How the LIC New Jeevan Shanti Plan 758 Calculator Works

The LIC New Jeevan Shanti Plan 758 calculator is a user-friendly online tool that helps potential buyers estimate how much pension they will get based on factors like

• Your age at the time of purchase
• The premium amount (purchase price)
• The chosen deferment period (1-5 years wait to start receiving pension)
• Annuity option (single life or joint life)
• Frequency of pension payouts (monthly, quarterly, etc.)

Using this calculator can help you decide the right premium amount you need to invest so that your retirement income matches your future needs.

Step-by-Step Guide to Using LIC Jeevan Shanti Plan Calculator

Follow these easy steps to calculate your estimated pension:

1. Visit the Official LIC Website or any trusted LIC calculator site.
2. Select the New Jeevan Shanti Plan 758 option in the calculator.
3. Enter your Age at entry (between 30 to 79 years).
4. Input the Purchase Price you want to pay as a single premium.
5. Choose the Deferment Period (how long you want to wait before the pension starts, from 1 to 5 years).
6. Select the Annuity Type: single life or joint life.
7. Select Payment Frequency: Monthly, Quarterly, Half-Yearly, or Yearly.
8. Click Calculate to get an estimate of your pension amount.

The calculator displays the approximate pension you will receive and the total benefits payable. This helps you plan your retirement financially with confidence.

Sample Calculation for Better Understanding

Let’s suppose:

• Age: 45 years
• Purchase Price: ₹10,00,000
• Deferment Period: 5 years
• Annuity Option: Single Life
• Pension Frequency: Monthly

The calculator will estimate a fixed monthly pension amount (for example, ₹8,000 per month) payable after 5 years for your lifetime.

Similarly, choosing joint life or different deferment periods will adjust the pension figures.

Important Tips to Remember

• Choose Deferment Period Carefully: While longer deferment leads to higher pension payouts, check what fits your retirement timeline.
• Consider Joint Life Option: If you want to secure your spouse’s future, select joint life annuity.
• Use Calculator Multiple Times: Try different purchase prices and payout frequencies for comparison.
• Reassess Periodically: Your financial needs may change, so reconsider your pension plan as your retirement approaches.

Who Should Consider LIC New Jeevan Shanti Plan 758?

• Individuals looking for a risk-free steady income post-retirement.
• Those preferring a one-time premium payment rather than monthly premiums.
• People wanting to secure family income with joint life annuity.
• Those looking for guaranteed returns without market risk.
• Individuals who want to keep their retirement income tax-efficient.

Frequently Asked Questions (FAQs)

Conclusion

The LIC New Jeevan Shanti Plan 758 is a simple yet powerful pension plan that requires just a single premium payment and offers guaranteed lifetime income, making it an ideal choice for secure retirement planning. Using the LIC New Jeevan Shanti Plan 758 calculator helps you customize your investment according to your age and income needs for a stress-free retirement.