LIC New Jeevan Shanti Calculator: Plan 758 Pension Estimator
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Plan Details & Information
1. Introduction
Discover retirement serenity with the Jeevan Shanti Calculator. This complimentary online estimator projects deferred annuity benefits. It forecasts your future income from a single premium. Plan 758, introduced in 2021, operates as a non-linked plan. Your money grows quietly for 1-5 years. Guaranteed lifelong payments follow. Tailored for mid-career planners, it bridges savings to steady pensions. Market volatility stays absent. The tool delivers quick simulations of annuity amounts by age and deferment. Save time on consultations. Unveil personalized paths to financial freedom in your later years.
2. About the Plan - Key Details
Plan Overview: LIC's New Jeevan Shanti (Plan No. 758, UIN: 512N338V07) is essentially a single premium deferred annuity plan. It is a non-linked, non-participating plan, which means it is aimed at providing a fixed income after a certain period of waiting. Users can resort to the LIC New Jeevan Shanti Calculator to achieve such results in no time.
Eligibility and Deferment Periods: The range of entry age is from 30 to 79 years, nearest birthday. The vesting age, at which the payouts are started, can be from 31 to 80 years. The deferment periods can be from 1 to 5 years. The entry age is what determines the exact range. This is a way of ensuring that vesting is limited to 80.
Purchase Price and Annuity Modes: Minimum purchase price equals ₹1,50,000. Disabled dependents qualify for ₹50,000. No maximum applies, widening appeal. Annuity modes vary. Monthly starts at ₹1,00,000 minimum. Quarterly demands ₹3,000. Half-Yearly requires ₹6,000. Yearly needs ₹12,000. The New Jeevan Shanti Plan Calculator adjusts for these seamlessly.
Life Options and Additional Benefits: Single life or joint with spouse options provide versatility. Criteria stress no medicals for low-risk buyers. Online purchases process quickly. Benefits include family protections. This plan matches lump sums from EPF or savings. It ramps up retirement predictably. Ongoing premiums remain unnecessary.
3. Key Features & Benefits
Annuity and Longevity Protection: Deferred growth builds to lifetime annuities. Fixed payments suit single life. They persist for joint survivors. Longevity risks face strong opposition here.
Death Benefits During Deferment: Death in deferment triggers nominee payouts. They receive 105% of purchase price. Accumulated value applies if higher. Protection stays robust.
Post-Vesting Payout Flexibility: Post-vesting choices abound. Select lump sum. Choose 5/10/15-year installments, minimum ₹5,000 monthly. Nominee annuity purchase serves as another route. Flexibility defines the experience.
Tax Relief and Incentives: Section 80C offers tax relief. Deduct premiums up to ₹1.5 lakh. 10(10D) exempts proceeds. Incentives elevate returns. Annuity rates increase 0.25% for ₹25 lakh+ investments. NPS transfers qualify too. Maturing LIC policies earn special bonuses.
Loan, Surrender, and Overall Security: Loans reach 80% of surrender value after 3 months. 30-day free look protects buyers. Surrender post-3 months guarantees value. The LIC Jeevan Shanti Plan Calculator illuminates these perks. It secures hands-off income against rising needs.
4. How to Use the Calculator
The New Jeevan Shanti Calculator displays a clean layout. Forms sit on the left. Results emerge on the right. Planning turns intuitive. Tooltips guide users. Instant feedback enhances usability.
Step 1: Enter Date of Birth
Top field labels Date of Birth. Pick from the date selector for precision. Validation checks 30-79 years, nearer birthday. Messages like Entry age exceeds 79, adjust DOB alert issues. Deferment eligibility roots here. Annuity base rate follows suit.
Step 2: Add Purchase Price
Purchase Price in rupees follows. Minimum hits ₹1,50,000. Steps increment by ₹1,000. Placeholder reads Min: 150000. This single investment drives future payouts.
Step 3: Choose Deferment Period
Deferment Period in years uses number input. Maximum allows 12, plan limits to 5. Default lands on 1. Delays boost rates. Five years might lift annuity 20-30%. Hints note 1-5 Years for simplicity.
Step 4: Pick Annuity Mode
Annuity Mode dropdown offers Yearly, Half-Yearly, Quarterly, Monthly. Plan minimums align perfectly. Choices scale estimates automatically. Observe monthly versus yearly effects on take-home pay.
Step 5: Submit and Analyze
Scan the summary preview. Hit Calculate next. Outputs include age, purchase price formatted, deferment details, annual or installment annuities. Your Results section breaks it down. Reset button enables what-ifs, like extended deferment.
Step-by-step, it simplifies scenario testing. What if becomes here's how.