LIC New Jeevan Shanti Plan Calculator 2025 Updated

LIC New Jeevan Shanti Plan is a good option for a secure and comfortable retirement. It helps you live a less worry-free life during retirement. It is a one-time payment plan that gives you regular income after retirement. In this article we will explain how to use LIC New Jeevan Shanti Plan calculator for free, after knowing this you can find out how much pension you can get after your retirement, you can also know the main features of the plan.

What Is LIC New Jeevan Shanti Plan?

LIC New Jeevan Shanti Plan is a single-premium, non-linked, deferred annuity plan offered by the Life Insurance Corporation of India (LIC) through this plan company offer guaranteed lifetime pension. Under this plan, policyholders pay a one-time lump sum amount and can choose to start receiving their annuity (pension) after a deferment period of 1 to 12 years. The plan offers two primary annuity options:

• Single Life Annuity: Under this plan LIC Provides income for the lifetime of the policyholder.
• Joint Life Annuity: LIC has another option for plan under which you can Continues income for the lifetime of either the policyholder or the spouse.

Key Features of the LIC New Jeevan Shanti Plan

There are many Features, which are provided by the LIC for there policyholder to continued there plan smoothly and pay the premium very easily :-

• One-Time Premium: Here under this plan policyholder Pay a single premium and enjoy lifelong income.
• Flexible Payment Modes: you can Choose from monthly, quarterly, half-yearly, or yearly payouts.
• Guaranteed Annuity Rates: The rates are fixed at the time of policy purchase. there for you have not any tension for annuity rate.
• Death Benefits: Options to receive death benefits as a lump sum, annuitization, or in installments.
• No Medical Examination: under this plan it is very Easy to enroll without health checks.

How to Use the LIC New Jeevan Shanti Plan Calculator ?

The LIC New Jeevan Shanti Plan Calculator is an online tool that helps you to estimate your pension based on various factors. Here’s how to use it:

Step 1: Select Annuity Option
Fist of all you have an option to Choose between below provided option of Life Annuity: :

• Single Life Annuity: this is for individual income.
• Joint Life Annuity: Where as this plan used for income to you and your spouse.

Step 2: Enter Personal Details

After that calculator has ask many personal detail to fill you form correctly and start calculating properly. due to this you have to provided correct information for get accurate result.

• Age: Input your age at the time of policy purchase.
• Purchase Price: The lump sum amount you wish to invest (minimum ₹1,50,000).
• Deferment Period: The number of years you wish to wait before receiving the pension (1 to 12 years).
• Payment Frequency: Select how often you want to receive the pension.

Step 3: Calculate
Click on the “Calculate” button to view your estimated pension amount.

Annuity Amount Calculation Formula

The annuity or pension amount depends on the Purchase Price (lump sum premium), Age, Deferment Period, and Annuity Option. The formula can be roughly represented as:

Annuity Amount

Annuity Amount=Purchase Price ×Annuity Rate

Where:

• Purchase Price is the amount you pay as a single premium.
• Annuity Rate is a percentage determined by LIC based on the annuity option (single life, joint life, etc.) and your age at the time of policy purchase.

The Annuity Rate is derived from actuarial calculations, which take into account factors like:

• Age of the policyholder (younger individuals typically receive a lower annuity as they are expected to live longer).
• Deferment Period (the longer you defer, the higher the annuity you may receive, as the insurer holds your premium for longer).
• Type of annuity chosen (Single Life Annuity vs. Joint Life Annuity).
• Frequency of payments (monthly, quarterly, half-yearly, or yearly).

2. Example Calculation
   If you pay a lump sum premium of ₹10,00,000, and LIC’s actuarial tables offer an annuity rate of 6.5% per annum for a Single Life Annuity for a person of 60 years of age with a 5-year deferment period, the pension can be calculated as:

Annuity Amount = 10,00,000 X 6.5% = 65,000 per year
This means you would receive ₹65,000 annually starting after 5 years, as long as you live.

Benefits of Using the Calculator

This calculator has provided the many benefits which are listed below.

• Personalized Estimates: Tailor the calculations to your specific details.
• Informed Decision-Making: Understand how different factors affect your pension.
• Time-Saving: Quickly get estimates without manual calculations.

Get More Calculators