LIC Jeevan Shanti (Plan 850) Pension Calculator

LIC Jeevan Shanti (Table No 850) Pension Calculator let's you to calculate Yearly, Half Yearly, Quarterly and Monthly Pension amounts as per pension holders' age, deposit amount and other pension options.

Related Link: Jeevan Shanti vs Jeevan Akshay 6


Annuity, Death Claim, Guaranteed Additions in LIC Jeevan Shanti

LIC Jeevan Shanti is a single premium guaranteed return annuity plan which has immediate and deferred annuity options. For purpose of explanation, suppose a 50 year person purchases deferred annuity option with 25 Lakh purchase price and 10 years deferment period. The pension and death claim for above policy has been explained below.

Related Link: Jeevan Shanti Surrender Value Calculator

Annuity (Pension) Details

Deposit AmountGSTFinal One Time Deposit
Rs. 2500000 Rs. 45000 Rs. 2545000

After payment of Rs. 2545000, the pension as per following table will start from 60 years of age and continue as long as Annuitant or Policyholder survives. Any of the four Pension Receiving Mode may be selected.

Pension ModeAmount
Yearly321625
Half Yearly157533
Quarterly77946
Monthly25709

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Death Claim Details - During Deferment Period

In case of death of policyholder(s) during deferment period (i.e. before 10 years), death claim shall be higher of following two values.

  1. Purchase Price + Accumulated Guaranteed Additions (GAs), OR
  2. 110% of Purchase Price

Where Guaranteed Additions per month = (Purchase Price * Annuity rate p.a. payable monthly) / 12.

Following table provides policy year-wise death claim details as per above formula.

Policy YearAgePurchase PriceGuaranteed AdditionsDeath Claim
15125000003028802802880
25225000006057603105760
35325000009086403408640
454250000012115203711520
555250000015144004014400
656250000018172804317280
757250000021201604620160
858250000024230404923040
959250000027259205225920

For calculation purpose, whole years have been considered, for example, 1 year and 5 months are counted as 2 years. The GAs has been added on yearly basis to simply the calculations.

Death Claim Details - After Deferment Period

In case of death of policyholder after deferment period (i.e. after 10 years), death claim shall be higher of following two values.

  1. Purchase Price + Accumulated Guaranteed Additions (GAs) - Total annuity payouts till date of death, OR
  2. 110% of Purchase Price

Following table provides death claim details, for purpose of convenience policy year-wise death claims have been given after a frequency of 5 years.

Policy YearAgePurchase Price + Accumulated GA Cumulative Annuity PaidDeath Claim
106055288003216255207175
1565552880019297503599050
2070552880035378752750000
2575552880051460002750000
3080552880067541252750000
3585552880083622502750000
4090552880099703752750000
45955528800115785002750000
501005528800131866252750000
551055528800147947502750000
601105528800164028752750000
651155528800180110002750000

The death claim amount will be paid to the nominee. However nominee will have the option to take death claim as lumpsum amount or in installments or in the form of annuity (pension). If nominee decides to take it as annuity, then it will be like, buying a new policy against death claim amount.

Please note, above calculations are for the purpose of explanation.

Comments & Reviews (109)

Wrote :

20-10-2018 20:55:49

I want to purchase a jeevan shanti for 1000000 . Current age is 76 after death second joint life will earn same pension with purchase return .I want to no the when the second joint life will get the purchase return after death or any fix period

Wrote :

20-10-2018 22:08:54

In case of death of both the pension holders, nominee will have to claim the death amount by producing policy document, nominee bank details along death certificates of the annuitants.

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Wrote :

19-10-2018 19:37:43

Hi, can you put illustration of how incentive (for higher purchase price) and rebate (2% for online buy) applied to annuity ? (eg: 50lac online purchase price by a 40yr old guy with 5year deferred period)

Wrote :

20-10-2018 12:01:48

Higher Purchase Price incentive increases the annuity by an specified amount, for example, for 5,00,000 the yearly annuity rate will be increased by 1.5 per thousand of purchase price compare to a purchase price less than 5,00,000. Best way to observe it by calculating annuities for 1,50,000 and 15,00,000 and you will find that annuity will not be 10 times.
In case of online purchase, the annuity will increase by 2%, for example, if offline yearly annuity is Rs. 100, then, it will be Rs. 102 in case of online purchase.

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Wrote :

18-10-2018 12:25:23

I have purchased a Jeevan Shanti policy. RS 8 lakhs for deferred annuity option 15 yrs. My present age 47 yrs and joint life age 42 yrs. From LIC proposal received shows pension annuity Rs 136460, whereas your calculated as Rs 137040. Why this difference.. If I take loan in between during deferred period how it will be adjusted, it will effect in yearly annuity. Please suggest Thanks Happy Navarati

Wrote :

19-10-2018 13:24:17

Please check what ages have been considered, completed age is considered for age calculation in this plan, for example, 46 year and 8 months will be considered as 46 years. Please check as per age explained above. Whatever amount which is mentioned in your policy document will be correct as this calculator is not official calculator of lic. Loan in lic needs to be paid on half yearly basis, if not paid then it will be compounded half yearly. If not paid then it can be adjusted from annuity too.

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Wrote :

16-10-2018 21:32:23

Is the Pension under scheme JEEVAN SHANTI (850) is guaranteed or variable under any condition in future?I want to be sure before I make the bulk investment .Thanks

Wrote :

20-10-2018 11:43:01

Rates are guaranteed and amount will be indicated on your policy document.

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Wrote :

15-10-2018 15:39:12

Iam 48 and i need a regular best income after 5 years,which option should i go

Wrote :

17-10-2018 07:46:03

Since you want pension after 5 years, then you can choose single life annuity or joint life annuity (e.g. 2nd pensioner as your spouse) under Deferred Annuity.

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Wrote :

15-10-2018 09:13:10

i am 65 and my wife is 58. I want apply for joint with my name first and wife name second. I will go for 10 year deferment policy. I Want either of the survivor to get 100 % pension till his/her death and also after death of both, the nominee should get back the original investment. Which option I should adopt. Somanath

Wrote :

15-10-2018 13:28:18

Joint life option under deferred annuity will do your job.

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Wrote :

13-10-2018 13:37:55

Pensioner death can give same pension to nominee?

Wrote :

17-10-2018 07:50:23

No, in cased of death of pension holder(s) or annuitant(s), nominee to receive death claim amount not pension.

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Wrote :

13-10-2018 07:45:14

Need any income proof to buy Jeevan Shanti?

Wrote :

17-10-2018 07:52:37

Yes, you will have to disclose Sources of your income.

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Wrote :

12-10-2018 12:34:39

I understand pension is taxable. Till i get pension under deferred annuity, will I have to pay any income tax for guaranteed addition amount in Jeevan Shanthi by LIC . I mean the guaranteed amount portion is considered as deemed income ? for IT purpose?

Wrote :

13-10-2018 08:42:02

Income tax will not be not on guaranteed addition, it will be only on what you receive in your bank account.

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Wrote :

10-10-2018 17:23:47

If I am taking a single life policy under this , will I be able to convert the same policy to Joint life at a later stage or after few years ?

Wrote :

10-10-2018 23:34:49

No, options are not changeable.

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Wrote :

10-10-2018 16:07:34

I'M 68 Y MY WIFE IS 60 Y . I WANT TO BUY ABOUT 20 LAC SA JEEVAN SHANTI 850 DEFERRED ANNUITY 3 YRS PENSION PLAN OF LIC FOR JOINT LIFE . SHALL MY NOMINEE WILL GET BACK ORIGINAL DEPOSITED MONEY IF WE BOTH PENSION HOLDER DIE SUDDENLY. MY SUCCESSORS WILL RETURN BACK MONEY OR IT IS FORFEITED SINCE NO CLEAR INSTRU

Wrote :

10-10-2018 23:40:54

In case of death purchase price shall be returned to policy holder's(s) nominee which will be at least 110% of purchase price.

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Wrote :

10-10-2018 16:03:49

Which of two plans LIC Jeevan Shanti Vs HDFC Guaranteed Life pension ( Deffered annuity) is better in terms of returns

Wrote :

10-10-2018 23:41:58

We will try to compare both the plans and let you know.

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Wrote :

10-10-2018 13:20:09

If I have joined 20 years deferred jeevan shanthi pension scheme, Is it possible to close the policy and get back my full money any time in between the period say after 10 years?

Wrote :

10-10-2018 14:59:09

There is option to surrender in case you want to close it, please use this calculator to learn more about it.

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Wrote :

10-10-2018 10:19:05

My daughter age is 31.son in law is also 31.can they take joint life policy?ten years deferment.first daughter to get annuity till her life and after that son in law can receive annuity till his life?

Wrote :

10-10-2018 23:50:17

Yes, it is very much possible, she needs to primary Annuity holder.

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Wrote :

09-10-2018 23:48:11

Are the incentives for large premium and online purchase included in the pension calculator? Can a 25 year old purchase deferred annuity with the option to receive pension after 20 years?

Wrote :

10-10-2018 15:02:16

Yes, these are included. No minimum age is 30 years .

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Wrote :

09-10-2018 16:28:43

My question is about the nomination. If i take a joint life policy with my spouse, can i put my child's name in the nominee list. What I want to understand is : what happens to the prinicpal amount should both the policy holders die.

Wrote :

10-10-2018 23:55:25

Option J under immediate annuity and joint life under deferred annuity have option of returning purchase price to nominee of policy holders in case of death. Yes child can be made nominee.

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Wrote :

09-10-2018 10:20:17

My friend's widow mother (age:76years) wants to buy LIC Jeevan Shanti (ex:2 lakhs, Single life for life time) with immediate annuity. As per the table/calculation above she will get the an yearly pension of Rs.27240/- The question is: In the above case, what is the death claim of the nominee if the policy holder dies after getting the pension for one year? Kindly clarify.

Wrote :

11-10-2018 00:03:18

In immediate annuity for single life, purchase price is returned in option F only.

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Wrote :

08-10-2018 19:03:20

I am a senior citizen. Now I want to know if the monthly pension amount is taxable. Next can I invest every year ₹ 1.5 lakhs to get 80C tax rebate and at the same time I want to opt for monthly pension for this amount in addition to the monthly pension I availed last year. N Rajagopalan

Wrote :

09-10-2018 12:55:59

Yes, monthly pension will be taxable and you can take plan(s) next year provided it is available for sale. No limit on number of policies purchases.

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Wrote :

08-10-2018 16:58:13

Dear sir , I am aged 51 years and under 30% income tax slab now. I will retire by 60years .If I opt for jeevan shanti policy with a deferred annuity of 10 years. At 60 my income tax slab comes to 10% my tax liability on annuity is 10% am I right ? pl clarify.

Wrote :

11-10-2018 00:01:01

Yes, received annuity will assessed for income tax in the financial year in which it is paid to you.

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Wrote :

07-10-2018 20:44:23

My age is 47 and wife age is 44. I want to select a pension plan with joint cover i.e. in case of my death, my wife gets same amount of pension through out her life. I can wait for 10 years (deferment). Please suggest suitable option.

Wrote :

07-10-2018 21:02:01

Joint Deferred annuity with 10 year deferment period will do the job for you.

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Wrote :

07-10-2018 12:29:41

I purchased the policy jeevan shanti immediate annuity. My age is 60yrs covered. Income tax rebate for FY 2018-19 can take or not?

Wrote :

07-10-2018 22:39:55

Yes, it will be exempted under 80c.

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Wrote :

06-10-2018 16:32:21

I want to go in for 10 lakhs investment in my wife's name 56 years jointly under immediate annuity with me as 2nd person 63 years under Option I. What will be monthly pension?

Wrote :

06-10-2018 17:44:37

It is easy to calculate, please use above calculator.

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Wrote :

06-10-2018 11:32:46

What is the minimum amount to invest in Jeewan Shanti plan?

Wrote :

06-10-2018 11:38:27

Minimum investment amount is 1,50,000 subject to minimum monthly annuity as Rs. 1000 in a particular annuity option. So minimum amount may go above 1,50,000 to make annuity at least 1,000 per month.

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Wrote :

05-10-2018 12:10:14

My question is different than others. Say, If a person doesn't have lump sum amount of big money say about Rs.100000 likewise. Now, if that type of person wants to invest under this plan Jeevan Shanti on monthly basis say if a person invests Rs.3000/ per month to create accumulate the amount and go with pension said as above. Is there any possibility?

Wrote :

05-10-2018 21:42:13

No, there is no such option in jeevan shanti plan as monthly deposit, you can deposit 3K per month in some other scheme and buy this plan later on using that scheme's maturity amount but it is not sure if this plan or this plan with current rates will be available in future.

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Wrote :

04-10-2018 17:59:26

My son is now 34 years.I am thinking to opte for him DEFERRED ANNUITY SINGLE LIFE policy of Rs 1000000.DEFERMENT PERIOD 16years,so that he May get pension at the age of 50 years I want to know :- 1) After marriage will he be able to convert the policy into "JOINT LIFE "policy ? 2)Can he be able to surrender the policy FULLY/PARTIALLY in case of urgency in future? An early clarification is requested. Thanking you Ashu Ranjan Debnath ( SILIGURI)

Wrote :

04-10-2018 20:01:54

1. No, an option once opted cannot be changes in future.
2. Both options under Deferred annuity and option F & J can can be surrendered in full (not partially).

Wrote :

04-10-2018 21:34:07

In reference to my earlier query and the reply thereto I would like to know if the policy once taken can not be changed then what is the way out for our would be daughter in law ? Can we take a separate policy for her in future ? Thanks for the early reply. Ashu Ranjan Debnath

Wrote :

05-10-2018 21:12:08

Nomination can be changed to would be spouse. she can take fresh policy anytime in future.

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Wrote :

04-10-2018 09:26:40

If i invest 10 lakhs, how will the annuity be calculated if it increases 3% every year ? Can you show the working for first 5years

Wrote :

04-10-2018 10:38:13

It has been explained in one of the comments. Please go through it and in case of any query please ask.

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Wrote :

03-10-2018 14:19:46

I have a handicapped daughter of age 18 years. Permenant disability is more than 70%. Can i purchase the policy directly under her name

Wrote :

03-10-2018 14:41:42

Minimum age to purchase is 30 years.

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Wrote :

01-10-2018 14:54:37

if the policy holder want to surrender policy after 5years,What amount he will get ?

Wrote :

02-10-2018 14:10:58

Kindly use surrender value calculator to calculate and understand it.

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Wrote :

01-10-2018 09:45:34

Can I hav multiple Jeevan Shanti policies? Example: I take one policy now for 5 lakhs and if stil available take one more next year etc.?

Wrote :

01-10-2018 12:31:17

Yes, may take as many as you want.

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Wrote :

28-09-2018 18:10:00

i want invest 5 lac in immediate pension plan option A- after my death how much pay to my nominee

Wrote :

28-09-2018 18:12:32

No death benefit in Option -A.

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