New Jeevan Shanti (Plan 858)

(With Revised Rates from 5.1.2023)

Presentation by:
C.SRIDHARAN
FM, LIC of India,
STC, Madurai
M: 95000 76095
 New JEEVAN SHANTI (Table No. 858)
✔ One time Investment.
✔ Deferred Pension
✔ Life long guaranteed Pension.
✔ Cover during and after deferment period
✔ Plan under Non Medical
✔ Options: Single life or Joint life
✔Available for persons as early as 30 Years of Age (completed)
✔Maximum Age at Entry: 79 Years of Age (completed)

✔Eligible for I.T. Rebate under Sec 80C

 New JEEVAN SHANTI

DEFERRED
ANNUITY

SINGLE
LIFE JOINT LIFE

Option ‘1’ Return of

Option ‘2’
Purchase
Price
2/6/2022 4
 New Jeevan Shanti : Age at Entry
Single life Joint life
30 to 79 30 to 79
Deferment Period available: 1 to 12 Years

Age Available Age Available

at Entry Deferment Period at Entry Deferment Period
30 to 68 1 to 12 Years 74 1 to 6 Years
69 1 to 11 Years 75 1 to 5 Years
70 1 to 10 Years 76 1 to 4 Years
71 1 to 9 Years 77 1 to 3 Years
72 1 to 8 Years 78 1 to 2 Years
73 1 to 7 Years 79 1 Year
 Revision of
Pension Rates from 5.1.23
✔ Basic Pension Rates increased.
✔ Incentive for High Purchase Price also
increased.
✔ Earlier the Incentive for High Purchase Price
was same for all the Deferment Periods. Now,
the incentive is based on Deferment Period.
✔ Higher the Deferment Period, Higher the
Incentive, resulting in Higher Pension Rate.
Incentive for High Purchase Price
From 21.10.20 (old)
Incentive for High Purchase Price
( From 5.1.23)
Pension Rates Revised wef 5.1.23
 New Jeevan Shanti:
Revised Rates from 5.1.23
Purchase Price 25 lacs
 Old Shanti is Back!

• With the Deferment Period based High

Purchase Price Incentive, the Revised rates
under New Jeevan Shanti, almost matches
with the Pension Rates offered under the
Original Jeevan Shanti, Table No.850,
which was launched on 11.9.2018.
 Pension Rates
Old Jeevan Shanti Vs New Jeevan Shanti
Age 50 & Investment Amount Rs.10 lacs
Yearly Yearly
Pension Pension
Deferment Pension Pension
Rate Rate
Period under under
p.a p.a
Plan 850 Plan 858
1 69,300 6.93 69,700 6.97
2 74,800 7.48 75,300 7.53
3 80,600 8.06 81,300 8.13
4 86,900 8.69 87,700 8.77
5 91,800 9.18 90,500 9.05
10 1,28,300 12.83 1,27,200 12.72
12 1,45,100 14.51 1,43,450 14.35
 New Jeevan Shanti :
Increasing Insurance Cover
• In case of Death, during the deferment period:

105% of Purchase Price

Or
Return of Purchase Price with
Accumulated Guaranteed Additions
for the period of survival,
whichever is higher.
 New Jeevan Shanti
Calculation of Guaranteed Additions

• The Guaranteed Additions are calculated at

the Deferred Pension rate applicable for the
chosen Deferment Period..

• This is calculated for every completed month

at the basic monthly rate.
 New Jeevan Shanti
Ex: age 50; Deferment Period: 12 years.
Investment: Rs.10 lacs

• The monthly guaranteed additions will be @ Rs. 10,716.

• If death takes place during deferment period, at the end
of 5 years, the death cover would be:

• Investment amount : Rs.10 lacs

• Guaranteed Additions for 5 years , i.e, 60 months:
60 X 10,716 = Rs.6,42,960
• Total: Rs. 16,42,960
 Increasing Insurance Cover,
During Deferment Period:
Age 50; Investment Rs.10 lacs; Deferment Period 12 Years;
Monthly Guaranteed Additions: Rs. 10,716
Guaranteed Guaranteed
Month Total Cover Month Total Cover
Additions Additions

1 10,716 10,50,000 70 7,50,120 17,50,120

6 64,296 10,64,296 84 9,00,144 19,00,144
12 1,28,592 11,28,592 96 10,28,736 20,28,736
25 2,67,900 12,67,900 108 11,57,328 21,57,328
36 3,85,776 13,85,776 120 12,85,920 22,85,920
60 6,42,960 16,42,960 144 15,43,104 25,43,104
 New Jeevan Shanti:
Cover after Deferment Period
Death, after deferment period i.e, after the
commencement of pension: (Amount to Nominee)

105% of Purchase Price

or
Return of Purchase Price plus Accumulated Guaranteed
additions less amount of Pension paid after the
deferment period,

whichever is higher.
 New Jeevan Shanti: Insurance Cover
• Ex: age at entry: 50; Deferment Period: 12 years.
Investment: 10 lacs. Monthly Guaranteed Additions added
to the Policy Account @ Rs. 10,716 for 144 months.

• Total GA accumulations as at the end of 12 th Year:

Rs. 15,43,104
In case of Death, after getting pension for 3 yrs & 2 months
• Monthly Pension Amount: Rs. 11,476;
• Total Pension paid for 38 months: Rs. 4,36,088
• Balance of Accumulations at the end of 38 months:
15,43,104 – 4,36,088 = 11,07,016
• Amount Payable to Nominee: 10 lacs + 11,07,016 =
21,07,016 (since this is more than 105%)
 Death Cover, After Deferment Period
Age 50; Investment Rs.10 lacs; Deferment Period 12 Years;
Accumulated Value at the end of Deferment Period: 25,43,104.
Monthly Pension: 11,476
Amount Payable to Nominee, on Death after Deferment Period

Pension Amount to Pension Amount to

Month Month
Received Nominee Received Nominee

1 11,476 25,31,628 72 8,26,272 17,16,832

6 68,856 24,74,248 96 11,01,696 14,41,408
12 1,37,712 24,05,392 120 13,77,120 11,65,984
24 2,75,424 22,67,680 136 15,60,736 10,50,000
36 4,13,136 21,29,968 144 16,52,544 10,50,000
60 6,88,560 18,54,544 240 27,54,240 10,50,000
 New Jeevan Shanti: Joint life option

Joint Life option:

Under Joint life option, same rate of
pension will continue to the joint life, after the
demise of the primary pensioner.

After the demise of the second pensioner,

death cover will be given to the nominee.
New Jeevan Shanti: Joint Life option
Joint Life option: (Any lineal relationship)
Joint life option can be taken between any two lineal
descendant or ascendant of a family
(Grand Parent, Parent, Children, Grand Children)
or
spouse
or
Siblings
Both Persons should be aged 30 or more.
Options to nominee to receive
Death Benefit:

Lumpsum
or
Pension
or
Instalments for 5/10/15 years.
 Encash the Revised Rates
Comparison with PMVVY
PMVVY New Jeevan Shanti

For Senior Citizens only For Any Person Aged 30 & Above

Rate Based on Deferment Term:

Rate of Interest 7.4% One Year: 7.08%(Age 60);7.2% (Age 70)
Two Years: 7.72% (Age 60); 8.02% (Age 70)
Higher Rates, based on Age at Entry
&
Same Rate for All ages
Deferment Term

Maximum Limit Rs.15 lacs No Maximum Limit on Investment

 Encash the Revised Rates
Comparison with PMVVY
PMVVY
Rates Guaranteed for 10 Years only;
Investment Avenue to be searched at
the end of 10th Year;
Worry about any Interest Rate fall in
future.
Single Life only
New Jeevan Shanti
Rates Guaranteed for life Time.
Not to worry about any fall in
Interest Rates in future.
Both Single life & Joint Life
Pension option Available
(Joint life, with any blood relative
with 30 years of age)
 Encash the Revised Rates
Comparison with PMVVY
PMVVY New Jeevan Shanti

On Death, Return of 100% of On Death, Minimum 105% will be

Investment returned to the nominee

Immediate Pension. Deferred Pension.

No Deferment Option Available. Insurance Cover in the form of

Monthly Guaranteed Additions at
No Insurance Cover. assured future rates
 Comparison with
Private Insurance Co. Products
Investment 10 lacs; One Year Deferment Period
 Comparison with
Private Insurance Co. Products:
Investment Amount 10 lacs; Deferment Period 10 Years.
 The Big NRI Market
Non Residents Break-ups of NON
Deposits RESIDENT Deposits
(in INR) as at March 2021

March 2018 8,20,737 FCNR 1,48,235

March 2019 9,02,152 NRE 7,42,720

March 2020 9,77,309 NRO 1,36,428

March 2021 10,27,382 Cr. TOTAL 10,27,382 Cr.

 New Jeevan Shanti to NRIs
• For Countries under Group I to IV,
Deferment Period upto 5 Years only allowed.

• For Group V Countries, there is no restriction

on Deferment Period. (1 to 12 years allowed)

• Mail Order Business allowed to NRIs of

Group V Countries only.
 New Jeevan Shanti to FNIOs
• FNIOs of Group V countries with valid OCI Card only are eligible
for New Jeevan Shanti. No restriction on Deferment Period.

• Proposals from FNIOs will be underwritten at Central Office. The

proposal with copies of Passport, OCI card, NRI questionnaire,
AML & KYC requirements to be sent to Central Office, with MHR
by Senior Divisional Manager in a letter format.

• Mail Order Business not allowed for New Jeevan Shanti for FNIOs

• FNIOs of Group I to Group IV countries are not eligible for New

Jeevan Shanti
 Encash GST Waiver for
NRI/FNIO/OCI
The Payment can be made through:
NRE Cheque
or
Foreign Currency Instrument
or
Direct Remittance to LIC Branch Account from
NRE account

Pl ensure that URN is created before payment of BOC.

 GST Waiver for NRIs
The Requirements:
Application cum Declaration form in the format prescribed.
1.

Proof of Residence(Outside India), Any one of the following:

2.

Current Utility Bill

Driving Licence
Certificate from Govt / Embassy
Latest Foreign Bank Statement with Address
3. Copy of Visa, in case of NRIs/FNIOs
4. Unique ID Card of the country, in case of FNIOs/FNIOs who are
OCIs
5. Copy of Passport with pages of latest immigration stamp
 GST Waiver for NRIs
Other Guidelines:
✔Proposals will not be completed under Green Channel
✔Mobile number and email id are compulsory
✔NB Department will create NRI master with Unique Reference
Number (URN) for given bank account.
✔URN will be valid for 90 days only.
✔URN will be reflected in cash counter and proposal deposit will
be collected based on URN.
✔Any Balance of Premium payable should be paid only from the
same bank account and same URN.
✔Maximum 5 BOCs can be made for same URN.
 Others points to note:

✓ Policy can be given to All Male, Female lives, including

Housewives and Physically challenged Persons.

✓ Policy to be processed under Non Medical Only.

✓ If the Proposer suffers from any disease, the necessary

reports and treatment details on hand to be collected
and the decision to be made on the basis of the same.
 Others points to note:

✓ There will be some restrictions on Deferment Term

(upto 7 Years only), if the Proposer suffers from any of
the Diseases mentioned in Annexure A of the
underwriting circular.

✓ The proposal will be regretted, if the proposer suffers

from any of the Diseases mentioned in Annexure B of
the Circular.
 Others points to note:
✓ Loan Available, during and after Deferment
Period.
✓ Assignment Available.
✓ Can be given under Employer Employee
Scheme.
✓ Surrender Option Available, during and after
Deferment Period. (Not adviseable)
MDRT Through New Jeevan Shanti
• Either Full MDRT or Part MDRT is
possible through New Jeevan Shanti.
New First Non Single First
Jeevan Shanti Commission Premium Commission

50 lacs 1 lac 22.16 lacs 7,75,500

1 Crore 2 lacs 19.3 lacs 6,75,500
2 Crore 4 lacs 13.6 lacs 4,75,500
3 Crore 6 lacs 7.87 lacs 2,75,500
4 Crore 8 lacs 2.16 lacs 75,500
4.38 Crore 8.76 lacs ---- ---
 The ANANDA Advantage!

• New Jeevan Shanti can be processed through

ANANDA

• Joint life Option also available (by creating

Aadhaar zip files and ekyc of both lives)
Open BOC option in ANANDA!

The BOC can be created

Any Day,
Any Time,
at the comfort of the customer through
Any Online Payment options.
 Power of Life long Guarantee!
SHANTI RATES (for different waiting periods)
Year Bank FD Rates
for age at entry 50, 10 lacs )
3 Years 5 Years 10 Years 12 Years
1999 11.5%
2009 8.5%
2019 6.5%
2023 6.5%
2026 ?? 8.13%
2031 ?? 8.13% 9.05%
2033 ?? 8.13% 9.05% 12.7%
2035 ?? 8.13% 9.05% 12.7% 14.3%
2050 ?? 8.13% 9.05% 12.7% 14.3%
On Death,
Return of 100% Minimum of 105%
Capital