LIC Pension Plan Calculator 2025

Pension plans take a different approach to risk coverage. Here, the benefits are in the form of monthly annuities. These benefits come in exchange for a defined purchase price, which is why pension plans are effectively investments. You must determine when you want to retire, how much money you would need, pending obligations, current savings, expected income, etc., to get a comprehensive idea of your needs.

You can use an LIC Pension plan calculator to decide which type of LIC pension plan you want to invest in, and then calculate the premiums using this online tool.

How to Use LIC Pension Plan Premium Calculator?

You can calculate the LIC Pension Plan premium by visiting Policybazaar and LIC of India online. Let's understand the procedure for both:

1. From Policybazaar:

   • Step 1: Go to Policybazaar LIC Page.

   • Step 2: Fill in the form at the top right with your name and contact number, then click “View Plans.”

   • Step 3: Fill in your current city, age, and annual income.

   • Step 4: Once you've completed this, you can check all the available plans. Click on “Get Details” to get more information about the plans.

   • Step 5: Read the details, then click “Proceed”.

   The calculator will automatically provide the premium and maturity amounts based on the information provided by you.

2. Using LIC pension plan calculator from LIC:

   LIC of India provides the premium calculator along with its host of features. Here is how you can use the LIC pension plan calculator:

   Step 1: Fill in the form with the following details

   • Applicant’s Name

   • Date of Birth to populate the Age field automatically

   • Gender

   • Phone number

   • Mail ID

   Step 2: Click on Coverage

   You have the option to choose from the list of pension plans. After selecting the plan, the LIC Smart Pension plan calculator lets you estimate premiums.

   Step 3: Get quick quotes and fill out your requirements from the LIC pension plan

   • Deferred Annuity is populated by default.

   • Select Annuity Option from the dropdown - Single or Joint Life

   • If Joint - enter a name, the relation, date of birth, else proceed

   • Enter the Purchase Price - Minimum Rs.1.5 Lakh

   • Enter the Deferment period. When this period ends, you will start receiving the monthly pension or annuity.

   Step 4: Check if the annuity displayed is sufficient

   • Displays Yearly, Half-yearly, Quarterly, and Monthly Annuity

   • All other information, including the purchase price and the chosen parameters

   • If you find that the annuity payouts are not enough, you can use the LIC pension plan calculator again until you get your desired results.

Benefits of Using LIC Pension Plan Calculator

The primary reason for using the LIC pension scheme calculator is to check up the financials. In pension plans, the annuity amount is the crucial factor to determine the amount to be invested. The annuity is a substitute for the regular income one has used during the active working life. It is ideally suited for those who don't have pensionable income like the government employees to ensure post-retirement financial independence. Let us take a look at what the premium calculator offers.

• The LIC pension calculator is a versatile, powerful, and user-friendly tool that any layman can smoothly handle.

• The inputs are simple and precise to help reach the desired outcome.

• Wherever there is a dropdown menu, it is meant to confirm to the eligibility criteria defined for the chosen plan.

• Choosing the right plan is critical for the LIC pension calculator’s accuracy, and the applicant is prompted to navigate with the plan features factored in.

• The LIC retirement plan calculator provides the plan comparison feature as well to reach an informed decision.

**Policybazaar's term insurance calculator provides a plan comparison feature, which can also be used to compare Term Insurance plans alongside pension options to make an informed decision.

Premium Structure for LIC Pension Plans

By using the premium calculator, an applicant looks for the prospective annuity that they will need to sustain themselves after retirement.

The following sample illustration calculates annuity with LIC's New Jeevan Shanti using the LIC pension calculator. The user needs to enter the information to get the premium value calculated.

1. Annuity Option: Deferred for Single Life

   • Age: 31 years

   • Gender: Female

   • Purchase Price: Rs.15 Lakh

   • Deferment Period: 12 years

   • Entitled Annuity Amount after 12 years:

     • § Yearly: Rs. 1,60,200.

     • § Monthly: Rs. 12,816.

2. Annuity Option: Deferred for Joint Life

   • Age: 50 years

   • Gender: Male

   • Joint relation: Husband

   • Relative age: 31 years

   • Purchase Price: Rs.15 Lakh

   • Deferment Period: 12 years

   • Entitled Annuity Amount after 12 years:

     • § Yearly: Rs. 1,56,750

     • § Monthly: Rs. 12,540

   The LIC Pension plan calculator will help you with a fair estimate of the pension.

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