LIC Pension Plan Calculator 2026

The LIC Retirement plan calculator also comes under plan-specific names, such as LIC Smart Pension Plan Calculator or LIC New Jeevan Shanti Pension Calculator. Read on to know more about it in detail.

How to Use the LIC Pension Plan Calculator?

You can calculate the LIC Pension Plan by visiting LIC of India online. Let's understand the procedure:

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

Step 1: On the LIC website, go to “Calculate Premium”. Fill in the form with name, Date of Birth, Gender, Phone number, email, etc. Click on “Next”.

Step 2: Choose from the list of pension plans. Click on “Coverage”.

Step 3: options such as annuity option, purchase price, and deferment period.

Step 4: Check the annuity amount on Yearly, Half-yearly, Quarterly, and Monthly basis.

All other information, including the purchase price and the chosen parameters, will be displayed to you. If you find that the annuity payouts are not enough, you can use the LIC pension plan calculator again with different plan details or choose a different LIC pension plan until you get your desired results.

Benefits of Using LIC Pension Plan Calculator

The primary reason for using the LIC pension 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 calculator offers.

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

• Customisable Inputs: The LIC monthly income scheme calculator requires simple and precise inputs to help reach the desired outcome.

• Easy Financial Planning: It can also be used as an LIC monthly income plan calculator as it helps you understand how much pension you will receive on a monthly, quarterly, half-yearly and yearly basis.

• Quick Comparison: Using the LIC Pension Plan Single Premium Calculator, you can check and compare various LIC pension plans before purchasing. Even if you have to compare annuities under different options under the sample plan, tools like the LIC New Pension Plus calculator can be used to estimate annuity amounts for the four fund options the policy offers.

• Empowerment: The LIC pension calculator requires only basic details to compute all the benefits and financial implications of the chosen plan. There is no dependency on any third party.

**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.

Best LIC Pension Plans

1. LIC Smart Pension

   LIC Smart Pension Plan 879 is an immediate annuity LIC plan for senior citizens offering various annuity options for both single and joint lives. The annuity rates are guaranteed from the start of the policy. Policyholders pay a lump sum and receive a fixed, lifelong pension. This plan is available for purchase both online and offline.

   Key Features and Benefits of LIC Smart Pension Plan
   LIC Smart Pension is a single-premium immediate annuity that offers multiple annuity options.

   • Flexibility to choose between Single Life and Joint Life Annuity options.

   • You can choose from four payment frequencies: monthly, quarterly, half-yearly, and yearly.

   • Three death benefit payment choices: Annuitisation, Instalments, or Lump sum, based on your preference.

   • Plan customisation is available under Advanced Annuity, Liquidity, or Annuity Accumulation options.

   • In addition to incentives for a higher purchase price, special incentives are offered for existing policyholders and nominees of deceased policyholders.

   • Easy calculation of annuity amounts using the LIC Smart Pension plan calculator

   Sample Illustration:

   Here is an example showing the calculation of the Annuity (pension) amount of the LIC Smart Pension plan using the LIC Smart Pension plan calculator. Here are the policy details chosen: 

   Annuity Type: Single Life

   Annuity Option: Life Annuity

   Purchase Price: Rs 10,00,000

   Premium-Payment Term: Single

   Age	Annuity Amount (Rs.)
   	Yearly	Half-Yearly	Quarterly	Monthly
   30	68,188	33,412	16,535	5,455
   40	71,468	35,019	17,331	5,717
   50	77,003	37,731	18,673	6,160

   The LIC Smart Pension plan calculator also generates a benefit illustration providing a detailed presentation of benefits under this policy.

2. LIC New Jeevan Shanti Plan

   LIC New Jeevan Shanti is a single-premium deferred annuity plan. The deferment period is at least one year to a maximum of five years. The plan has two variants: Single Life & Joint Life Deferred Annuity. Single life covers only one individual under this scheme, while Joint Life covers two individuals under one scheme.
   Key Features and Benefits of LIC New Jeevan Shanti

   • The death benefits do not change with a single or joint-life deferred annuity. Under both variants, the beneficiary or nominee will receive 105% times the Purchase Price or (Purchase Price + accrued additional benefit on death), whichever is higher.

   • The death benefit is paid in three modes: lump-sum payment, instalment basis or annuitisation, the choice of which is made by the customer at the policy's inception.

   • To purchase the joint-life deferred annuity version of LIC’s New Jeevan Shanti Plan, the customer can add his/her spouse, children, parents, siblings, grandparents, or grandchildren. The joint partner must have attained the age of 35.

   • At the inception of the policy, it is the customer’s choice to select the mode of payment of his pension, which will be paid in arrears (yearly, half-yearly, quarterly or monthly)

   Sample Illustration:

   Here is an example showing the calculation of the pension plan's Annuity (pension) amount using the LIC New Jeevan Shanti Pension Calculator . Here are the policy details chosen:

   Purchase Price: ₹10,00,000 (excluding applicable taxes)

   Age of Annuitant at Entry: 45 years (Last Birthday)

   Deferment Period: 5 years

   Age of Secondary Annuitant at Entry: 35 years (applicable for Option 2 only)

   Annuity Option	Annuity Amount (₹)
   	Yearly	Half-yearly	Quarterly	Monthly
   Option 1: Deferred Annuity for Single Life	89,400	43,806	21,680	7,152
   Option 2: Deferred Annuity for Joint Life	85,400	41,846	20,710	6,832

3. LIC Jeevan Akshay – VII

   LIC’s Jeevan Akshay VII is a fixed benefit plan in which the policyholder has all the information about the pension amount they will receive. This information is provided to him only at the inception. Jeevan Akshay VII is a single-premium immediate annuity/pension plan. It provides a steady income and has a wide range of Annuity options to choose from. It also offers the flexibility to choose from Single Life Annuity and Joint Life Annuity, and yearly, half-yearly, quarterly and monthly annuity payment modes.

   Key Features and Benefits of LIC Jeevan Akshay VII

   • There are four modes of pension payment: yearly, half-yearly, quarterly and monthly.

   • LIC has provided ten annuity options to the customers under this plan. Listed under the options A to G cover single life. Options H, I and J cover joint life. 

   • Only options F and J have the facility to return the purchase price. This means that your invested amount will be returned to the nominee after your death, while the investment will not be returned in the other options.

   • The customer can purchase this policy jointly with his/ her spouse, children, siblings, parents, grandparents and grandchildren.

   • There is a special provision for handicapped dependents, as there is no minimum annuity and purchase price restriction. They can purchase with a lump sum of only Rs 50,000.

   • The plan provides incentives for a higher purchase price and existing policyholders and the nominee/ beneficiary of the deceased policyholder.

   Sample Illustration:

   Here is an example showing the pension plan's Annuity amount calculation using the LIC Jeevan Akshay - VII Calculator. Here are the policy details chosen:

   Purchase price: 10 lakhs

   Annuity option: Immediate annuity for life

   Policyholder’s age	Annuity Amount (Rs)
   	Monthly	Quarterly	Half-yearly	Yearly
   40	5,758	17,388	35,100	71,500
   45	5,983	18,063	36,450	74,300
   50	6,283	18,963	38,300	78,200

4. LIC Saral Pension

   LIC Saral Pension is a single-premium immediate annuity plan where annuity rates are guaranteed from the start of the policy. There are two annuity options to choose from in this LIC plan for senior citizens. The Saral Pension plan can be purchased offline or online. 

   Key Features and Benefits of LIC Saral Pension

   • It is a single-premium plan that offers immediate annuity. 

   • The policyholder has to choose the type of annuity from two options:

     • Option I: Life Annuity with Return of 100% of Purchase Price.

     • Option II: Joint Life Last Survivor Annuity with Return of 100% of the Purchase Price on the death of the last survivor.

   • The annuity options, once chosen at the start of the policy, can not be changed later.

   • The Joint Life annuity can only be taken with a spouse.

   • The annuity rates are guaranteed and are payable throughout the annuitant(s) lifetime.

   • The policy also offers a loan facility for the policyholder’s emergency needs.

   • There are incentives for a higher purchase price. 

   Sample Illustration:

   Here is an example showing the pension plan's Annuity amount calculation using the LIC Saral Pension Plan calculator. Here are the policy details chosen:

   Purchase Price: Rs 5 Lakhs

   Annuity Mode: Yearly

   Age of Annuitant at entry: 45 years (completed)

   Age of Spouse at entry: 43 years (completed) (applicable for Option II only)

   Annuity Option	Annuity Amount (Rs)
   Option I: Life Annuity with Return of 100% of Purchase Price	30,250
   Option II: Joint Life Last Survivor Annuity with Return of 100% of  Purchase Price on death of the last survivor.	30,000

5. LIC New Pension Plus

   The LIC New Pension Plus is a deferred annuity plan that offers single-premium and Regular premium paying options. Under this LIC senior citizen pension scheme, the death benefit paid to the policyholder’s nominee is the higher amount of Unit Fund Value (as on the date of intimation of death) and the Assured Death Benefit.

   Key Features and Benefits of LIC New Pension Plus

   • LIC New Pension Plus is a unit-linked pension plan that offers a choice of 4 investment fund options that one can choose based on their risk appetite:

     • Pension Bond Fund

     • Pension Secured Fund

     • Pension Balanced Fund

     • Pension Growth Fund

   • The policyholders can switch between the investment funds for free at least 4 times a year.

   • The plan allows partial withdrawals after a 5-year lock-in period. 

   • There is a settlement option to receive the death benefit in instalments. 

   • Using the LIC New Pension Plus calculator, policyholders can estimate their pension amounts under any of the four fund options.

   Sample Calculation: 

   Let’s say a 30-year-old invests an annual premium of Rs 30,000 throughout the policy term of 42 years. This brings the total investment to Rs 12,60,000.

   Assuming that it is being invested in a mix of Secured, Balanced, and Growth funds with an 8% return rate, the calculated benefits come out to be:

   • Total maturity value - Rs 59,92,991

   • Pension per year - Rs 7,06,928

   You can use the LIC Pension Plus maturity calculator tool to calculate the plan's benefits per your requirements.

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