LIC Pension Plan Calculator

Pension plans have a different approach towards 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 it is effectively an investment. You have tdetermine when you want tretire, how much money you would need, pending obligations, current savings, expected income, etc. tget a comprehensive idea of your needs.

This is where the LIC pension plan calculator comes intthe picture. You can decide which type of LIC pension plan you want tinvest in and then calculate the premiums using the tool.

Types of LIC Pension Plans

The applicant needs tfigure out which of the two, Deferred or Immediate Annuity is beneficial. When young, a Deferred Annuity at a prospective date is the appropriate option. However, at a stage when the applicant is nearing retirement or has retired, the Immediate Annuity is essential for a steady income tsustain a comfortable retired life.

How tUse LIC Pension Plan Premium Calculator?

The LIC of India official portal provides the premium calculator along with its host of features. The inputs required for the pension premium calculator are:

1. Fill in the form with the following details

   • Applicant’s Name

   • Date of Birth tpopulate the Age field automatically

   • Gender

   • Phone number

   • Mail ID

2. Click on Coverage tan LIC pension plan.

   You have the option of 2 plans – LIC New Jeevan Shanti and LIC Jeevan Akshay VII for which the LIC pension plan premium calculator lets you estimate premiums. Choose either option.

3. Gtquick quotes and fill out your requirements out of 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.

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 tyour desired results.

Benefits of Using LIC Pension Plan Calculator

The primary reason for using the premium calculator is tcheck up the financials. In pension plans, the annuity amount is the crucial factor tdetermine the amount tbe invested. The annuity is a substitute for the regular income one has used during the active working life. It is ideally suited for those whdnot have pensionable income like the government employees tensure post-retirement financial independence. Let us take a look at what the premium calculator offers on the platter.

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

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

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

• Choosing the right plan is critical for the premium calculator’s accuracy, and the applicant is prompted tnavigate with the plan features factored in.

• The premium calculator provides the plan comparison feature as well treach 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 tsustain themselves after retirement.

The following sample illustration calculates annuity with LIC's New Jeevan Shanti using the LIC pension calculator. The user needs tenter the information tget 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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