LIC Pension Plan Calculator 2026

What is the LIC Retirement Plan Calculator?

The LIC Pension Plan Calculator (also called as LIC retirement plan calculator or LIC retirement policy calculator) is an online tool designed for policyholders and new customers to estimate their annuity amounts in their pension plans by LIC of India. It is beneficial for senior citizens and people looking for retirement plans because LIC Annuity Plan Calculator offers the flexibility to choose different options under the policy so that the user can compare and analyse effectively before buying a plan. The LIC Retirement Plan Calculator can also be found as plan-specific names like the LIC Smart Pension Plan Calculator or the LIC New Jeevan Akshay-VII Pension Calculator.

How does the LIC Pension Plan Calculator Work?

The LIC pension scheme calculator requires basic personal inputs and allows the user to adjust the policy details as per their requirements and generates estimated figures of annuity amount and other benefits. The estimated results depend on the selected pension plan, investment amount, and annuity option. The LIC calculator gives an instant response showcasing the pension payouts and even allows comparison among different LIC pension plans for efficient decision making.

Inputs Required by LIC Pension Calculator

• Chosen LIC pension plan
• Age at entry
• Gender of the life assured
• Calculation category like offline, online or CIS
• Annuity options
• Premium amounts (as per premium paying frequency) to further calculate returns

Outputs Generated by LIC Pension Calculator

• Premium amounts for monthly, quarterly, half-yearly, or yearly payments
• Estimation of customized retirement income
• Annuity benefit details
• Comparison of pension payouts for different annuity options

How to Use the LIC Pension Plan Calculator?

Calculate the annuity under your LIC pension plan by using the LIC calculator present on LIC of India official website. LIC of India Pension Plan Calculator offers several features and this is how you can use it:

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 and proceed.

Step 3: Options such as annuity option, purchase price, etc. can be modified by the user.

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 on your screen. If you find that the annuity payouts are not enough, you can use the LIC pension scheme calculator again with different plan details or choose a different LIC pension plan until you get your desired results.

LIC Pension Plans Covered by LIC Pension Plan Calculator 2026

The LIC Pension Calculator can be easily used for the following LIC Pension plans in 2026:

• LIC Smart Pension – Plan 879 (Annuity plan).
• LIC New Jeevan Shanti – Plan 758 (Deferred Annuity).
• LIC Jeevan Akshay-VII – Plan 857 (Immediate Annuity).
• LIC Saral Pension – Plan 862 (Standard Immediate Annuity).

LIC Smart Pension 879

LIC Smart Pension Plan 879 is an immediate annuity life insurance LIC plan for senior citizens offering various annuity options for both single life and joint life. The annuity rates are guaranteed from the start of the policy. Policyholders pay a lump sum and receive a fixed, lifelong pension.
Key Features and Benefits of LIC Smart Pension Plan 879
LIC Smart Pension 879 is a pension plan with various salient features.

• The policyholder is allowed to choose between Single Life and Joint Life Annuity options.
• Offers various payment frequencies like monthly, quarterly, half-yearly, and yearly.
• Provides 3 death benefit options: annuitization, instalments, or Lump sum, based on your preference.
• Plans can be customized as per 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 LIC pension 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 sample policy details chosen:
Gender: Female

Annuity Type: Single Life
Annuity Option: Life Annuity
Purchase Price: Rs.10,00,000
Premium-Payment Term: Single

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

LIC New Jeevan Shanti Plan 758

LIC New Jeevan Shanti 758 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 758

• 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 annuitization, 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 Plan Calculator. Here are the policy details chosen:
Purchase Price: Rs.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)

LIC Jeevan Akshay–VII 857

LIC’s Jeevan Akshay VII 857 is a fixed benefit plan in which the policyholder has all the information about the pension amount they will receive. This information is provided 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 857

• 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 dependents with disabilities, 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 the mode of annuity payments.

Sample Illustration:
Here is an example showing the pension plan's Annuity amount calculation using the LIC Jeevan Akshay Calculator. Here are the policy details chosen:
Purchase price: 10 lakhs
Annuity option: Immediate annuity for life

LIC Saral Pension 862

LIC Saral Pension 862 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 862

• 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, cannot 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(s).
• 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.10 Lakh
Annuity Mode: Yearly
Age of Annuitant at Entry: 60 years (completed)
Age of Spouse at Entry: 55 years (completed) (applicable for Option II only)

LIC New Pension Plus 867

The LIC New Pension Plus 867 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) or the Assured Death Benefit.

Key Features and Benefits of LIC New Pension Plus 867

• LIC New Pension Plus 867 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 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 installments.
• 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 an annual premium of Rs. 30,000 is invested by a 30-year-old for 42 years of the policy term. So the total investment becomes 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.64,85,578
• Pension per year - Rs.7,79,262

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

LIC Monthly Income Plan Calculator: How Much Should You Invest?

Many people use the LIC monthly income plan calculator the other way round: they know the monthly pension they want, and need to know how much to invest. Using the illustrations above, here's roughly what you'd need to invest at age 50 for a lifelong monthly pension:

Calculated from the ₹10 lakh illustrations on this page (₹6,186 and ₹6,016 a month at age 50). Larger purchase prices often get slightly better annuity rates, so the actual amount needed may be a little lower. Options that return the purchase price on death pay less, so you'd need to invest more. Use the calculator for your exact figure.

LIC Pension Plan 50,000 per Month: How Much to Invest?

To get an LIC pension plan of ₹50,000 per month, you'd need to invest roughly ₹80–83 lakh at age 50 in a life annuity option, based on the illustrations above. The amount needed is higher if you're younger, choose a return of purchase price option, or want a joint life pension for your spouse; it's lower if you're older or choose a deferred plan like New Jeevan Shanti.

Tip: if you're investing a large amount, consider splitting it across two plans or options, for example, part in a life annuity for a higher pension and part in a return-of-purchase-price option to leave money for your family.

What are the Benefits of Using LIC Pension Plan Calculator?

The LIC Pension Plan calculator assists in predicting retirement pension from an LIC Pension Plan for the future and familiarises the user with various plans available and how pension is accumulated in the various options.

• Easy to Use: Easy calculations are made available instantly to plan the retirement per the user's decision.
• Simple Pension Calculation: The tool simplifies the calculation of pension amount paid either monthly/ quarterly/ half-yearly/ yearly.
• 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: Users can compare many LIC pension and annuity plans to determine which plan best meets their financial objectives.
• Clear Explanation of Options: It helps users understand immediate annuity, deferred annuity, return of purchase price, joint life annuity, and other pension-related options.
• Eases Financial Confusion: With various complicated terms on pensions, such as annuity rate, deferment period and frequency of payout, etc, the calculator makes it easier to understand.

*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.

Is Using LIC Pension Calculator Helpful?

The LIC Pension Calculator is a very useful tool for those people who are planning to invest in a LIC pension plan like New Pension Plus 867, Jeevan Akshay-VII 857, New Jeevan Shanti 758, Saral Pension 862 and Smart Pension 879. With simple input of all basic details like age, sum assured and annuity choice, you can preview the estimated pension.

LIC Resources

FAQs