The LIC pension plan calculator is a premium calculator. It is a handy tool for the applicant tcheck how much they would have tsave now tget the desired pension after retirement. It is important tget the numbers right sas tensure that the annuity amounts are sufficient for a steady income.
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.
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.
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:
Applicant’s Name
Date of Birth tpopulate the Age field automatically
Gender
Phone number
Mail ID
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.
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.
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.
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.
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.
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.
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.
LIC Resources
LIC Online Services |
LIC Investment Plans |
LIC Other Plans |
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
++Returns are 10 years returns of Nifty 100 Index benchmark
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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