LIC Pension Plan Calculator

The applicant needs to figure 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 to sustain a comfortable retired life.  

How to Use LIC Pension Plan Premium Calculator?

The LIC of India official portal provides the premium calculator on the Home Page under the Online Service Module. The inputs required for the pension premium calculator are:

1. First Page - click next and Quick Quote when complete:

   • Applicant’s Name

   • Date of Birth to populate the Age field automatically

   • Gender

   • Phone number

   • Mail ID

2. Second Page - click coverage when done:

   • Tick the Pension Plan Checkbox for Jeevan Shanti

3. Third Page - click quote when done:

   • 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

4. Fourth Page:

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

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

Benefits of Using LIC Pension Plan Calculator

The primary reason for using the premium 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 do not have pensionable income like the government employees to ensure 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 to help reach the desired outcome.

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

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

• The premium calculator provides the plan comparison wherewithal to reach an informed decision.

Premium Structure for LIC Pension Plans

An applicant looks to the prospective annuity receipt by using the premium calculator.

The sample illustration for the calculated annuity with the following premium calculator options is described below for clarity. The user needs to enter the information to get the premium value calculated.

1. Annuity Option: Deferred for Single Life

   • Age: 50 years

   • Gender: Male

   • Purchase Price: Rs.10 Lakh

   • Deferment Period: 10 years

   • Payable Yearly Annuity:

     • Yearly: Rs.91400.

     • Monthly: Rs.7312.  

2. Annuity Option: Deferred for Joint Life

   • Age: 50 years

   • Gender: Male

   • Joint relation: Wife

   • Relative age: 45 years

   • Purchase Price: Rs.10 Lakh

   • Deferment Period: 10 years

   • Payable Annuity:

     • Yearly: Rs.88000

     • Monthly: Rs.7040

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