LIC Pension Plan Calculator

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.

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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.

FAQ's

  • What are the pension plans offered by LIC?

    Ans: LIC offers the following pension plans –
    • LIC's Jeevan Akshay – VII
    • LIC's New Jeevan Shanti
    • LIC's Saral Pension
  • What are the benefits of LIC pension plans?

    Ans: Some of the important benefits offered by LIC pension plans are –
    • Life cover for spouse under joint life annuity
    • Choice between immediate annuity or deferred annuity payouts
    • Flexibility to choose premium payment term, deferment period, policy term, etc.
    • Bonuses in addition to the assured benefits
  • How is monthly pension from LIC plans calculated?

    Ans: It is calculated based on the following factors –
    • Your current age and the expected retirement age
    • How much you are willing to invest in the plan
    • Joint life or single life annuity
    • Your current and future expenses
    • Your current income
    All of these factors combined in the LIC pension plan premium calculators give you an accurate estimation of the pension amount and the investment required.
  • Does the LIC pension plan calculator calculate immediate annuity?

    Ans: Yes, the calculator is a versatile tool that factors in the unique needs of each user and offers customized results. With immediate annuity, you get your pension as soon as you are done paying the purchase price.
  • What does annuity mean?

    Ans: Annuity is a form of periodic payments made to a retired person as a fixed source of income.
  • Is pension from LIC plans taxable?

    Ans: Pension is taxable as it is counted as a source of income. However, insurance plans come under certain deductions under the Income Tax Act. So you can enjoy some tax exemptions but do your research or get in touch with a financial advisor.

*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

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