An Immediate Annuity Plan Calculator is an online tool designed to help individuals estimate the regular income (annuity) they would receive from an immediate annuity plan offered by an insurance company, based on a lump sum investment made at the time of purchase. LIC of India provides two immediate annuity pension plans, viz LIC Saral Pension and LIC Jeevan Akshay VII. Let's discuss these in detail:
Read moreAn immediate LIC annuity plan calculator is an online tool that helps you calculate the pension amount yourself before investing your money in the pension plan.
If you are planning your retirement, you probably know how much income you would need after retirement to sustain your lifestyle. A wise step would be to plan a way to continue providing a monthly income without a job. The LIC Immediate Annuity Plan Calculator lets you see how much you would have to invest to get to that desired pension amount.
To calculate the immediate annuity of your pension plan, you can follow these simple steps:
Step 1: Go to the official LIC website.
Step 2: Scroll down to the section “How much do you need”. Click on “Calculate Premium”.
Step 3: Provide basic details such as your name, DOB, gender, and contact number. Click on “Next”.
Step 4: Select the pension plan you want to calculate the immediate annuity for. Click on “Coverage”.
Step 5: Confirm the plan name mentioned at the top. Enter the Purchase Price and the Annuity option. Click on “Quote”.
Step 6: Check the annuity amounts in yearly, half-yearly, quarterly and monthly modes. The calculator also provides Illustrations based on these amounts that you can see to get a detailed view of the calculation.
You can use the LIC Immediate Annuity Plan calculator to know what amount you will be getting immediately after retirement and if that works well with your goals and life circumstances.
The LIC immediate annuity plan calculator uses the following factors to give you accurate estimates of the pension amount -
Purchase price
Current age
Type of annuity - annuity for life, joint life or single life annuity, increasing annuity, etc.
Expected annuity amount
Frequency of pension - monthly, quarterly, half-yearly, or yearly
To be able to use the LIC Immediate Annuity Plan Calculator, you should be aware of the eligibility conditions of both the LIC annuity plans.
Criteria | LIC Saral Pension | LIC Jeevan Akshay-VII |
Minimum Age at Entry | 40 years | 30 years |
Maximum Age at Entry | 80 years | 85 to 100 years |
Minimum Purchase Price | Depends on a minimum annuity | Rs. 1 Lakh |
Maximum Purchase Price | No limit | No limit |
Minimum Annuity | For Monthly: Rs 1000 For Quarterly: Rs. 3000 For Half-yearly: Rs. 6000 For Annually: Rs. 12000 |
For Monthly: Rs 1000 For Quarterly: Rs. 3000 For Half-yearly: Rs. 6000 For Annually: Rs. 12000 |
The LIC of India offers an array of insurance and investment products to cater to the needs of a diverse range of customers. Let us take a look at the various types of plans offered by Life Insurance Corporation of India:
Enjoy the dual benefit of tax deductions under Section 80C and comprehensive insurance coverage with LIC’s tax-saving policies.
Explore LIC's top-performing plans, which provide the perfect blend of investment growth and insurance protection to achieve your financial aspirations.
Ensure a peaceful and financially stable retirement with LIC plans offering guaranteed returns, life cover, and regular income options.
Protect and plan your child’s education, marriage, and future goals with LIC’s specialized child insurance plans that combine savings and life cover.
LIC offers plans tailored for women, focusing on their unique needs. These plans include savings, life cover, and financial independence to secure a brighter future.
For this plan, let’s take the following sample -
Purchase price - Rs.10 Lakhs
Age at entry - 60 years
Frequency of annuity - Annually
Type of annuity - Lifetime annuity
The yearly annuity payouts come to be Rs.56,450. A key feature of the LIC Saral Pension is that it returns 100% of the purchase price to you.
Let’s assume the following to use this LIC annuity calculator-
Purchase price - Rs.10 Lakhs
Age at entry - 45 years
Frequency of annuity - Annually
Type of annuity - Lifetime annuity
Based on the above fields, the yearly annuity amount comes to be equal to Rs.67,950. You will get this amount every year till your death.
The LIC Immediate Annuity Plan Calculator gives a clear idea of how much monthly income you can expect from your investment. Here are five simple reasons to use it:
This LIC annuity calculator shows how much pension you will receive based on your investment if you choose an immediate annuity option. Like the LIC monthly income plan calculator, you can estimate the amount and plan better with the immediate annuity plan calculator.
It helps you see if your savings are enough or need to invest more to get the pension you want. With immediate annuities, you receive a pension right after the investment period. This leaves very little room to accumulate returns on your investment.
The LIC immediate annuity plan calculator helps you check if you’re financially ready to retire, especially with plans that start paying you immediately.
The annuity deposit scheme calculator alongwith this and other LIC annuity calculators, such as the LIC 15 years plan calculator, are simple and quick. It helps you make better choices for a stress-free retirement.
LIC Resources
LIC Online Services |
LIC Investment Plans |
LIC Other Plans |
LIC pension plans include the following -
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+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
˜Top 5 plans based on annualized premium, for bookings made in the first 6 months of FY 24-25. 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. 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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