LIC Immediate Annuity Plan Calculator

What Is the LIC Immediate Annuity Plan Calculator?

It is an online tool that will help you calculate the pension amount yourself before actually investing your money in the plan.

If you are planning your retirement, you probably have an idea of how much income you would need after retirement to sustain your lifestyle. The LIC Immediate Annuity Plan Calculator allows you to see how much you would have to invest to get to that desired pension amount.

How Does the LIC Immediate Annuity Plan Calculator Work?

The LIC immediate annuity plan calculator uses the following factors to give you accurate estimates of the pension amount -

Factors Considered by the LIC Immediate Annuity Plan Calculator

• 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.

Eligibility Criteria of LIC Saral Pension & LIC Jeevan Akshay-VII

Sample Calculation Using the LIC Immediate Annuity Plan Calculator For :

1. LIC Saral Pension

   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.

2. LIC Jeevan Akshay-VII

   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.

What Is The Benefit of Using the LIC Immediate Annuity Plan Calculator?

It will help you understand if your current savings is enough to start receiving the annuities you will need when you retire. With immediate annuities, you start receiving a pension right after the investment period. This leaves very little room to accumulate returns on your investment. With the help of this digital tool, you will at least have a clear estimate of the pension amount so that you can adjust your financial plan accordingly.

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