LIC Immediate Annuity Plan Calculator

What Is the LIC Immediate Annuity Plan Calculator?

An immediate annuity plan calculator offered by LIC of India 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. While an immediate annuity plan can help create a regular pension after retirement, it is equally important to secure your family's financial future during your earning years with adequate term insurance coverage. Together, these two financial tools can help you build a more comprehensive long-term financial plan.

The LIC Immediate Annuity Plan Calculator lets you see how much you would have to invest to get to that desired pension amount.

How to Use LIC Immediate Annuity Plan Calculator?

To calculate the immediate annuity of your life insurance LIC 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.

How Does the LIC Immediate Annuity Plan Calculator Work?

The LIC immediate annuity plan calculator is like any other LIC calculator which uses your details to make the calculations. This 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 Immediate Annuity Plans

Currently there are three LIC pension plans that are immediate annuity plans. These plans are LIC Saral Pension, LIC Jeevan Akshay VII and LIC Smart Pension. The eligibility criteria slightly differs so here’s a brief of the eligibility requirements for these three plans:

Sample Calculation Using the LIC Immediate Annuity Plan Calculator For :

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.

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.

LIC Smart Pension

• Let’s take the following example to understand the annuity payout under LIC Smart Pension Plan

  • Purchase price - Rs.10 Lakhs

  • Age at entry - 60 years

  • Frequency of annuity - Annually

  • Type of annuity - Single life annuity

• Based on these details the annual annuity payout is approximately ₹85,000. The actual annuity amount depends on the selected annuity option, purchase price, age and applicable annuity rates. Unlike Saral Pension, Smart Pension offers several annuity options including options that provide a return of the purchase price or increasing annuity payments. Therefore, the payout can vary significantly depending on the option selected.

What are the Benefits of Using the LIC Immediate Annuity Plan Calculator?

The LIC Annuity Calculator gives a clear idea of how much monthly income you can expect from your investment after your retirement. Here are five simple reasons to use it.

• Calculate Your Monthly Pension Amount
  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.

• Decide How Much to Invest
  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.

• Plan for a Secure Retirement
  The LIC immediate annuity plan calculator helps you check if you’re financially ready to retire, especially with plans that start paying you immediately.

• Easy to Use
  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.

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