LIC SIIP is a unit-linked insurance plan that offers life insurance plus investment opportunities to the policyholder. A part of your premiums for the policy will go towards purchasing units of market-linked equity or debt funds. The LIC SIIP calculator is designed to help you understand how your invested amount will grow throughout the policy term.Read more
Buy LIC policy online
Guaranteed maturity with life
cover for securing family's future
Tax saving under Sec 80C &
Sovereign guarantee as per
Sec 37 of LIC Act
It is an online tool that lets you check the returns on your investments along with the different kinds of charges that are deducted from the premium amount. It offers visibility on the fund value, surrender value, and death benefit amount over the years. The LIC SIIP Plan Calculator further displays the break-up of various charges that affect your final fund value and returns.
LIC deducts the following main charges from the premium paid towards LIC SIIP -
Fund management charges
Premium allocation charge
Cost of underwriting, etc.
It calculates the fund value by assuming the rate of return on investment to be 4% and 8% per annum. Remember that returns are never constant and vary based on the market performance of the chosen funds.
It shows how the different charges impact the fund value.
It allows users to calculate returns for 4 types of funds viz. Bond Fund, Secured Fund, Balanced Fund, and Growth Fund.
It also calculates the Guaranteed Additions made by LIC to the fund value on completing the following policy years - 6th, 10th, 15th, 20th, and 25th.
You have to choose the mode of premium payment. It can either be monthly, quarterly, half-yearly, or yearly.
Based on the payment mode chosen, you have to decide how much you want to pay as a premium throughout the policy term. The minimum premium for each mode is fixed.
The LIC SIIP maturity calculator automatically fills in the sum assured based on the annual premium amount chosen by the policyholder in the previous step.
In the final step, you pick the policy term and the type of fund you wish to invest in.
To use the LIC SIIP Plan Calculator, you should be aware of the following eligibility conditions that have to be met.
|Age at entry||90 days||65 years|
|Maturity Age||18 years||85 years|
|Policy Term||10 years||25 years|
|Premium Paying Term||Equal to the policy term|
|Sum Assured||Age less than 55 years - 10 times the annual premium Age 55 years & up - 7 times the annual premium|
|Minimum Premium||Yearly - Rs.40,000 Half-yearly - Rs.22,000 Quarterly - Rs.12,000 Monthly - Rs.4,000||No limit|
Keeping the above criteria in mind, fill in the following fields in the LIC SIIP Plan Calculator -
Entry Age - 27 years
Policy Term - 10 years
Premium payment term - 10 years
Mode of Premium Payment - Monthly
Monthly premium amount - Rs.5,000
Annual premium amount - 5000 * 12 - Rs.60,000
Sum assured - 10 * 60,000 - Rs.6,00,000
Type of Fund - Growth Fund
Calculated returns using the LIC SIIP Plan Calculator at 8% per annum -
|Policy Year||Sum of all charges||Fund Value @ 8% P.A||Guaranteed Additions||Death Benefit|
|Policy Year||Guaranteed Addition|
|End of 6th policy year||5% of the annual premium|
|End of 10th policy year||10% of the annual premium|
|End of 15th policy year||15% of the annual premium|
|End of 20th policy year||20% of the annual premium|
|End of 25th policy year||25% of the annual premium|
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