LIC SIIP Plan calculator is an online tool that helps you to calculate the returns you will receive from your LIC SIIP plan. The LIC SIIP calculator is designed to help you understand how your invested amount will grow throughout the policy term.Read more
LIC SIIP plan calculator 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. The calculator offered by the LIC of India offers visibility on the fund value, surrender value, and death benefit amount over the years. The LIC SIIP plan 852 calculator further displays the break-up of various charges that affect your final fund value and returns.
Premium Calculation: The calculator allows the policyholder to calculate the premium amount they need to pay based on factors like their chosen policy term, premium payment term, and sum assured.
Maturity Benefit: It should provide an estimate of the maturity benefit or the accumulated corpus you can expect at the end of the policy term. This estimate is typically based on the premium amount, policy duration, and expected investment returns.
Flexible Inputs: The LIC SIIP Calculator helps in adjusting various input parameters, such as premium frequency (monthly, quarterly, annually), premium amount, policy term, and sum assured, to see how changes in these factors affect the results.
Riders and Additional Benefits: If applicable, the calculator may also allow you to include optional riders or additional benefits in your policy to customize your coverage.
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 of LIC SIIP Plan that have to be met.
The LIC SIIP Calculator offers several benefits for individuals considering this financial product, such as:
Financial Planning Precision:
The LIC SIIP calculator allows you to plan your investments with precision, helping you determine the right amount to invest regularly based on your financial goals.
By inputting specific details such as investment amount, policy term, and risk preferences, the calculator tailors solutions to meet your unique needs, ensuring a personalized approach.
Visualizing Future Returns:
The LIC SIIP calculator provides a clear estimation of potential returns, helping you visualize how your investments may grow over time. This assists in setting realistic expectations and aligning your financial plans accordingly.
It helps you assess the risk involved in your investment by considering market-linked returns, enabling you to make informed decisions based on your risk tolerance.
It assists in customizing your LIC SIIP policy by adjusting parameters such as premium amount, policy term, and sum assured, ensuring that the plan aligns with your financial goals and preferences.
|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|
For better understanding, below mentioned is the sample illustration of the LIC SIIP plan which is calculated using the LIC SIIP 852 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 at 8% per annum -
|Policy Year||Sum of all charges||Fund Value @ 8% P.A||Guaranteed Additions||Death Benefit|
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|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|
*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