LIC SIIP Plan Calculator

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.

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What is the LIC SIIP Plan Calculator?

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 -

  • Mortality charges

  • Fund management charges

  • Premium allocation charge

  • Cost of underwriting, etc.

Key Features of the LIC SIIP Plan Calculator

  • 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.  

How Does the LIC SIIP Plan Calculator Work?

  • 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.

Eligibility Conditions of LIC’s SIIP Plan

Criteria Minimum Maximum
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

Sample Benefit Illustration Using LIC SIIP Calculator

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
1 Rs.6,981 Rs.55,298 0 Rs.6,00,000
2 Rs.6,062 Rs.1,15,984 0 Rs.6,00,000
3 Rs.6,975 Rs.1,80,581 0 Rs.6,00,000
4 Rs.7,947 Rs.2,49,340  0 Rs.6,00,000
5 Rs.8,975 Rs.3,22,534 0 Rs.6,00,000
6 Rs.8,314 Rs.4,05,283 Rs.3,000 Rs.6,00,000
7 Rs.9,540 Rs.4,90,382 0 Rs.6,00,000
8 Rs.10,792 Rs.5,80,993 0 Rs.6,00,000
9 Rs.12,160 Rs.6,77,438 0 Rs.6,77,438
10 Rs.13,736 Rs.7,89,542 Rs.6,000 Rs.7,89,542

FAQ's

  • What is LIC’s SIIP plan?

    Ans. It is a unit-linked insurance plan by LIC that offers insurance protection along with market-linked returns from investment in the equity market. With this plan, you can keep generating high market returns based on its performance while also ensuring that the family is financially protected after your death.
  • How is the SIP maturity amount calculated?

    Ans. It can be calculated using the LIC SIIP maturity calculator that uses the following factors to give accurate results - 
    • Entry age
    • Choice of fund
    • Premium amount
    • Policy term
    • The assumed rate of return
  • What does SIIP stand for in LIC?

    Ans. SIIP in LIC stands for systematic investment insurance plan. 
  • How to calculate LIC SIP returns online?

    Ans. You can use the LIC SIP calculator to estimate potential returns based on previous market performance and other factors.
  • How much is the guaranteed addition amount with LIC’s SIIP plan?

    Ans.
    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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