What is the LIC SIIP Plan Calculator?
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. It 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.
LIC deducts the following main charges from the premium paid towards LIC SIIP Plan -
Key Features of the LIC SIIP Plan Calculator
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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.
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It shows how the different charges impact the fund value.
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It allows users to calculate returns for 4 types of funds viz. Bond Fund, Secured Fund, Balanced Fund, and Growth Fund.
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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?
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You have to choose the mode of premium payment. It can either be monthly, quarterly, half-yearly, or yearly.
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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.
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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.
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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
For better understanding, below mentioned is the sample illustration of the LIC SIIP plan which is calculated using the LIC SIIP 852 Calculator:
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Entry Age - 27 years
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Policy Term - 10 years
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Premium payment term - 10 years
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Mode of Premium Payment - Monthly
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Monthly premium amount - Rs.5,000
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Annual premium amount - 5000 * 12 - Rs.60,000
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Sum assured - 10 * 60,000 - Rs.6,00,000
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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 |
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 |