LIC Smart Pension Plan Calculator

Read on to know more about the LIC Smart Pension Plan Calculator in detail.

LIC Smart Pension Plan Calculator- An Overview

The LIC Smart Pension Plan Calculator is an online tool offered by the LIC of India. It helps individuals estimate the premiums and benefits of the LIC Smart Pension Plan. It is an immediate annuity plan offering Single and Joint life annuity options under various annuity options. Policyholders pay a lump sum (purchase price) to receive a fixed, regular pension for life, with annuity rates guaranteed at policy start. The plan no 879 is safe from market fluctuations, not linked to profits, and can be purchased online or offline.

The LIC Smart Pension Plan calculator is a user-friendly tool that helps make informed decisions, enabling users to customize the plan according to their needs. It helps choose the annuity option under single or joint life option and calculates how much annuity will the policyholder get under each option. Thus, it helps decide the financial commitments and returns, from which users make informed decisions about their insurance investments and secure their post-retirement financial needs.

Benefits of Using LIC Smart Pension Plan Calculator

Using the LIC Smart Pension Plan Calculator offers several benefits, such as:

Personalized Results: The calculator generates customized calculations based on age, purchase price, and annuity preferences, helping you understand potential benefits accurately.

Informed Decision-Making: The LIC Smart Pension Plan Calculator helps you estimate different annuity payouts, enabling you to make informed decisions that suit your financial goals and retirement needs.

Transparency and Clarity: The Smart Pension Plan Calculator helps policyholders estimate expected returns and understand the plan’s benefits, enabling them to see how it fits their budget and meets their retirement goals.

Time-Efficient: Available on the official website, this pension plan calculator lets you quickly get estimates at your convenience, saving time compared to manual calculations or visiting a branch. You can analyze different options anytime, making retirement planning easier.

How to Use the Smart Pension Plan Calculator?

Using the LIC Smart Pension Plan Calculator is a simple process, similar to using any LIC pension plan calculator. Follow the below steps to calculate your premium and maturity amount:

Step 1: Go to the official LIC website.

Step 2: Scroll down to the section “How much do you need”. Click on “Calculate Premium” in Premium Calculator.

Step 3: Fill in the basic details such as name, DOB, gender, phone number, etc. Click on Next and then “Quick Quote”

Step 4: Fill the check-box next to “LIC's Smart Pension Plan (879)” and hit Coverage.

Step 5: Fill in the required details such as the Annuity option, PPT, Purchase Price, etc. Click on “Quote”.

The LIC Calculator for Smart Pension Plan will show the benefits you can receive, helping you plan your retirement income effectively and make informed decisions

**You can also use Policybazaar's online calculator to check the premium of your term insurance policy.

Sample Calculation Using LIC Smart Pension Plan Calculator

The Smart Pension Plan is one of those LIC pension plans that provide various annuity options to choose from, and it also offers Single and Joint life options. Here are the annuity amount received by an individual under LIC Smart Pension Plan under each option with the following details: 

• Purchase Price: Rs. 10 lakhs

• Mode of Annuity payment: Yearly

• Age of Annuitant: 60 years (completed)

• Age of Secondary Annuitant (applicable for Joint Life Annuity Options only): 55 years (completed)

Summing It Up

The LIC Smart Pension Plan Calculator is a valuable tool that gives you the power of retirement planning. Its personalized results, transparency, and accessibility allow you to make informed decisions about your financial future. The LIC Smart Pension Plan calculator is an essential resource that ensures your post-retirement life is financially protected. You can use it if you are nearing retirement or planning for the long term to understand early retirement planning.