LIC NPS Annuity Calculator

LIC of India is one of the oldest and most trusted brands when it comes to insurance in India. They dominate most of the insurance market and have policies that suit almost every person from every walk of life. On the other hand, the National Pension Scheme is a government initiative to safeguard the interests of senior citizens.

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Under this scheme, individuals can make deposits in their pension account early on in their lives. As a result, they will continue to reap the benefits of the returns on their investments even during their retirement. Through LIC NPS annuity calculator, one can get a rough idea of the investments and the kind of returns to expect.

Process to Use LIC NPS Annuity Calculator

Using the LIC NPS annuity calculator is an easy process. A customer has to follow the instructions given on the website to be able to operate the calculator successfully. The underlying steps must be followed:

  • A customer must enter his/her current age.

  • Next, the one must declare the amount that he wishes to invest in the scheme every month.

  • Next state the expected returns from the investment.

  • Next mention the annuity period up to which one expects to get the returns. 

  • Next, the customer must allocate a percentage of the corpus to purchasing a pension policy. This cannot be less than 40% if the withdrawal is made at 60 years or less than 80% if the withdrawal is made before 60 years.

  • Finally, the customer must decide the rate of investment return that is convenient to him.

Advantages of LIC NPS Annuity Insurance Calculator

The LIC NPS annuity calculator has been set up for the benefit of customers. These are the reasons that a customer should use the calculator:

  • Easily Accessible: The calculator is easy to use and accessible on the website of the company.

  • Ease of Calculation: This is a huge advantage as senior citizens do not need to stand in long lines at the branch office and can instead access the calculator from the comfort of their homes.

  • Rough Idea on the Investment: It gives a clear idea of the pension that one can expect. By using the calculator, a customer can achieve a clear figure of the pension that he will receive if he invests in the scheme. This can help customers better manage their finances.

  • A Good Preparatory Tool: Anyone above 18 years of age can access the calculator. However, accessing this calculator at an earlier age helps individuals plan for their retirement better.

  • Error-free: The calculator is accurate, with no possibility of errors. It can therefore be trusted completely.

Information Required While Using the Calculator

All the information provided by the customer should be accurate and true. Only then a realistic quote from the LIC NPS Annuity Calculator can be expected. Therefore, the following details must be provided to the calculator so that it can provide an accurate annuity value:

  • Age of the Applicant: The first data required by the calculator is the age of the person. This will give an idea of how much time the person has for investment before retirement.

  • Investment Amount: The customer would then have to provide information regarding the amount of money to be invested in the scheme each month.

  • Tenure of the Annuity: This information determines how long the customer wishes to keep receiving the monthly pensions.

  • Investment to Purchase the Pension Plan: The customer must then decide how much of a portion from the fund he wants to dedicate towards purchasing a retirement policy.

  • Rate of Interest: The customer must then input the rate of interest he/she expects on the investments.

Benefits of Buying LIC NPS Annuity Plan:

Following are the amazing benefits of LIC NPS Annity plan:

  • Financial Security to Senior Citizens: Senior citizens who invest in this plan do not need to depend on anyone in their old age and are hence financially independent.

  • Sound Investment: It is a low-risk investment and provides good returns, making it a safe way to invest.

  • Provides Guaranteed Income: The annuitant will receive a regular, steady monthly income if he/she invests in the pension scheme.

  • Assures Flexibility: The customer can decide the frequency of annuities. One may receive the payments on a monthly basis or as suitable to him.


LIC NPS Annuity Plan Premium Rates

The factors listed below directly influence the LIC NPS annuity plan premium rates:

  • Age: Younger persons generally attract lower premium rates.

  • Gender: Women get better rates than men, in general.

  • Sum Assured: A higher sum assured will automatically bring about a reduction in the premium rates.

  • Term of Policy: A policy with a longer term usually incurs lower premiums.

FAQ's

  • Q. Who can invest in LIC NPS Annuity Plan?

    Ans: Any individual between the ages of 18-60 can invest in this scheme.
  • Q. Can an NRI open an NPS account?

    Ans: Yes. NRIs are allowed to open pension accounts. However, if they forfeit their Indian citizenship, the pension account will automatically be closed.
  • Q. Can an individual invest in a pension scheme if he already has a Provident Fund Account?

    Ans: Yes. An individual can invest in pension schemes even if he already has other Provident Fund accounts.

*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
++Returns are 10 years returns of Nifty 100 Index benchmark

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