LIC NPS Calculator

Life Insurance Corporation of India (LIC) is one of the oldest insurance institutions in the country and hence is one of the most reliable and trusted organizations. Over the years, LIC has come up with many policies and schemes for their customers so that they can have a better and brighter financial future. The Government of India along with many banks and financial organizations, come up with plans and policies for their citizens so that they can have a decent financial corpus even after their retirement.

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LIC NPS Calculator

Your Age

18 Years 59 Years
Enter Your Age

Monthly Investment

₹500 ₹10L
Enter Investment Per Month

Expected Return on Investment

5% 15%
Expected Return on Investment

Percentage of Corpus Allocated for Pension

40% 100%
Enter Corpus Percentage

Expected Return from Pension

5% 15%
Enter Annuity Return
₹0
Your Monthly Pension
₹0
Your Monthly Pension
Your Pension Calculation
Your Pension Calculation
Total Investment
Returns Earned
Maturity Amount
Maturity Amount split (Lumpsum & Pension)
60%
Lumpsum Amount
At the age of 60 Yrs
40%
Pension Wealth
At the age of 60 Yrs

National Pension System or National Pension Scheme is one such plan launched by the Government for Indian Residents.

Let us understand in detail about the LIC National Pension System focusing on LIC NPS Calculator, its features, benefits, and more.

What is LIC NPS?

The Government of India along with the PFRDA (Pension Fund Regulatory and Development Authority) comes up with many policies for their citizens from time to time. NPS or National Pension Scheme offers great returns to the Indian Citizens after retirement and this government-backed scheme is offered by various banks and financial institutions to their customers.

Any Indian Resident from the age of 18 years to 60 years can opt for the National Pension Scheme and with the help of this scheme create a fruitful financial corpus for themselves after retirement.

What is LIC NPS Calculator?

National Pension Scheme Calculator is a financial tool that helps in the calculation of the amount the account holder is entitled to receive at the age of retirement based on the regular contributions made for the complete tenure of the scheme.

All banks and financial institutions offering the National Pension Scheme have their own NPS Calculator for the customers wherein they can keep track of their NPS contributions made and the amount receivable at the end of the tenure easily. This hassle-free and easy-to-use financial tool is extremely convenient and calculates the lump sum amount receivable by the account holder just by putting in a few basic details related to the National Pension Scheme.

Following details will be required by the LIC NPS Calculator to compute the lump sum amount receivable at the end of the policy tenure:

  • The present age of the LIC NPS account holder

  • Amount to be invested every month in the LIC National Pension Scheme

  • Expected Return on Investment (ROI)

  • Annuity purchase percentage

  • Expected rate of annuity

People also calculate: NPS Pension Calculator

Benefits of Using LIC NPS Calculator

LIC NPS Calculator can be beneficial to their customers in the following ways:

  • It helps in the computation of the lump sum amount the investor is entitled to receive at the time of retirement. Contributions made under the National Pension Scheme are considered investments and not a liability.

  • The entire corpus cannot be withdrawn altogether in one go after the retirement age.

  • 40% of the total amount should be invested in annuities

  • 60% of the remaining amount is subjected to taxation

  • Calculations done on LIC NPS Calculator are more accurate and quick compared to manual calculations any day

  • The lump sum amount to be received post-retirement is calculated in a blink of an eye without any difficult formulas

People Also Read: Pension Plans

LIC NPS Calculation Formula

A compound interest formula is used for the computation of the LIC NPS amount which is to be received post-retirement. The compounded formula helps in computing the amount automatically when details are put on the NPS Calculator. On the other hand, the compounded formula can also be used manually to calculate returns.

The LIC NPS Calculator works based on the following formula
FV = P (1 + r / n) ^ nt
Terms used in LIC NPS Calculator
FV
Final Value
P
Principal Sum
r
Rate of interest per annum
n
Total number of times the interest compounds
t
Tenure

Illustration

Mr. Yadav, a LIC NPS account holder contributes Rs. 3,000 every month in his account. considering his age, it is understood that he will have to make the contributions under the LIC NPS account for 26 more years to receive the interest amount. Assuming that the current ROI (Rate of Interest) is 10% (which will remain constant throughout the tenure), the National Pension Scheme amount receivable at the end will be:

  • Considering the contributions made, the Principle amount invested in the remaining 26 years will be Rs. 9.36 lakhs (approximately)

  • The maturity amount to be received at the end of the LIC National Pension Scheme will be Rs. 44.35 lakhs (approximately)

The Process to Invest in the LIC NPS Account

The following process needs to be followed to make investments in the LIC NPS Account by the account holders:

  • Visit the official website of LIC (Life Insurance Corporation of India)

  • Follow the guidelines for the registration process

  • Choose the suitable option for registration

  • Enter all the required details like,

    • Name

    • Address proof

    • Aadhaar card

    • PAN Card

    • Mobile number

    • Age

    • Email ID, etc

  • Fill in the OTP (One Time Password) sent on your registered mobile number

  • Select the type of investment account as per your suitability

  • Select the investment strategy whether Auto or Active choice

  • Enter the nominee details

  • Once the registration process is complete, now you can access the LIC NPS Account

  • PRAN (Permanent Retirement Account Number) is generated after the registration process is completed

Advantages of Using LIC NPS Calculator

Following are the advantages of using the LIC NPS Calculator:

  • Easy online calculations

  • Hassle-free use

  • More accuracy than manual calculations

  • The lump sum pension amount will help plan the future in a better way

To Conclude!

NPS or National Pension Scheme is an extremely beneficial government-backed scheme that helps in creating a fixed financial corpus for the scheme holders even after retirement. The purpose of NPS is to offer every individual a decent corpus even at the age where they can no more earn money for themselves or support their families financially.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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