LIC Pension Plans Calculator
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Basic Details
Plan Option
| Particular | Result | Important Rule |
|---|
LIC Pension Plans Plan Calculators
Explore LIC Pension Plans and calculate premium, maturity amount, surrender value, survival benefit, pension, or policy benefits based on the selected plan.
LIC’s New Pension Plus
A pension-oriented plan designed to help build a retirement corpus through long-term policy participation and selected fund options.
LIC’s Jeevan Akshay
An immediate annuity plan that provides pension options in exchange for a single premium, subject to the annuity option selected.
LIC’s New Jeevan Shanti
A deferred annuity plan that allows policyholders to choose pension-related options after a defined deferment period.
LIC’s Saral Pension
A simplified pension and annuity plan structure intended for those seeking a straightforward lifelong income option under chosen terms.
LIC’s Smart Pension
A retirement-focused pension plan that supports systematic planning for future income needs through policy-based savings and benefits.
LIC Pension Plan Calculator is a simple online tool that helps estimate pension income, annuity amount, retirement corpus, death benefit, surrender value and other important benefits under LIC pension plans. It is useful for people who want to plan retirement income before buying a pension policy.
LIC’s official pension-plan page currently lists five pension products: LIC’s New Pension Plus Plan 867, LIC’s Jeevan Akshay-VII Plan 857, LIC’s New Jeevan Shanti Plan 758, LIC’s Saral Pension Plan 862 and LIC’s Smart Pension Plan 879. LIC describes pension plans as policies suitable for old age income and secure future planning.
A pension calculator does not replace LIC’s official benefit illustration, but it gives a quick idea of how much pension may be received based on purchase price, age, plan option, annuity mode and other inputs.
Also Check:
What Is LIC Pension Plan Calculator?
LIC Pension Plans Calculator is a combined calculator made for different LIC pension schemes. Instead of using a separate calculator for every plan, this tool allows selecting one plan and checking estimated results according to that plan type.
For example, LIC New Pension Plus is a unit-linked pension savings plan, so its calculator focuses on estimated fund value and vesting value. Jeevan Akshay-VII, Saral Pension and Smart Pension are immediate annuity plans, so their calculator focuses on pension amount from a single purchase price. New Jeevan Shanti is a deferred annuity plan, so it calculates estimated pension after the deferment period.
The calculator is helpful because LIC pension plans have different annuity options, age rules, payment modes and benefit structures. A user can enter basic details and quickly compare possible pension results before reading the full policy brochure.
LIC Pension Plans Covered in This Calculator
| LIC Pension Plan | Plan No. | UIN | Plan Type |
|---|---|---|---|
| LIC’s New Pension Plus | 867 | 512L347V01 | Unit-linked pension savings plan |
| LIC’s Jeevan Akshay-VII | 857 | 512N337V07 | Immediate annuity plan |
| LIC’s New Jeevan Shanti | 758 | 512N338V08 | Deferred annuity plan |
| LIC’s Saral Pension | 862 | 512N342V05 | Standard immediate annuity plan |
| LIC’s Smart Pension | 879 | 512N386V01 | Immediate annuity plan |
The above plan names, plan numbers and UIN details are listed on LIC’s official pension-plan page.
Why Use LIC Pension Plan Calculator?
LIC pension plans are designed for retirement income. However, the pension amount depends on several factors such as age, purchase price, annuity option, pension payment mode and plan rules.
This calculator helps in understanding:
| Benefit | Meaning |
|---|---|
| Estimated pension | Approximate pension payable yearly, half-yearly, quarterly or monthly |
| Purchase price effect | How pension changes when investment amount increases |
| Annuity option comparison | Difference between life annuity, return of purchase price and joint-life options |
| Vesting value | Estimated corpus in LIC New Pension Plus |
| Death benefit | Approximate amount payable to nominee under selected option |
| Surrender or loan eligibility | Whether selected plan option may allow surrender or loan |
This makes retirement planning easier because all major LIC pension plans can be checked in one place.
LIC New Pension Plus Calculator
LIC’s New Pension Plus Plan 867 is listed by LIC under pension plans with UIN 512L347V01. LIC’s product page also provides sales brochure, policy document and CIS links for this plan.
This plan is different from normal annuity plans because it is linked to market-based funds. The final value depends on premium paid, fund performance, charges, guaranteed additions and withdrawals.
Main Inputs Required
| Input | Why It Is Needed |
|---|---|
| Premium type | Single premium or regular premium |
| Premium amount | To calculate total investment |
| Policy term | To estimate fund growth period |
| Expected return | To estimate future fund value |
| Fund option | Different funds may give different returns |
| Partial withdrawal | Reduces final fund value |
| Channel | Online/direct or offline charges may differ |
Main Outputs
| Output | Meaning |
|---|---|
| Estimated fund value | Approximate corpus at the end of term |
| Guaranteed addition estimate | Extra addition based on plan rules |
| Vesting value | Amount available at retirement/vesting |
| Commutation amount | Possible lump sum from pension corpus |
| Balance for annuity | Amount that may be used to buy pension |
This calculator is useful for people who want to build a retirement corpus first and then use that corpus to buy pension.
LIC Jeevan Akshay-VII Calculator
LIC’s Jeevan Akshay-VII Plan 857 is an immediate annuity plan with UIN 512N337V07. LIC’s product page provides the sales brochure, policy document and CIS for this plan.
In this plan, pension starts immediately after purchase according to the selected annuity mode. It is suitable for people who already have a lump sum amount and want regular pension income.
Main Inputs Required
| Input | Why It Is Needed |
|---|---|
| Purchase price | Main amount used to buy annuity |
| Age | Pension rate depends on age |
| Annuity option | Different options give different pension |
| Secondary age | Required for joint-life options |
| Pension mode | Monthly, quarterly, half-yearly or yearly |
| Purchase channel | May affect incentive or calculation logic |
Common Annuity Options
Jeevan Akshay-VII includes options like life annuity, annuity guaranteed for fixed years, annuity with return of purchase price, increasing annuity and joint-life annuity. The calculator should allow option selection because the pension amount changes significantly from one option to another.
For example, a simple life annuity usually gives higher pension, but return of purchase price option may give lower pension because nominee benefit is also included.
LIC New Jeevan Shanti Calculator
LIC’s New Jeevan Shanti Plan 758 is listed on LIC’s pension-plan page with UIN 512N338V08. LIC also has a separate product page for this plan with sales brochure, policy document and CIS links.
This is a deferred annuity plan. It means the purchase price is paid first, but pension starts after a selected deferment period. This plan may suit people who do not need pension immediately but want to lock annuity benefits for future retirement income.
Main Inputs Required
| Input | Why It Is Needed |
|---|---|
| Purchase price | Amount used to buy deferred annuity |
| Age | Affects annuity rate |
| Deferment period | Pension starts after this period |
| Single or joint life option | Changes pension and death benefit |
| Pension mode | Decides payment frequency |
| Secondary age | Needed for joint-life calculation |
Main Outputs
| Output | Meaning |
|---|---|
| Estimated yearly pension | Pension after deferment period |
| Monthly pension estimate | Yearly pension converted to monthly mode |
| Death benefit | Benefit payable as per deferred annuity rules |
| Loan eligibility | Estimate based on plan conditions |
| Surrender estimate | Approximate surrender-related information |
New Jeevan Shanti Calculator should clearly show that pension does not start immediately. It begins after the chosen deferment period.
LIC Saral Pension Calculator
LIC’s Saral Pension Plan 862 is listed as one of LIC’s pension plans with UIN 512N342V05. LIC’s product page provides separate plan documents for this product.
Saral Pension is a standard immediate annuity plan. It is simple compared to many other annuity products because it mainly focuses on pension with return of purchase price.
Main Inputs Required
| Input | Why It Is Needed |
|---|---|
| Purchase price | Main investment amount |
| Age | Used for annuity estimate |
| Option | Single life or joint life |
| Spouse age | Required for joint-life option |
| Pension mode | Monthly, quarterly, half-yearly or yearly |
Main Outputs
| Output | Meaning |
|---|---|
| Pension amount | Approximate annuity income |
| Return of purchase price | Benefit payable after death as per option |
| Loan information | Loan may be available after specified period |
| Surrender information | Surrender rules apply under specific conditions |
This plan is best explained as a simple pension plan for people who want regular income and return of purchase price benefit.
LIC Smart Pension Calculator
LIC’s Smart Pension Plan 879 is also listed on the official LIC pension page with UIN 512N386V01, and LIC has a separate product page for this plan.
Smart Pension is an immediate annuity plan with several pension options. It offers single-life and joint-life choices, return of purchase price options, increasing annuity options and other benefit variations.
Main Inputs Required
| Input | Why It Is Needed |
|---|---|
| Purchase price | Amount used for pension calculation |
| Age | Pension rate depends on age |
| Secondary age | Required for joint-life options |
| Option | Smart Pension has many annuity options |
| Mode | Pension frequency |
| Channel | Online, offline or NPS-related calculation effect |
Main Outputs
| Output | Meaning |
|---|---|
| Estimated pension | Pension based on selected option |
| Death benefit | Depends on return option selected |
| Surrender rule | Available only for selected options |
| Loan rule | Available only for eligible options |
| Mode-wise pension | Monthly, quarterly, half-yearly or yearly pension |
Smart Pension Calculator is useful because this plan has many options and manual comparison can be confusing.
How LIC Pension Plan Calculator Works
The calculator uses different logic for different plan types.
For immediate annuity plans like Jeevan Akshay-VII, Saral Pension and Smart Pension, the basic formula is:
Annual Pension = Purchase Price ÷ 1000 × Estimated Annuity Rate
Then the annual pension is converted into monthly, quarterly, half-yearly or yearly pension according to the selected mode.
For New Jeevan Shanti, the calculator also considers the deferment period because pension starts after the deferment period.
For New Pension Plus, the calculator estimates fund value using premium amount, term, expected return, allocation charges, guaranteed addition and withdrawal.
How to Use LIC Pension Plan Calculator
Step 1: Select LIC Pension Plan
First, choose the required plan from the dropdown. The calculator includes New Pension Plus, Jeevan Akshay-VII, New Jeevan Shanti, Saral Pension and Smart Pension.
Step 2: Check Plan Information
After selecting the plan, check the plan information shown in the header. It includes plan name, plan type, UIN, launch status and withdrawal status.
Step 3: Enter Age
Enter the primary annuitant age. If the selected option is joint life, enter the secondary annuitant or spouse age also.
Step 4: Enter Purchase Price or Premium
For annuity plans, enter the purchase price. For New Pension Plus, enter premium amount. Higher purchase price generally gives higher pension.
Step 5: Select Annuity Mode
Choose how pension should be received: yearly, half-yearly, quarterly or monthly. Monthly mode gives smaller installments, while yearly mode gives one larger yearly amount.
Step 6: Choose Annuity Option
Select the plan option carefully. A life annuity option may give higher pension, but return of purchase price options may provide nominee benefit after death.
Step 7: Click Calculate
After entering all details, click the calculate button. The calculator will show estimated pension, annual pension, mode-wise pension, death benefit and other plan-related details.
Step 8: Use the Reset Button
Click the reset button to clear previous values and start a new calculation.
Real Calculation Example
Example Details
| Detail | Value |
|---|---|
| Selected Plan | LIC Jeevan Akshay-VII |
| Plan Type | Immediate annuity |
| Purchase Price | ₹10,00,000 |
| Age | 60 years |
| Mode | Yearly |
| Option | Life annuity |
| Estimated annuity rate used | ₹86.10 per ₹1,000 |
Calculation
Formula:
Annual Pension = Purchase Price ÷ 1000 × Annuity Rate
Now apply values:
Annual Pension = ₹10,00,000 ÷ 1000 × 86.10
Annual Pension = 1000 × 86.10
Annual Pension = ₹86,100
So, the estimated yearly pension will be around ₹86,100.
If monthly mode is selected and the calculator applies a 0.96 mode factor, then:
Adjusted Annual Pension = ₹86,100 × 0.96 = ₹82,656
Monthly Pension = ₹82,656 ÷ 12 = ₹6,888
So, the approximate monthly pension will be around ₹6,888.
This is only an estimated example. The final pension may change according to LIC’s latest annuity rates, selected option, purchase mode, age, incentive and official policy rules.
Example for LIC New Pension Plus Calculator
New Pension Plus works differently because it is a corpus-building pension plan.
Example Details
| Detail | Value |
|---|---|
| Premium Type | Regular premium |
| Yearly Premium | ₹1,00,000 |
| Policy Term | 20 years |
| Expected Return | 8% per year |
| Estimated Net Return After Charges | Approximate |
| Partial Withdrawal | ₹0 |
In this case, the calculator estimates how the yearly premium may grow over the policy term. It deducts estimated charges, adds expected growth and shows an approximate vesting value.
At vesting, up to a permitted portion may be available as lump sum, and the balance amount may be used to buy annuity. This helps understand how much retirement corpus may be created before pension starts.
Benefits of Using This Calculator
| Benefit | Explanation |
|---|---|
| Saves time | No need to manually compare every plan |
| Easy comparison | One calculator covers all active LIC pension plans |
| Better retirement planning | Shows estimated pension before buying |
| Simple layout | Useful for beginners also |
| Plan-wise logic | Different calculation method for different plan types |
| Reset option | Easy to start new calculation |
Important Things to Remember
LIC pension plans are long-term retirement products. Pension amount should not be checked only from one input. Age, purchase price, option and payment mode should be compared carefully.
A high pension option may not always be better if nominee benefit is important. Similarly, a return of purchase price option may give lower pension but may provide better death benefit.
For linked plans like New Pension Plus, returns are not fixed because fund value depends on market performance. For annuity plans, annuity rate is generally decided at policy purchase according to LIC rules and selected option.
Who Can Use LIC Pension Plan Calculator?
This calculator is useful for:
| User Type | Use |
|---|---|
| Retirement planners | To estimate future pension income |
| Senior citizens | To check the immediate pension from lump sum |
| Existing LIC customers | To compare available pension options |
| NPS subscribers | To estimate annuity purchase options |
| Family members | To understand pension and nominee benefit |
| Financial bloggers | To explain LIC pension plans in simple language |
Difference Between LIC Pension Plans
| Plan | Best For |
|---|---|
| LIC New Pension Plus | Building retirement corpus through linked pension savings |
| LIC Jeevan Akshay-VII | Immediate lifetime pension from lump sum |
| LIC New Jeevan Shanti | Pension after waiting/deferment period |
| LIC Saral Pension | Simple standard annuity with return of purchase price |
| LIC Smart Pension | Multiple pension options with flexible annuity choices |
LIC Pension Plan Calculator Disclaimer
This calculator gives only an approximate pension and benefit estimate. The actual pension amount may be different because LIC annuity rates, policy charges, underwriting rules, GST, incentives, age limits and plan conditions may change.
For final decision, official LIC benefit illustration, LIC sales brochure, policy document and LIC branch or authorized LIC agent should be checked.
FAQs
What is LIC Pension Plan Calculator?
LIC Pension Plans Calculator is an online tool that estimates pension, annuity amount, fund value, death benefit and other benefits for LIC pension plans.
Which LIC pension plans are included?
The calculator includes LIC New Pension Plus, LIC Jeevan Akshay-VII, LIC New Jeevan Shanti, LIC Saral Pension and LIC Smart Pension.
Is the calculator result final?
No. It gives an estimate only. Final pension depends on LIC’s latest official annuity rate and policy rules.
Which LIC pension plan gives immediate pension?
LIC Jeevan Akshay-VII, LIC Saral Pension and LIC Smart Pension are immediate annuity plans.
Which LIC pension plan gives pension after deferment?
LIC New Jeevan Shanti gives pension after the selected deferment period.
Is LIC New Pension Plus an annuity plan?
LIC New Pension Plus is mainly a unit-linked pension savings plan. It helps build retirement corpus, which can later be used for annuity purchase.
Does pension amount depend on age?
Yes. In annuity plans, age is one of the most important factors for pension calculation.
Can monthly pension be calculated?
Yes. The calculator can estimate monthly, quarterly, half-yearly and yearly pension according to selected mode.
Conclusion
LIC Pension Plan Calculator is a useful tool for estimating retirement income from LIC pension products. It helps compare New Pension Plus, Jeevan Akshay-VII, New Jeevan Shanti, Saral Pension and Smart Pension in one place.
The calculator is simple to use. Select the plan, enter age, purchase price or premium, choose annuity option and mode, then click calculate. It will show estimated pension, death benefit, vesting value or other important results depending on the selected plan.
For retirement planning, this calculator gives a helpful first estimate. However, final policy purchase should always be based on LIC’s official illustration, latest annuity rates and policy documents.