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LIC Immediate Annuity Plan Calculator
An immediate annuity is when your pension starts flowing in as soon as you have paid the purchase price. LIC of India offers two immediate annuity pension plans viz. LIC’s Saral Pension and LIC’s Jeevan Akshay-VII. The LIC immediate annuity plan calculator offers insight into the pension amount you are likely to receive if you invest in either of these plans.
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- LIC Immediate Annuity Plan Calculator
What Is the LIC Immediate Annuity Plan Calculator?
It is an online tool that will help you calculate the pension amount yourself before actually investing your money in the plan.
If you are planning your retirement, you probably have an idea of how much income you would need after retirement to sustain your lifestyle. The LIC Immediate Annuity Plan Calculator allows you to see how much you would have to invest to get to that desired pension amount.
How Does the LIC Immediate Annuity Plan Calculator Work?
The LIC immediate annuity plan calculator uses the following factors to give you accurate estimates of the pension amount -
Factors Considered by the LIC Immediate Annuity Plan Calculator
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Purchase price
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Current age
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Type of annuity - annuity for life, joint life or single life annuity, increasing annuity, etc.
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Expected annuity amount
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Frequency of pension - monthly, quarterly, half-yearly, or yearly
To be able to use the LIC Immediate Annuity Plan Calculator, you should be aware of the eligibility conditions of both the LIC annuity plans.
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Benefits and Features of LIC’s Jeevan Tarang Policy (Table no. 178) | |
Eligibility Criteria of LIC Saral Pension & LIC Jeevan Akshay-VII
| Criteria | LIC Saral Pension | LIC Jeevan Akshay-VII |
| Minimum Age at Entry | 40 years | 30 years |
| Maximum Age at Entry | 80 years | 85 to 100 years |
| Minimum Purchase Price | Depends on a minimum annuity | Rs. 1 Lakh |
| Maximum Purchase Price | No limit | No limit |
| Minimum Annuity | For Monthly: Rs 1000 For Quarterly: Rs. 3000 For Half-yearly: Rs. 6000 For Annually: Rs. 12000 |
For Monthly: Rs 1000 For Quarterly: Rs. 3000 For Half-yearly: Rs. 6000 For Annually: Rs. 12000 |
Sample Calculation Using the LIC Immediate Annuity Plan Calculator For :
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LIC Saral Pension
For this plan, let’s take the following sample -
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Purchase price - Rs.10 Lakhs
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Age at entry - 60 years
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Frequency of annuity - Annually
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Type of annuity - Lifetime annuity
The yearly annuity payouts come to be Rs.56,450. A key feature of the LIC Saral Pension is that it returns 100% of the purchase price to you.
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LIC Jeevan Akshay-VII
Let’s assume the following to use this LIC annuity calculator -
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Purchase price - Rs.10 Lakhs
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Age at entry - 45 years
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Frequency of annuity - Annually
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Type of annuity - Lifetime annuity
Based on the above fields, the yearly annuity amount comes to be equal to Rs.67,950. You will get this amount every year till your death.
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What Is The Benefit of Using the LIC Immediate Annuity Plan Calculator?
It will help you understand if your current savings is enough to start receiving the annuities you will need when you retire. With immediate annuities, you start receiving a pension right after the investment period. This leaves very little room to accumulate returns on your investment. With the help of this digital tool, you will at least have a clear estimate of the pension amount so that you can adjust your financial plan accordingly.
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FAQ's
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Q: Which LIC plans offer immediate annuity?
Ans: LIC’s Saral Pension and LIC’s Jeevan Akshay-VII offer immediate annuity payouts. -
Q: What are the best annuity plans in India?
Ans: The best annuity plan depends on the needs of each user, the current age and retirement age, current savings, amount of investment, type of annuity, etc. -
Q: What are the pension plans offered by LIC?
Ans:LIC pension plans include the following -
- LIC’s Saral Pension
- LIC’s Jeevan Akshay-VII
- LIC's New Jeevan Shanti
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Q: Which LIC plans offer deferred annuity?
Ans: LIC's New Jeevan Shanti is a deferred annuity type. -
Q: What is the maximum annuity possible with LIC’s Jeevan Akshay-VII?
Ans: There is no limit. You can earn as much annuity as possible based on the purchase price. LIC only has a cap on the minimum annuity amount.
Different types of Plans
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
^Tax benefit are for Investments made up to Rs.2.5 L/ yr and are subject to change as per tax laws.
+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
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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