LIC SIIP Plan Calculator

What is the LIC SIIP Plan Calculator?

The LIC SIIP plan calculator is an online tool that lets you check the returns on your investments and the different charges deducted from the premium amount. The calculator offered by the LIC of India provides visibility on the fund value, surrender value, and death benefit amount over the years. The LIC SIIP plan 852 calculator further displays the breakdown of various charges that affect your final fund value and returns.

Key Features of the LIC SIIP Plan Calculator

Below mentioned are the key features of the LIC SIIP plan calculator:

• Premium Calculation: The calculator allows policyholders to calculate the premium amount they need to pay based on factors like their chosen policy term, premium payment term, and sum assured.

• Maturity Benefit: It should estimate the maturity benefit or the accumulated corpus you can expect at the end of the policy term. This estimate is typically based on the premium amount, policy duration, and expected investment returns.

• Flexible Inputs: The LIC SIIP Calculator allows you to adjust various input parameters, such as premium frequency (monthly, quarterly, annually), premium amount, policy term, and sum assured, to see how changes in these factors affect the results.

• Riders and Additional Benefits: If applicable, the calculator may also allow you to include optional riders or additional benefits in your policy to customize your coverage.

Benefits of LIC SIIP Calculator

The LIC SIIP Calculator offers several benefits for individuals considering this financial product, such as:

• Helps in Financial Planning:
  The LIC SIIP calculator lets you plan your investments precisely, helping you determine the right amount to invest regularly based on your financial goals.

• Customized Solutions:
  By filling in specific details such as investment amount, policy term, and risk preferences, the calculator tailors solutions to meet your unique needs, ensuring a personalized approach.

• Visualizing Future Returns:
  The LIC SIIP calculator clearly estimates potential returns, helping you visualize how your investments may grow over time. This assists in setting realistic expectations and aligning your financial plans accordingly.

• Risk Assessment:
  It helps you assess the risk involved in your investment by considering market-linked returns, enabling you to make informed decisions based on your risk tolerance.

• Policy Customization:
  It assists in customizing your LIC SIIP policy by adjusting parameters such as premium amount, policy term, and sum assured, ensuring that the plan aligns with your financial goals and preferences.

How Does the LIC SIIP Plan Calculator Work?

To use the LIC SIIP calculator, follow the below steps:

• Choose the mode of premium payment. It can either be monthly, quarterly, half-yearly, or yearly.

• Depending on the payment mode chosen, decide how much you want to pay as a premium throughout the policy term. The minimum premium for each mode is fixed.

• The LIC SIIP maturity calculator automatically fills in the sum assured based on the annual premium amount chosen by the policyholder in the previous step. 

• In the final step, pick the policy term and the type of fund you wish to invest in. 

Sample Benefit Illustration Using LIC SIIP Calculator

For better understanding, below is the sample illustration of the LIC SIIP plan, which is calculated using the LIC SIIP 852 Calculator:

• Entry Age - 27 years

• Policy Term - 10 years

• Premium payment term - 10 years

• Mode of Premium Payment - Monthly

• Monthly premium amount - Rs.5,000

• Annual premium amount - 5000 * 12 - Rs.60,000

• Sum assured - 10 * 60,000 - Rs.6,00,000

• Type of Fund - Growth Fund

Calculated returns at 8% per annum - 

To use the LIC SIIP Plan Calculator, you should be aware of the following eligibility conditions of LIC SIIP Plan that have to be met.

Eligibility Conditions of LIC’s SIIP Plan

LIC Resources

FAQs