LIC Pension Calculator is an online tool that helps you estimate the pension amount you will receive from various LIC annuity plans. It calculates your monthly, quarterly, half-yearly, or yearly pension based on your age, investment amount, and the plan you choose. Whether you are planning for retirement or looking for a guaranteed income source, this calculator gives you a clear picture before you invest.
The tool supports popular LIC pension plans like Jeevan Shanti, Jeevan Akshay VII, and the government-backed Pradhan Mantri Vaya Vandana Yojana (PMVVY). You can use it free of cost on financial websites like UseCalculators.
Why Use LIC Pension Calculator?
Using a pension calculator before buying an annuity plan offers several benefits:
- Accurate Estimation: Get an idea of your future pension based on real plan parameters.
- Comparison: Compare different LIC pension plans side by side.
- Goal Planning: Adjust your investment amount to reach your desired retirement income.
- Time Saving: No need to visit a branch or call an agent for basic calculations.
- Transparency: Understand how factors like age and deferment period affect your pension.
Types of LIC Pension Plans Covered
LIC offers several annuity plans. Here are the three main plans you can calculate using the LIC Pension Calculator:
| Plan Name | Type | Key Features | Age Limit | Deferment Period |
|---|---|---|---|---|
| LIC Jeevan Shanti | Deferred Annuity | Single or joint life (spouse, siblings, lineal ascendant/descendant). Pension starts after a chosen deferment period. | 30 to 85 years | 1 to 20 years |
| LIC Jeevan Akshay VII | Immediate Annuity | Single premium, pension starts immediately. Ten annuity options with single or joint life. | Varies by option | No deferment |
| PMVVY | Government Scheme | For senior citizens above 60. Guaranteed pension at 7.4% for 10 years. Capital returned after 10 years. | 60 years and above | No deferment |
1. LIC Jeevan Shanti Pension Plan (Plan 858)
LIC Jeevan Shanti Pension Plan is a deferred annuity plan. You invest a lump sum (single premium) and choose a deferment period from 1 to 20 years. During the deferment period, no pension is paid. After that, you start receiving a guaranteed pension for life.
You can take this plan for:
- Single life
- Joint life with spouse
- Joint life with siblings
- Joint life with lineal ascendant or descendant
The LIC Jeevan Shanti Pension Calculator helps you find out how much pension you will get if you invest a certain amount and start pension after a specific number of years.
2. LIC Jeevan Akshay VII Immediate Annuity
In Jeevan Akshay VII, you pay a single premium and pension starts immediately. You can choose from ten annuity options, including:
- Annuity for life
- Annuity for life with return of purchase price
- Annuity for life with 3% or 5% annual increase
- Joint life annuity options
Pension can be received yearly, half-yearly, quarterly, or monthly. The LIC Jeevan Akshay Calculator shows your pension amount based on the option you select.
3. Pradhan Mantri Vaya Vandana Yojana (PMVVY)
PMVVY is a government pension scheme exclusively for senior citizens aged 60 and above. It offers a guaranteed pension at 7.4% per annum for 10 years. After 10 years, the invested amount is returned to the policyholder or their nominee.
The PMVVY Calculator helps you calculate the pension you will receive based on your investment amount. The maximum investment limit is ₹15 lakh per senior citizen.
How to Use LIC Pension Calculator
Using the LIC Pension Calculator is simple. Follow these steps:
- Select the Plan: Choose Jeevan Shanti, Jeevan Akshay, or PMVVY.
- Enter Your Age: Provide your current age (and spouse’s age if joint life).
- Choose Pension Type: Single life or joint life.
- Enter Purchase Amount: The lump sum you want to invest.
- Select Deferment Period: For Jeevan Shanti, choose 1 to 20 years.
- Choose Pension Mode: Yearly, half-yearly, quarterly, or monthly.
- Click Calculate: The tool instantly shows your estimated pension.
| Calculator Input | Description |
|---|---|
| Pension Type | Single life or joint life |
| Primary Holder’s Age | Your current age |
| Secondary Holder’s Age | Spouse/partner age (if joint life) |
| Pension Starts After | Deferment period in years (for Jeevan Shanti) |
| Purchase Amount | Single premium you pay |
| Pension Mode | Frequency of pension payment |
Frequently Asked Questions (FAQs)
Q1: What is LIC Pension Calculator?
A: It is an online tool that calculates the pension amount for LIC annuity plans based on your age, investment, and plan type.
Q2: Which LIC plans can I calculate?
A: You can calculate Jeevan Shanti, Jeevan Akshay VII, and PMVVY.
Q3: Is the pension received from LIC taxable?
A: Yes, pension from LIC annuity plans is taxable as per your income tax slab. You can submit Form 15H/15G to avoid TDS.
Q4: What is the deferment period in Jeevan Shanti?
A: It is the period from 1 to 20 years that you choose before pension starts. No pension is paid during this period.
Q5: Can I take Jeevan Shanti with my spouse?
A: Yes, Jeevan Shanti offers joint life options with spouse, siblings, or lineal ascendant/descendant.
Q6: What is the maximum investment in PMVVY?
A: The maximum investment limit is ₹15 lakh per senior citizen.
Conclusion
LIC Pension Calculator is a must-use tool for anyone planning to invest in LIC annuity plans. It gives you a clear estimate of your future pension, helping you make an informed decision. Whether you choose Jeevan Shanti for deferred income, Jeevan Akshay for immediate pension, or PMVVY for government-guaranteed returns, calculating your pension beforehand ensures a secure retirement.