LIC Pension Plan Premium Calculator

Worried about whether your savings and hard work will be sufficient for your post-retirement lifestyle? A financially comfortable retirement is ideal, and a stable pension is key. LIC pension plan premium calculator is a utility tool that can help you plan your investments to achieve the desired retirement corpus after retirement. This plays a vital role in retirement planning and prepares you financially to enjoy a good quality of life.

Before using the LIC pension plan premium calculator, let’s understand it better to maximise the benefits of its use concerning your financial planning. The article below will discuss the LIC pension plan premium calculator, its benefits, how to use it, and all the other related aspects. 

What is LIC Pension plan Premium Calculator?

life insurance Corporation (LIC) offers various types of insurance plans tailored to the needs of different market segments of the UAE, including education plans, endowment plans, and so on. One such category of plans offered by LIC is its pension plans, which are preferred by individuals seeking a steady flow of income after retirement. These plans provide the dual benefit of insurance coverage and investment. 

Once you choose the appropriate LIC pension plan, you would need to consider the premium payable on the plan concerned. The premium of pension plans depends on various factors such as the age when you are willing to take retirement, your current savings and income, potential income in the future, pending obligations, and so on. This is where the LIC pension premium calculator comes into the picture.

LIC pension plan premium calculator is an automated digital tool used to calculate the premium of your chosen pension plan. It helps you invest (through premiums) effectively to achieve the desired pension goal. In other words, to choose the right LIC pension plan to meet your financial goals post-retirement, the LIC pension premium calculator is an ideal tool.

Types of LIC Pension Plans in UAE

LIC offers two types of pension plans to UAE residents – 

New Immediate Future Secure Pension Plan (Plan No. 259)

The New Immediate Future Secure Pension Plan is a single premium plan in which the pension starts instantaneously. The applicant has to provide a one-time payment at the specified date to receive a consistent income in the future. Alternatively, the policyholder can also make arrangements for income to their spouse from the age of 40 years and continuing up to 75 years with this plan. 

New Deferred Future Secure Pension Plan (Plan No. 260)

The New Deferred Future Secure Pension Plan is a single premium plan in which the annuity payments are paid to the annuitant upon their survival after the deferment is completed. The deferment of the plan ranges from 3 years to 10 years.

How to Use LIC Pension Plan Premium Calculator?

Mentioned below are the steps to be performed to use the LIC pension plan premium calculator – 

• The user has to start by filling out personal details including their name, date of birth, contact number, email address, gender, and more. Remember that all the information provided must be correct to get accurate results.
• There are two pension plans available for which the LIC pension plan premium calculator allows you to calculate premiums payable. Choose one of them as per your preference and requirements.
• Fill out the pension plan details like the deferment period you wish to opt for, purchase price, and the spouse details (if you pick the joint life plan).
• The annuity amount will be displayed after you provide all these details – it would show monthly, quarterly, half-yearly and yearly annuities, along with the chosen parameters
• If the displayed payouts don’t meet your expectations, you can tweak the values until the desired annuity payout is achieved

Benefits of LIC Pension Plan Premium Calculator

One of the defining features of the LIC pension plan premium calculator is that it gives financial clarity on how much income you can expect post-retirement. This, and the other benefits of the LIC pension plan premium calculator, are discussed below – 

Plan your Finances

The LIC pension plan premium calculator estimates the premium payable on your selected pension plan and gives you a fair idea of your current financial situation as well as your future finances. So if your current plans are not sufficient to meet your future goals, you can take corrective action for the same.

Provides Financial Clarity

If you have chosen an LIC pension plan, the LIC pension premium calculator can help you find out the amount you would get on a monthly basis (or as per the specified frequency) in your golden years. This gives you clarity as to whether you are on the right track with respect to your retirement planning.

Easy-to-Use Interface

The LIC pension plan premium calculator is free and convenient to use. If you know the figures of inputs even without being tech-savvy, you can operate the calculator and get the required details in just a few clicks.

Helps with the Comparison of Pension Plans

Among the most significant features of the LIC pension plan premium calculator is the option to easily compare the available LIC pension plans. You can quickly assess what sort of retirement corpus is offered by the different pension plans and which one suits you best. As you can use this calculator multiple times, you can check an estimate of the premium payable for each plan to make a well-informed decision.

Key Takeaways

Calculating your payable premiums on pension plans via manual calculations could be challenging and time-consuming. Using the LIC pension premium calculator for the same is a rather great idea, considering the accurate results and the time you can save in calculations.

Using the LIC pension plan premium calculator, you can easily compare all the pension plans available in a few clicks and choose the best one that best suits your needs. So if you have decided to go with any of the LIC pension plans calculator, it is highly advisable to use the LIC pension premium calculator to find the premium amount and budget accordingly for a hassle-free experience!