The LIC pension calculator estimates the pension you can get from five LIC plans: Jeevan Akshay VII (857), Saral Pension (862), Smart Pension (879), New Jeevan Shanti (758) and New Pension Plus (867). For ₹10 lakh at age 60, it shows about ₹6,862 a month from Jeevan Akshay's life annuity and ₹4,974 a month from Saral Pension, which also returns the ₹10 lakh to your nominee.
LIC Pension Plan Calculator
Your estimate
- Annuity rate (yearly)
- 8.23%
- Death benefitPension stops on death; nothing is payable to the nominee.
- ₹0
- Years to get the price back as pension
- 12.1 years
- Purchase price₹10,00,00038%
- Pension in first 20 years₹16,46,88062%
Pension under all 10 options (same age and purchase price)
| Option | Yearly pension | Per instalment |
|---|---|---|
| A | ₹82,344 | ₹6,862 |
| B | ₹81,770 | ₹6,814 |
| C | ₹80,334 | ₹6,695 |
| D | ₹78,229 | ₹6,519 |
| E | ₹75,741 | ₹6,312 |
| F | ₹61,194 | ₹5,100 |
| G | ₹65,692 | ₹5,474 |
| H | ₹76,123 | ₹6,344 |
| I | ₹70,764 | ₹5,897 |
| J | ₹60,524 | ₹5,044 |
Individual life insurance premiums are exempt from GST from 22 September 2025. Figures are estimates based on typical rates and may differ from LIC’s official quote.
What is the LIC pension calculator?
Retirement planning usually comes down to one question: how much will I get every month? LIC offers several ways to turn savings into a pension, and they work differently. This LIC pension calculator puts five of them side by side:
| Plan | Type | How it works |
|---|---|---|
| Jeevan Akshay VII (857) | Immediate annuity | Pay once, pension starts now, ten options |
| Saral Pension (862) | Immediate annuity | Standard plan; purchase price returned on death |
| Smart Pension (879) | Immediate annuity | Flexible options; extra incentive for NPS subscribers |
| New Jeevan Shanti (758) | Deferred annuity | Pay now, pension starts after 1 to 5 years |
| New Pension Plus (867) | Unit-linked pension | Build a fund, then buy a pension at vesting |
Pick a plan and the form shows only the inputs it needs. The results include the pension per instalment, yearly pension, pension as a percentage of the purchase price, the years needed to recover your money (or, for Smart Pension, the total pension over 20 years), and the death benefit where the plan or option pays one.
How the pension is estimated
The four annuity plans (857, 862, 879, 758). The calculator hands your inputs to the same modules that power our individual plan pages, and those follow the sample annuity figures in LIC’s sales brochures. For a ₹10 lakh purchase price with yearly payouts, the brochures publish:
| Plan | Published sample | Yearly pension |
|---|---|---|
| Jeevan Akshay VII (857) | Age 60, Option A (life annuity) | ₹86,100 |
| Saral Pension (862) | Age 60, single life | ₹62,300 (joint life, spouse 55: ₹61,600) |
| Smart Pension (879) | Age 60, Option A / Option F (return of purchase price) | ₹85,000 / ₹64,900 |
| New Jeevan Shanti (758) | Age 45, 5 years’ deferment | ₹86,100 |
The calculator reproduces these figures exactly. Pensions at other ages, deferment periods and spouse ages are our estimates built from these published points, so treat them as approximate. Monthly, quarterly and half-yearly payouts are a little lower than yearly, and NPS subscribers get an extra incentive in Jeevan Akshay and Smart Pension.
Each plan uses LIC’s own option codes. Jeevan Akshay runs from Option A to J. Saral Pension has single life and joint life, both returning the purchase price. Smart Pension uses A, B1–B4, C1, C2, D, E1–E5, F, G1, G2, H1, H2, I1, I2 and J: for example, F is life annuity with return of purchase price, B2 is 10 years certain and then life, and G2 is joint life with 100% to the survivor. New Jeevan Shanti offers single or joint life.
Entry ages follow the brochures: Jeevan Akshay 25–85 (up to 100 for Option F), Saral Pension 40–80, Smart Pension 18–85 for most options (up to 100 for Option F), and New Jeevan Shanti 30–79 with a deferment of 1 to 5 years (the pension must start by 80).
New Pension Plus (867). The fund is projected by our New Pension Plus 867 calculator: your yearly premium grows at the assumed gross return (4% to 10%) after LIC’s published charges (allocation, admin in the first five years and a 1.35% fund management charge), and guaranteed additions are added. At vesting you can take up to 60% as cash; the rest buys a pension at an assumed 6.5% a year.
No GST is added. Pension and annuity policies have been GST-free since 22 September 2025.
Worked examples
Example 1: ₹10 lakh at age 60, four ways. The premium chart below the calculator shows the yearly pension (yearly mode) for each annuity plan. At 60 it reads:
| Plan (first option) | Yearly pension |
|---|---|
| Jeevan Akshay VII, Option A (life annuity) | ₹86,100 |
| Saral Pension, single life + return of purchase price | ₹62,300 |
| Smart Pension, Option A (life annuity) | ₹85,000 |
| New Jeevan Shanti, 5-year deferment | ₹94,160 (from age 65, estimated) |
With monthly payment, the same ₹10 lakh gives ₹6,862 a month in Jeevan Akshay (Option A), ₹6,800 a month in Smart Pension (Option A) and ₹4,974 a month in Saral Pension. The Saral Pension figure is lower because your nominee gets the full ₹10 lakh back. Smart Pension’s Option F also returns the ₹10 lakh and pays ₹5,192 a month.
Example 2: buying now, pension later. Vikram, 55, puts ₹10 lakh into New Jeevan Shanti with a 5-year deferment. His pension starts at 60 at about ₹7,246 a month, or ₹90,578 a year if he chooses yearly payouts. Because age 55 is not the brochure’s sample age, treat this as an estimate.
Example 3: building a corpus. Neha, 35, pays ₹1 lakh a year into New Pension Plus until 60, assuming an 8% gross fund return. After charges and guaranteed additions, the calculator estimates a fund of ₹62,57,754 on ₹25 lakh invested. If she takes 60% (₹37,54,652) as cash, the remaining ₹25,03,102 buys a pension of about ₹12,745 a month.
Tip: compare the “years to get back the purchase price” figure. A plan that pays less but returns your capital may suit you better if leaving money to your family matters.
How to read the results
- Monthly pension / pension per instalment: what you receive each time.
- Yearly pension: total for the year; for New Jeevan Shanti it starts after the deferment.
- Pension as % of purchase price: compare this with FD or Senior Citizens’ Savings Scheme rates, remembering that an annuity pays for life.
- Years to get back the purchase price: a simple payback period.
- Death benefit: shown when the plan or option returns the purchase price.
- Fund value, lump sum and amount used to buy pension: for New Pension Plus only. Fund growth is not guaranteed.
Tips and common mistakes
- Don’t lock everything into one annuity. Pensions are fixed and do not rise with inflation. Keep an emergency fund and some growth assets.
- Stagger your purchases. Rates rise with age. Buying one annuity at 60 and another at 65 can raise your overall income.
- Choose joint life if your spouse depends on you. The income is lower, but your spouse is not left without a pension.
- Check the latest rates. LIC revises annuity rates. Only the brochure sample points above are published figures; everything else here is an estimate.
- Plan your tax. Pension is taxable income; it can push you into a higher slab if you have other income.
Related calculators
- LIC Jeevan Akshay calculator: all ten Jeevan Akshay options in detail.
- New Jeevan Shanti calculator: deferred pension with different deferment periods.
- LIC Saral Pension Plan 862: full plan details and eligibility.
- LIC FD calculator: compare an annuity with fixed-deposit interest.
Frequently asked questions
How much monthly pension will I get from LIC for ₹10 lakh?
It depends on the plan, your age and the option. At 60, this calculator shows about ₹6,862 a month from Jeevan Akshay VII life annuity (Option A), ₹6,800 from Smart Pension life annuity (Option A) and ₹4,974 from Saral Pension, which also returns the ₹10 lakh on death.
Which is the best LIC pension plan?
For the highest income from a lump sum today, a life annuity in Jeevan Akshay usually pays the most. If you want your capital returned to the family, Saral Pension or a return-of-purchase-price option suits you. If you can wait a few years, New Jeevan Shanti pays a higher rate after deferment.
What is the difference between immediate and deferred annuity?
In an immediate annuity (Jeevan Akshay, Saral Pension, Smart Pension), the pension starts right after you pay. In a deferred annuity (New Jeevan Shanti), you pay now and the pension begins after a chosen deferment period, so the rate is higher.
Is LIC pension taxable?
Yes. Pension received from an annuity is added to your income and taxed at your slab rate every year. If you have rent, interest or other pension income, include the annuity in your tax planning so that you are not surprised at filing time.
Is GST charged on LIC pension plans?
No. Individual life insurance and annuity policies have been exempt from GST since 22 September 2025. Before that, a 1.8% GST applied to single-premium annuities, so older receipts show a slightly higher amount.
Can I still buy LIC New Pension Plus 867?
Yes. New Pension Plus 867 was launched on 5 September 2022, and when we checked LIC's website on 30 September 2026 it was on LIC's current list of pension plans. The calculator lets new buyers and existing policyholders estimate their fund and pension at vesting.
What is the minimum investment for an LIC pension plan?
The form accepts ₹1 lakh upwards (New Jeevan Shanti needs ₹1.5 lakh), but every annuity plan also needs a pension of at least ₹1,000 a month or ₹12,000 a year. At 60, ₹2 lakh in Jeevan Akshay Option A gives ₹1,319 a month. New Pension Plus needs at least ₹30,000 a year, the brochure minimum.
Disclaimer: LIC Premium Calculators is an independent website. We are not affiliated with, endorsed by or connected to Life Insurance Corporation of India. All figures are estimates for illustration; confirm exact premiums and benefits with LIC or a licensed agent before buying.