LIC’s Smart Pension (Plan 879) Calculator

A Non-Par, Non-Linked, Individual/Group, Savings, Immediate Annuity Plan.

Purchase Price (₹) - Single Premium Min: ₹1 Lakh (subject to min. annuity). No Max Limit.

Pension Type

Single Life Joint Life

Choose Annuity for one or two lives.

Primary Annuitant Age Age at entry (Min 18, Max varies by Option).

Secondary Annuitant Age Required for Joint Life. Min 18, Max 85. Cannot be same as Primary.

Annuity Option Payout structure (depends on Pension Type).

Mode of Annuity Payment Frequency of annuity payout.

Disclaimer: Calculations use illustrative rates (Ref Ages 60/55, 10L PP) scaled proportionally. Higher PP incentives approx. applied. Actual rates depend on age, option, date, etc. **Not an official quote**. Taxes extra.

ANNUITY PAYOUT OPTIONS (Approx. Guaranteed, Before Income Tax)

Based on your selections.

Yearly

₹0

Payable Annually

Half Yearly

₹0

Payable every 6 months

Quarterly

₹0

Payable every 3 months

Monthly

₹0

Payable every month

Note: Modal payouts reflect factors (HLY: 0.98, QLY: 0.97, MLY: 0.96 of Yearly rate basis). Annuity income is taxable. GST applies on Purchase Price.

CALCULATION INPUT SUMMARY

Purchase Price (Single Premium):	₹0
Pension Type:	Single Life
Primary Annuitant Age:	0 Years
Secondary Annuitant Age:	0 Years
Annuity Option Chosen:	Option A
Selected Payout Mode:	Yearly

BENEFITS UNDER SELECTED OPTION (A)

Details for the selected annuity option will appear here after calculation.

YEAR-WISE ANNUITY ILLUSTRATION (Click to Expand)

▼

Policy Year	Age (Primary)	Age (Secondary)	Annual Annuity Payable (₹)

Annuity amounts are before income tax. Increasing options grow yearly. Others constant. Death benefits vary by option (see details above). N/A = Not Applicable.

SUMMARY OF PLAN FEATURES (LIC Smart Pension - Plan 879)

▼

Plan Type: Immediate Annuity Plan (Non-Par, Non-Linked, Ind/Group). Rates guaranteed at start.
Premium: Single Premium only.
Entry Age: Min 18 years. Max varies by option (65/70/85/100).
Life Coverage: Single Life or Joint Life options available.
Purchase Price (PP): Min ₹1 Lakh (subject to min. annuity). No Max Limit.
Annuity Modes: Yearly, Half-Yearly, Quarterly, Monthly (paid in arrears).
Annuity Options:
- Single Life: A (Life), B1-B4 (Certain 5/10/15/20 + Life), C1/C2 (Incr @3%/6% + Life), D (Return Balance PP), E1-E5 (Partial ROP @ 75/80/76-95), F (Full ROP).
- Joint Life: G1/G2 (50%/100% Surv), H1/H2 (Incr @3%/6% + 50% Surv), I1/I2 (Incr @3%/6% + 100% Surv), J (100% Surv + ROP).
Option choice is irrevocable.
Joint Life Relatives: Allowed between lineal ascendant/descendant, spouse, siblings, parent-in-law.
Death Benefit (DB): Depends heavily on option:
- No DB Options: A, B1-B4 (after guarantee), C1/C2, G1/G2, H1/H2, I1/I2.
- Return of Balance PP: Option D.
- Partial/Full ROP on death/specific age: Options E1-E5, F, J. Nominee has choice for DB payout (Lumpsum/Annuitize/Installments).
Incentives: Rate increase for Higher Purchase Price (Slabs from ₹5 Lakh+) & Online/NPS purchase. [Incentives are approximately factored in calculator].
Additional Options (T&C Apply): Liquidity Option (withdraw part of SV on Opt F/J after 5 yrs), Advanced Annuity (Opt J - lump sum withdrawal on 1st death), Annuity Accumulation (Defer payout blocks).
Loan: Available ONLY on Options D, E1-E5, F, J (after 3 months/Free Look).
Surrender: Available ONLY on Options D, E1-E5, F, J (after 3 months/Free Look).
Taxes: GST on Purchase Price. Annuity taxable income. Consult advisor.
Free Look: 30 days for new purchase cancellation.
POSP-LI Sale: Only Options F & J, Age 40-70 allowed.
Divyangjan/NPS/QROPS: Specific rules apply for purchase under these schemes.

Summary based on brochure UIN 512N386V01 (Ref: LIC/R1/2024-25/50). Refer to official LIC documents for full details.

LIC’s Smart Pension (Plan 879) Calculator

ANNUITY PAYOUT OPTIONS (Approx. Guaranteed, Before Income Tax)

Yearly

Half Yearly

Quarterly

Monthly

CALCULATION INPUT SUMMARY

BENEFITS UNDER SELECTED OPTION (A)

YEAR-WISE ANNUITY ILLUSTRATION (Click to Expand)

SUMMARY OF PLAN FEATURES (LIC Smart Pension - Plan 879)

Saral Pension

New Jeevan Shanti

Jeevan Akshay VII

New Pension Plus

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LIC’s Smart Pension (Plan 879) Calculator

ANNUITY PAYOUT OPTIONS (Approx. Guaranteed, Before Income Tax)

Yearly

Half Yearly

Quarterly

Monthly

CALCULATION INPUT SUMMARY

BENEFITS UNDER SELECTED OPTION (A)

YEAR-WISE ANNUITY ILLUSTRATION (Click to Expand)

SUMMARY OF PLAN FEATURES (LIC Smart Pension - Plan 879)

SHARE YOUR ILLUSTRATION

Saral Pension

New Jeevan Shanti

Jeevan Akshay VII

New Pension Plus

Leave a Comment Cancel reply