LIC Smart Pension Premium & Payout Calculator
Plan a stress-free retirement by locking in a guaranteed, lifetime regular income stream. Instantly calculate immediate pension payouts, ROP capital returns, joint-life covers, GST loading, and net tax-adjusted yields.
Only applicable for Joint Life options where pension covers both partners.
₹5,360
Computed for age 60 at 6.70% base interest rate lock.Nominee Capital Shield: Active
Upon death, the entire premium capital of ₹10,00,000 returns tax-free to nominee.
longevity Cumulative Growth & Break-Even Chart
Model showing initial outlay vs total cumulative pension cashflow over retirement.
LIC Smart Pension (Plan 879): Lifetime Financial Security
The LIC Smart Pension (Plan 879) is a top-tier, non-linked, non-participating single-premium immediate annuity scheme. It provides a reliable avenue for converting your accumulated wealth or retirement gratuity into a permanent, guaranteed, lifetime cash flow. Backed by the robust sovereign guarantees of the Life Insurance Corporation of India (LIC), it offers complete peace of mind, shielding senior citizens from market volatilities and inflationary fluctuations during their golden years.
Choosing Your Annuity Options
- Single Life Annuity (With ROP): Best for individuals who want to lock in a regular stream of pension for life and ensure that their entire principal purchase price returns intact to their children or nominees on passing.
- Joint Life Annuity (With ROP): Extends the lifetime pension protection to your spouse. Regular payouts remain locked for as long as either spouse is alive. The nominee receives the full purchase price once both survivors pass away.
- Single/Joint Life (Without ROP): Boosts the annual payout rate significantly. Since the capital is not returned upon passing, the policy yields are optimized to pay out maximum cashflow to the subscriber(s).
Taxation & Sovereign Safety
- Sovereign Payout Guarantee: Payouts are guaranteed under the LIC Act, ensuring zero credit risks and absolute safety of your capital regardless of global macroeconomic indicators.
- Annuity Payout Taxation: Note that annuity payouts are treated as taxable income under the Indian Income Tax Act. They are added to the subscriber's personal income slab and taxed accordingly. Use the slab toggle on our calculator to view net yields.
- Subsidized 1.8% GST Charge: Standard insurance policies attract 18% GST, but immediate annuities are specialized and enjoy a highly subsidized GST loading of only 1.8%.
Plan Rules & Eligibility Grid
| Parameter | Annuity Payout Limits |
|---|---|
| Minimum Purchase Price | ₹1,00,000 (No upper investment limit) |
| Minimum Entry Age | 18 Years (Completed) |
| Maximum Entry Age | 85 Years (For life options) / 100 Years (For ROP options) |
| Annuity Frequencies | Monthly, Quarterly, Half-Yearly, and Yearly |
| Joint Life Cover Option | Spouses, children, or direct blood relations allowed |
Inflation Protection & Dual Modes
Retiring with peace of mind requires a dynamic strategy. Our calculator supports a dedicated **Retirement Planner Tab** that computes how much you need to save each month or year during your active career to reach your target monthly pension corpus.
Accumulation Phase Power
By compounding savings at typical LIC pension fund returns (e.g., 8%), you can easily accumulate large corpuses. For example, saving ₹10,000 monthly over 30 years yields a massive corpus, which then locks in a high lifetime annuity yield.
LIC Smart Pension (Plan 879) FAQs
Don't Just Take Our Word For It
See how our actuarial precision is helping thousands make smarter, faster insurance decisions every single day.
"Excellent calculator! It helped me understand the premium structure before meeting with an LIC agent. The estimates were quite close to the actual premium I was quoted. Very user-friendly interface."
"I used this calculator to compare different policy types. The breakdown helped me choose the right endowment plan for my family. Saved me a lot of time and confusion. Highly recommended!"
"Good tool for getting a quick estimate. The calculator is easy to use and provides clear results. However, I noticed the actual premium was slightly higher due to my medical history, which is expected."
"This calculator made my insurance planning so much easier! I could test different scenarios and find the best policy that fits my budget. The maturity amount calculation was particularly helpful."
"As a first-time insurance buyer, this tool was invaluable. It helped me understand how premiums work and what to expect. The FAQs section also answered many of my questions. Great resource!"
"Very helpful calculator! I appreciated being able to compare different policy types side by side. The interface is clean and professional. Would love to see more policy options added in the future."
"Used this calculator before purchasing my LIC policy. The premium estimate was accurate, and it helped me plan my finances better. The design is modern and the tool is very intuitive to use."
"Excellent tool! I calculated premiums for multiple scenarios and found the perfect policy for my needs. The maturity amount projection helped me plan for my retirement. Thank you for this resource!"
Average Rating
Premium Calculations
User Satisfaction
Explore More LIC Calculators
Find the perfect calculator for your insurance and investment needs
Kanyadan Policy
Most PopularPlan for your daughter's future and marriage expenses with death benefit protection
Jeevan Labh
EndowmentLimited premium payment endowment plan with guaranteed returns
Jeevan Utsav
Whole LifeWhole life plan with guaranteed additions and lifelong income
Whole Life Plan
Whole LifeCompare Plan 945 & Plan 871 side-by-side with lifetime survival returns
Jeevan Saral
FlexibleSimplified whole life assurance with flexible premium options
Surrender Value
UtilityCalculate GSV, SSV and total loss from surrendering your LIC policy
Term Plan
ProtectionPure life cover at lowest premiums — maximum protection per rupee
Pension Plan
RetirementPlan retirement with guaranteed pension and annuity income
Child Plan
ChildSecure your child's education and career milestones
SIP Calculator
InvestmentCalculate future value of monthly SIP investments with compounding
Single Premium
Lump-SumCalculate lump-sum premium rates, maturity bonuses, and loan limits for Plan 917
Health Insurance
Health & TaxModel premiums and Section 80D tax savings for Arogya Rakshak & Cancer Cover