LIC Pension Calculator is a simple online tool that helps you estimate how much regular pension you can receive from different LIC pension plans like New Pension Plus 867, Jeevan Akshay-VII 857, New Jeevan Shanti 758, Saral Pension 862 and Smart Pension 879 based on your age, investment amount and annuity option chosen. Using this calculator before buying any plan makes it easier to compare options and choose the right pension for your retirement needs.

What is LIC Pension Calculator?

LIC Pension Calculator is an online or mobile-based calculator that shows an approximate pension (annuity) amount you may get monthly, quarterly, half-yearly or yearly after investing a lump sum or regular premium in LIC pension plans. It does not give an exact value but gives a close estimate based on current annuity rates and plan rules.

Main uses of the calculator:

• To estimate pension for a given purchase price (investment amount).
• To compare different pension plans (857, 758, 862, 867, 879).
• To understand how age, mode and option affect pension amount.

Main LIC Pension Plans Covered

LIC currently offers or has recently offered several major pension products which customers use along with calculators to plan retirement income. The important pension plan numbers you mentioned are:

• LIC New Pension Plus – Plan 867 (Unit Linked Pension).
• LIC Jeevan Akshay-VII – Plan 857 (Immediate Annuity).
• LIC New Jeevan Shanti – Plan 758 (Deferred Annuity).
• LIC Saral Pension – Plan 862 (Standard Immediate Annuity).
• LIC Smart Pension – Plan 879 (Newer annuity plan).

Below each plan is explained in simple language along with launch and withdrawal dates where available.

LIC New Pension Plus Plan 867

LIC New Pension Plus 867 is a ULIP (Unit Linked) pension plan where your money is invested in market-linked funds and later converted into pension (annuity) at vesting. It is designed for long-term retirement planning with an accumulation phase followed by an annuity phase.

Launch and withdrawal dates for Plan 867

• Date of Launch: 05 September 2022.
• Date of Withdrawn: 01 October 2024 (the plan has been officially withdrawn from sale as per LIC withdrawn plans list).

So, New Pension Plus 867 is not available for new purchase now, but existing policyholders continue with their policy as per terms.

Key features of New Pension Plus 867

• It is a Non-Participating, Unit Linked, Individual Pension plan available as single premium or regular premium.
• Minimum policy term is usually 10 years and can go up to about 42 years depending on age and vesting age chosen.
• Premiums are invested in one or more funds and the policyholder bears investment risk in the portfolio.​
• After 5-year lock-in, partial withdrawals up to 25% of fund value are allowed (maximum three withdrawals).
• On vesting, a part of the fund can be commuted (taken as lump sum) and balance must be used to purchase an annuity from LIC.

How LIC Pension Calculator helps for Plan 867

For New Pension Plus:

• User enters age, policy term, premium amount and expected return (assumed fund growth).
• Calculator shows projected fund value at vesting.
• It then estimates possible pension based on annuity option and rate at that time.

Because 867 is market-linked, the calculator mainly helps in visualizing future corpus and approximate pension rather than a fixed guaranteed amount.

LIC Jeevan Akshay-VII Plan 857

LIC Jeevan Akshay-VII 857 is an immediate annuity (immediate pension) plan where you pay a single premium once and start receiving pension from the next chosen period (monthly, quarterly, etc.).

Launch and withdrawal details for Plan 857

• Launch: This version of Jeevan Akshay-VII under plan number 857 was launched on 1 February 2020–2022 range; many sources mention 1 February 2022 as key launch for revised annuity version.
• Withdrawal: Different UIN versions of 857 have been withdrawn over time, and Jeevan Akshay-VII appears in LIC withdrawn plan lists for several UINs.
  • One version (UIN 512N337V04) has launch date 25.08.2022 and withdrawn date 28.02.2023 as per LIC product page.

So, Jeevan Akshay-VII has had multiple versions, and some have been withdrawn, but LIC historically used this as a major immediate annuity product.

Main features of Jeevan Akshay-VII 857

• Single premium immediate annuity plan: pay once and get pension for life.
• Several annuity options such as:
  • Life annuity with or without return of purchase price.
  • Joint life annuity for spouse.
  • Annuity for guaranteed period and life thereafter.
• Minimum investment starts from around ₹1 lakh.
• Pension can be taken monthly, quarterly, half-yearly or yearly as per choice.

How calculator works for Plan 857

• User enters purchase price (lump sum), age, annuity option and mode (Yearly, Half-yearly, Quarterly, Monthly).
• Calculator applies annuity rate for given option and shows expected pension amount per chosen mode.
• Helpful to compare:
  • Pension with and without return of purchase price.
  • Single life vs joint life pension.

LIC New Jeevan Shanti Plan 758

LIC New Jeevan Shanti 758 is a deferred annuity plan where you pay a lump sum once and start receiving pension after a chosen deferment period. It is designed for those who want to lock-in pension now but start receiving it after some years.​

Launch and withdrawal details for Plan 758

• New Jeevan Shanti 758 was launched earlier as an update over old Jeevan Shanti.
• LIC’s withdrawn plans list shows New Jeevan Shanti (plan number 858) and earlier versions as withdrawn, and 758 is also mentioned in withdrawn lists for some UIN versions.​

So, like Jeevan Akshay, some versions of New Jeevan Shanti are withdrawn from fresh sale but many policyholders still hold running policies under old issues.

Features of New Jeevan Shanti 758

• Single premium deferred annuity: pay once, pension starts after deferment (e.g., 5–20 years).
• Options for single life and joint life annuity.
• Guaranteed annuity rate decided at policy purchase, not at vesting.
• During deferment, policyholder is covered with death benefit conditions depending on option chosen.

How calculator helps for Plan 758

• User enters purchase price, age at entry and deferment period.
• Calculator shows:
  • Guaranteed annuity amount payable once deferment ends.
  • Difference in pension if deferment period is longer or shorter.
• This makes it easy to decide how many years to defer pension for better income.

LIC Saral Pension Plan 862

LIC Saral Pension 862 is a standard immediate annuity plan defined by IRDAI guidelines, similar across insurers, with simple options and clear structure. It aims to provide a straightforward pension product with limited choices.

Launch and status for Plan 862

• LIC Saral Pension (Plan 862) is LIC’s version of the standard Saral Pension product.
• Withdrawn plans list shows several UIN versions of Saral Pension 862 marked as withdrawn; that means particular versions have been withdrawn from sale.

Different UIN versions have different effective periods; customers who already purchased will continue to enjoy benefits as per their policy terms.

Features of LIC Saral Pension 862

• Immediate annuity with a single premium (purchase price).
• Two standard annuity options generally offered:
  • Life annuity with 100% return of purchase price on death.
  • Joint life annuity where pension continues to spouse.
• Simple eligibility and clear annuity rules, making it easy to understand for general customers.

Role of calculator for Plan 862

• Enter purchase price, age and chosen Saral option.
• Calculator shows approximate monthly or yearly pension for that option.
• This helps compare Saral Pension with other flexible products like Jeevan Akshay-VII.

For detailed standard features, IRDAI Saral Pension guidelines and LIC official page can be useful:

• IRDAI Saral Pension product guidelines: https://irdai.gov.in
• LIC Pension Plans official page: https://licindia.in/pension-plan

LIC Smart Pension Plan 879

LIC Smart Pension 879 is one of LIC’s latest pension/annuity offerings and is listed in LIC’s NPS subscriber corner as an annuity option along with Jeevan Akshay-VII. It is designed to give flexible annuity options, especially for NPS and retirement corpus holders.

Status of Plan 879

• Listed under annuity options for NPS subscribers on LIC site, together with Jeevan Akshay VII (857).
• Smart Pension is a relatively new plan; official LIC detailed page describes various annuity options and eligibility (exact launch date may vary by UIN/version).

Features of LIC Smart Pension 879

• Immediate annuity style plan with multiple annuity options for life, joint life, guaranteed periods, or return of purchase price.
• Suitable for NPS exit corpus or any lump-sum retirement corpus that needs to be converted into a lifelong pension.
• Choice of annuity mode – monthly, quarterly, half-yearly, yearly.

How calculator helps for Plan 879

• User enters investment amount (purchase price), age of annuitant(s), annuity option and mode.
• Calculator shows likely pension per mode and total annual pension.
• Helps compare Smart Pension with Jeevan Akshay, Saral and other options to select best annuity pattern.

Summary Table of LIC Pension Plans

Plan No.	Plan Name	Type of Plan	Launch / Withdraw Info (if available)	Basic Nature of Pension
867	New Pension Plus	ULIP pension (accumulation + annuity)	Launch 05.09.2022; Withdrawn 01.10.2024]	Corpus builds in funds, later used to buy annuity.
857	Jeevan Akshay-VII	Immediate annuity	Version launched 25.08.2022; some versions withdrawn 28.02.2023	Pension starts immediately after one-time premium.
758	New Jeevan Shanti	Deferred annuity	Some UIN versions listed as withdrawn in LIC records	Lump sum now, pension after deferment period.
862	Saral Pension	Standard immediate annuity	Multiple UIN versions withdrawn as per LIC list	Simple immediate pension with standard options.
879	Smart Pension	Immediate annuity (flexible options)	Active annuity option for NPS subscribers	Flexible annuity patterns for retirement corpus.

How LIC Pension Calculator Works (Step-by-Step)

Although each plan is different, the basic working of a LIC pension calculator is similar.

1. Select Plan
   • Choose from Jeevan Akshay 857, New Jeevan Shanti 758, Saral Pension 862, New Pension Plus 867, or Smart Pension 879.
2. Enter Personal Details
   • Age (and spouse age for joint life).
   • Gender, if required.
3. Enter Investment Details
   • For immediate annuity plans (857, 862, 879, some options of 758): enter single premium (purchase price).
   • For ULIP pension (867): enter yearly premium, term and expected return rate.
4. Choose Pension Options
   • Mode of pension: monthly, quarterly, half-yearly, yearly.
   • Annuity option: life only, life with return of purchase price, joint life, guaranteed period etc.
5. View Results
   • Calculator displays estimated pension amount for the chosen plan and options.
   • User may change purchase price or option to see different outputs and choose better one.

Why Use LIC Pension Calculator Before Buying?

Using a pension calculator before choosing a plan offers many advantages.

• Helps match pension to monthly expenses after retirement.
• Shows difference in pension between immediate and deferred annuity.
• Makes it easier to compare multiple plans and options quickly.
• Reduces confusion about complex terms like annuity rates, deferment, return of purchase price, etc.

Many independent websites also host LIC pension calculators for all these plans:

• Example: https://liccalculator.info/

When using non-official calculators, users should still verify final benefits with LIC or an authorised agent.

FAQs on LIC Pension Calculator and Plans

Conclusion

LIC Pension Calculator is a very helpful tool for anyone planning retirement with LIC pension plans such as New Pension Plus 867, Jeevan Akshay-VII 857, New Jeevan Shanti 758, Saral Pension 862 and Smart Pension 879. By entering basic details like age, investment amount and annuity option, users can quickly see approximate pension and compare different plans before investing.

Knowing launch and withdrawal dates, especially for plans like New Pension Plus 867 and various versions of Jeevan Akshay and Saral Pension, also helps customers understand whether a plan is currently available or only for existing policyholders.