LIC Future Plus Calculator
Important Notes
- This calculator provides indicative results based on the parameters of LIC Future Plus.
- For Regular Premium policies, the Sum Assured generally ranges from 5 to 20 times the Annualized Premium.
- Actual premium amounts may vary depending on policy charges, fund management expenses, rider premiums, and other applicable deductions.
- Investment returns are market-linked and depend on the performance of the selected funds.
- The calculator is intended for estimation purposes only and should not be treated as an official LIC quotation.
Eligibility Criteria for LIC Future Plus
| Particulars | Details |
|---|---|
| Minimum Entry Age | 18 Years |
| Maximum Entry Age | 65 Years |
| Maximum Maturity Age | 75 Years |
| Minimum Policy Term | 5 Years |
| Premium Payment Modes | Half-Yearly and Yearly |
| Sum Assured (Regular Premium) | 5 to 20 Times Annualized Premium |
| Sum Assured (Single Premium) | Equal to Single Premium Amount |
| Grace Period | 30 Days |
LIC Future Plus Calculator
LIC Future Plus is a Unit Linked Deferred Pension Plan offered by LIC of India under UIN 512L228V01. The plan was introduced on 4 March 2005 and was designed to help individuals build a retirement corpus through market-linked investments while also providing optional insurance protection.
The policy enables long-term retirement planning by investing premiums into selected unit-linked funds and converting the accumulated corpus into pension income at maturity.
What is LIC Future Plus?
LIC Future Plus is a deferred pension plan that combines retirement planning with market-linked investment opportunities. The policy allows individuals to accumulate wealth during their working years and utilize the accumulated corpus to generate regular pension income after retirement.
Unlike traditional pension plans, LIC Future Plus offers investment flexibility through multiple fund choices, allowing policyholders to participate in equity and debt markets according to their risk appetite.
Both Regular Premium and Single Premium variants are available under the plan, making it suitable for different financial planning needs.
Overview of LIC Future Plus
The plan is designed for individuals seeking long-term retirement security through systematic investment and disciplined savings.
At maturity, the accumulated fund value can be used to purchase an annuity, which provides a regular pension stream after retirement.
Policyholders also have the option to choose whether they want life insurance protection along with the pension benefit.
Key Features of LIC Future Plus
Unit Linked Deferred Pension Plan
LIC Future Plus is a Unit Linked Insurance Plan (ULIP) specifically structured for retirement planning and pension accumulation.
UIN Details
- UIN: 512L228V01
Launch Date
- Introduced on 4 March 2005
Current Status
The plan has been withdrawn from new sales. However, policies already issued under the plan continue to remain in force according to their original terms and conditions.
Entry Age
- Minimum Age: 18 Years
- Maximum Age: 65 Years (Nearest Birthday)
Policy Term
The minimum policy term is 5 years. The maximum term depends on the chosen retirement age and deferment period, generally extending up to age 60 or 65.
Premium Payment Options
Policyholders can choose between:
- Regular Premium Payment
- Single Premium Payment
Premium Frequency
Available premium modes include:
- Half-Yearly
- Yearly
Sum Assured Flexibility
The Sum Assured varies according to the premium amount and policy option selected.
For Regular Premium policies, the Sum Assured is generally linked to the annualized premium, while for Single Premium policies it is usually equal to the premium paid.
Multiple Investment Fund Choices
Policyholders can allocate their investments among various available funds such as:
- Bond Fund
- Income Fund
- Balanced Fund
- Growth Fund
These options allow investors to select a strategy that matches their risk profile and retirement objectives.
Optional Risk Cover
The plan offers flexibility to invest with or without life insurance protection, depending on the individual’s retirement planning needs.
Loan Facility
No loan facility is available under LIC Future Plus.
Surrender Facility
Policyholders may surrender the policy subject to applicable terms, conditions, and surrender charges. The amount payable generally depends on the prevailing fund value after applicable deductions.
Pension Benefit at Maturity
At the end of the deferment period, the accumulated fund value is utilized to purchase an annuity. This annuity then provides regular pension income to the policyholder during retirement.
Why LIC Future Plus Was Popular
LIC Future Plus gained popularity because it combined retirement planning with market-linked growth opportunities. The plan provided investors with flexibility in fund selection while simultaneously helping them build a retirement corpus over the long term.
The availability of both single-premium and regular-premium options, coupled with pension-focused benefits, made it an attractive choice for individuals seeking financial independence after retirement.
For many investors, LIC Future Plus served as a structured approach to retirement planning while benefiting from the expertise and reliability associated with LIC’s pension products.
Eligibility Criteria for LIC Future Plus Calculator
The following eligibility conditions apply to LIC Future Plus and can be used while estimating premiums, fund values, and pension benefits through the calculator.
LIC Future Plus Eligibility Details
| Criteria | Minimum | Maximum |
|---|---|---|
| Entry Age | 18 Years Completed | 65 Years (Nearest Birthday) |
| Vesting Age | 40 Years (Last Birthday) | 75 Years (Last Birthday) |
| Deferment Period | 5 Years | No Specific Upper Limit |
| Annual Premium (Regular Premium Option) | ₹5,000 | No Upper Limit |
| Single Premium | ₹10,000 | No Upper Limit |
| Sum Assured (Regular Premium) | Optional Risk Cover | Up to 5–20 Times Annualized Premium |
| Sum Assured (Single Premium) | Optional | Equal to Single Premium Amount |
Benefits of LIC Future Plus
LIC Future Plus was designed to help individuals build a retirement corpus through market-linked investments while offering flexibility in pension planning.
Retirement Income Planning
The plan helps accumulate funds during the deferment period, which can later be converted into a regular pension income through annuity options.
Market-Linked Wealth Creation
Since the policy is linked to investment funds, the accumulated corpus has the potential to grow based on market performance and fund selection.
Optional Insurance Protection
Policyholders may opt for life insurance coverage along with retirement savings, providing financial protection to their families.
Partial Withdrawal Facility
Subject to policy conditions and completion of the applicable lock-in period, partial withdrawals may be permitted to meet specific financial requirements.
Multiple Fund Options
Investors can allocate premiums among different fund categories according to their risk appetite and investment objectives.
Available fund options generally include:
- Bond Fund
- Income Fund
- Balanced Fund
- Growth Fund
Tax Advantages
Premium payments and retirement benefits may qualify for tax benefits under prevailing tax laws, subject to government regulations applicable at the time.
How the LIC Future Plus Calculator Works
The LIC Future Plus Calculator is designed to estimate future retirement benefits and investment growth based on selected policy parameters.
The calculator can help users estimate:
- Premium contributions
- Projected fund value
- Estimated retirement corpus
- Expected annuity income
- Impact of different fund choices
- Effect of policy term and deferment period on retirement savings
Information Required for Calculation
To generate accurate projections, the calculator typically requires the following details:
Age of the Life Assured
The age determines eligibility, deferment duration, and retirement planning horizon.
Policy Term / Deferment Period
The number of years during which premiums are invested before vesting.
Premium Amount
The amount invested through either:
- Regular Premium Mode
- Single Premium Mode
Premium Frequency
Where applicable, the selected premium payment frequency such as yearly or half-yearly.
Fund Selection
The chosen investment fund significantly influences projected returns and risk exposure.
Available options may include:
- Bond Fund
- Income Fund
- Balanced Fund
- Growth Fund
Commutation Preference
The policyholder may choose whether to commute a portion of the accumulated corpus at vesting, subject to prevailing pension regulations.
Policy Commencement Date
The start date helps determine the premium schedule, vesting date, and retirement projections.
Step-by-Step Guide to Using the LIC Future Plus Calculator
Step 1: Enter Age Details
Input the age of the life assured at the time of policy commencement.
Step 2: Select the Deferment Period
Choose the number of years for which the retirement corpus will accumulate before vesting.
Step 3: Enter Premium Information
Provide either:
- Annual Premium Amount, or
- Single Premium Amount
depending on the selected policy option.
Step 4: Choose Investment Fund
Select the preferred fund category based on your investment objectives and risk tolerance.
Step 5: Select Commutation Option
Specify whether you wish to withdraw a portion of the accumulated corpus as a lump sum at vesting or convert the entire amount into pension income.
Step 6: Enter Policy Start Date
Input the policy commencement date to enable accurate maturity and vesting calculations.
Step 7: Generate Results
Click the calculate button to view projections relating to:
- Estimated Fund Value
- Projected Retirement Corpus
- Potential Pension Income
- Investment Growth Illustration
Understanding the Calculator Results
The calculator generally uses assumptions such as:
- Historical fund performance
- Fund management charges
- Policy expenses
- Annuity conversion rates
- Investment duration
Based on these assumptions, it provides an estimated picture of future retirement benefits.
Since LIC Future Plus is a market-linked pension plan, actual fund values and pension amounts may differ from projections due to fluctuations in investment performance and future annuity rates.
Why Use the LIC Future Plus Calculator?
The calculator helps policyholders make informed retirement planning decisions by illustrating the long-term impact of investment choices and premium contributions.
It can help answer important questions such as:
- How much retirement corpus can be accumulated?
- Which fund option may generate higher long-term growth?
- What pension income may be available after retirement?
- How does increasing the premium affect retirement benefits?
- What is the impact of a longer deferment period?
Using the LIC Future Plus Calculator enables individuals to visualize their retirement goals and create a structured strategy for long-term financial security.
Important Dates Related to LIC Future Plus
Launch Date
LIC Future Plus was officially introduced on 4 March 2005 as a Unit Linked Deferred Pension Plan aimed at helping individuals build a retirement corpus through market-linked investments.
Current Status
The plan has been withdrawn from new sales and is no longer available for purchase. While LIC has confirmed that the product is discontinued for fresh business, the exact withdrawal date has not been publicly specified.
Existing policyholders continue to enjoy all benefits and services under their policies according to the original terms and conditions.
Important Policy Provisions
Lock-In Period
LIC Future Plus carries a lock-in period of 5 years from the policy commencement date.
During this lock-in period:
- Partial withdrawals are generally not permitted.
- The accumulated fund value remains invested according to the selected fund option.
Surrender Benefit
The plan allows surrender subject to policy conditions.
After satisfying the minimum premium payment requirements, policyholders become eligible for surrender benefits based on the prevailing fund value and applicable regulations.
Policy Discontinuance
If premiums are discontinued before completion of the required premium payment period, the policy may be treated as discontinued.
In such cases:
- The accumulated fund value may be transferred to a discontinued policy fund.
- Applicable discontinuance rules and charges may apply according to LIC guidelines in force at the time.
Pension and Vesting Options
Upon reaching the vesting date, policyholders can utilize the accumulated corpus in different ways.
Commutation Facility
A portion of the accumulated retirement corpus may be withdrawn as a lump sum, subject to applicable pension regulations.
Annuity Purchase
The remaining corpus is generally used to purchase an annuity, which provides regular pension income during retirement.
This feature helps create a stable post-retirement income stream.
Investment Funds Available Under LIC Future Plus
LIC Future Plus provides multiple fund options to suit different risk profiles and investment objectives.
Bond Fund
The Bond Fund focuses primarily on investments in government securities and high-quality corporate bonds.
Suitable For
- Conservative investors
- Individuals seeking lower volatility
- Investors prioritizing capital preservation
Income Fund
The Income Fund invests in a diversified portfolio that may include debt instruments and limited equity exposure.
Suitable For
- Moderate-risk investors
- Individuals seeking stable long-term returns
Growth Fund
The Growth Fund invests predominantly in equity-oriented assets with the objective of long-term capital appreciation.
Suitable For
- Aggressive investors
- Long-term retirement planners
- Individuals comfortable with market fluctuations
Balanced Fund
The Balanced Fund combines investments in both equity and debt instruments to provide a balance between growth and stability.
Suitable For
- Moderate-risk investors
- Individuals seeking balanced risk and return
Fund Switching Facility
Policyholders have the flexibility to switch investments between available funds during the policy term.
This feature allows investors to:
- Adjust their portfolio according to changing market conditions.
- Reduce risk as retirement approaches.
- Increase growth exposure during earlier investment years.
- Align investments with personal financial goals.
Why Consider LIC Future Plus?
Retirement-Focused Planning
The plan was specifically designed to help individuals build a retirement corpus through systematic investing.
Market-Linked Growth Potential
Investment returns are linked to the performance of the selected funds, providing opportunities for long-term wealth accumulation.
Insurance Protection
Policyholders may choose to include life insurance coverage along with retirement savings benefits.
Flexible Investment Options
Multiple fund choices enable investors to select a strategy that matches their risk tolerance and retirement objectives.
Trusted LIC Legacy
As a product from LIC, the plan benefited from the confidence and trust associated with India’s largest life insurance institution.
Pension Income Generation
The accumulated fund value can be converted into annuity income, helping policyholders maintain financial stability during retirement.
Frequently Asked Questions About LIC Future Plus
What is LIC Future Plus?
LIC Future Plus is a Unit Linked Deferred Pension Plan that combines retirement planning with market-linked investments. It allows individuals to build a retirement corpus through regular or single premium contributions.
What is the UIN of LIC Future Plus?
The Unique Identification Number (UIN) assigned to LIC Future Plus is:
512L228V01
When was LIC Future Plus launched?
The plan was launched by LIC on 4 March 2005.
Can LIC Future Plus still be purchased?
No. LIC Future Plus has been withdrawn from new sales and is no longer available for fresh policy issuance. Existing policyholders continue to receive benefits under their active policies.
What does the LIC Future Plus Calculator do?
The calculator helps estimate:
- Premium contributions
- Projected fund value
- Retirement corpus at vesting
- Potential pension income
- Impact of different fund choices and policy terms
Does LIC Future Plus provide guaranteed returns?
No. Since it is a Unit Linked Insurance Plan (ULIP), returns depend on the performance of the selected investment funds and are not guaranteed.
Conclusion
LIC Future Plus (UIN 512L228V01) was an important retirement-oriented ULIP introduced by LIC in 2005. The plan combined market-linked investment opportunities with retirement planning, allowing policyholders to build a substantial pension corpus while enjoying flexibility in fund selection and optional insurance protection.
Although the product is no longer available for new customers, it remains relevant for existing policyholders and individuals studying legacy LIC pension products. Using a LIC Future Plus Calculator can help estimate potential retirement benefits, fund growth, and pension income, making long-term financial planning more structured and transparent.
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