In this post you can find the Excel calculator used in the video of LIC Jeevan Utsav Plan. This calculator compares the premium of Jeevan Utsav Plan and its returns with that of a RD-FD Combo. Below is the complete details about this calculator.
Video on the Returns of Jeevan Utsav Plan
How the Calculator works?
Before you start, please read the text under “READ FIRST” tab. Note that in this calculator you will only have to enter the values in the cells marked in Blue.
Tax Slab – Under the Tax Slab you will be under if you add the FD Income (calculated in this sheet) to your other income. The calculation automatically takes care of the 4% Cess charged on the Total Income.
Enter Sum Assured – This is the Sum Assured which you are planning to taken under the LIC Jeevan Utsav Plan.
Enter Premium – This is the premium shared by LIC for the plan you are opting for.
Enter PPT – This is the Premium Payment Term for your Jeevan Utsav Policy. The values can only be between 5 and 16.
Enter the RD Rate – Enter the presumed Recurring Deposit Rate for your Investment amount (Premium in this case).
Maturity after PPT – The system will automatically calculate the Maturity amount based on Premium, PPT and the RD Rate.
Maturity Amount After Tax – This is the amount you will get after tax have been deducted (based on the Tax Slab you entered).
Enter the FD Rate – Enter the presumed Fixed Deposit Rate for your Investment amount (This will be the Maturity Amount after Tax calculated above).
Income Benefit Starts – The system will automatically calculate the value for this field based on PPT of your LIC Jeevan Utsav Policy.
Maturity Amount before Income Starts – This amount is calculated based on the FD Rate, duration of deposit (Income Benefit Start minus Premium Payment Term), and the RD Maturity Amount (after Tax)
Maturity Amount After Tax – Similar to before, this is the amount you will get after tax have been deducted on the earned interest(based on the Tax Slab you entered).
Enter Yearly Payout FD Rate – This is Fixed Deposit Rate you can presume which will exist at the time of year when your Income benefit is supposed to start.
Annual Income – This is the annual interest you will be on your new Fixed Deposit. The interest is being calculated on Quarterly compounding basis.
Annual Income (after Tax) – This is the Income that you will be receiving taking into account taxes on the interest earned.
Comparison
The right side of the calculator will show you a comparison between the annual Income generated by the LIC Jeevan Utsav Plan with the RD-FD Combo Plan. You can change various parameters and accordingly take an informed decision.
If you have any questions or feedback, leave a comment below.
Jeevan Utsav Calculator
Do also read about this NEW Post Office Scheme which offers guaranteed 7.71% Returns.
Tax on Jeevan Utsav Plan
The below dedicated video explains various cases under which you will have to pay tax on the Annual amount received under this LIC Plan 871
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