When redeeming Miles on the Lufthansa Miles & More program, you have different options, which all imply different values/mile. I show you the best option to redeem you miles.
Mileage Bargains / Meilenschnäppchen – Long Haul Business Class
Mileage Bargains change every month and can be looked up on a special website meilenschnäppchen.de. Generally there are 2 regular tiers available and booking is usually possible 3-4 months in advance:
USA / India for 55.000 Miles Business Class Return + ~500 € Taxes & Fees
Asia for 70.000 Miles Business Class Return + ~550 € Taxes & Fees
The individual cities vary by month and sometimes you can find specials like Mexico (60.000 Miles) or Johannesburg (60.000 Miles)
I compare a flight Hamburg – Chicago 02/12/2015 – 08/12/2015. The regular price in Business Saver (P) is 3094 € (In the past there have been Business Saver offers to the US for ~2000 €).
If you compare the prices you end up with a mile value of
(3094€-500€)/55000 Miles = 4.72 c/Mile
(2000€-500€)/55000 Miles = 2.73 c/Mile
If you acquired your miles for around 1 c/Mile you pay 1050 € for the flight. That’s only 350 € more than economy class fare for that date.