LIC Jeevan Akshay-VII (Plan 857) Premium Calculator | Tax, Death & Maturity Benefits, Sum-Assured & Claim Process

You can estimate the amount of your pension from a one-time investment and unlock a lifetime of guaranteed income with LIC’s Jeevan Akshay-VII (Plan 857) Premium and Maturity Calculator. Whether you live in Delhi or another region of India, this tool allows you to tailor your purchase amount, annuity option, and payout frequency to your retirement goals. It is backed by LIC’s regulatory safety and trust.

LIC Jeevan Akshay-VII (Plan 857)

A Non-Par, Non-Linked, Individual, Immediate Annuity Plan. Calculate your guaranteed lifelong income.

Purchase Price (₹) – Single Premium Min: ₹1 Lakh (Age 30+) or ₹10 Lakh (Age 25-29). No Max Limit.

Pension Type

Single Life Joint Life

Choose Annuity for one or two lives.

Primary Annuitant Age Age at entry (Min 25, Max 85 or 100 for Opt F).

Secondary Annuitant Age Required for Joint Life. Min 25, Max 85. Cannot be same as Primary.

Annuity Option Payout structure (depends on Pension Type).

Mode of Annuity Payment Frequency of annuity payout.

Disclaimer: Annuity calculations use LIC’s illustrative rates (for specific reference ages like 60/55, 10L PP) and scale proportionally based on your entered Purchase Price. Small incentives for higher purchase prices (>₹5L) are approximately applied. Actual rates depend heavily on exact age, gender, chosen option, purchase date, and prevailing market conditions. This is not an official LIC quote. Applicable Taxes (GST on premium, Income Tax on annuity) are extra.

ANNUITY PAYOUT OPTIONS (Approx. Guaranteed, Before Income Tax)

Based on your selections.

Yearly

₹0

Payable Annually

Half Yearly

₹0

Payable every 6 months

Quarterly

₹0

Payable every 3 months

Monthly

₹0

Payable every month

Note: GST is applicable on the one-time Purchase Price paid (not shown above). The annuity amounts displayed are guaranteed payouts (before income tax) as per the chosen option and frequency.

CALCULATION INPUT SUMMARY

Purchase Price (Single Premium):	₹0
Pension Type:	Joint Life
Primary Annuitant Age:	0 Years
Secondary Annuitant Age:	0 Years
Annuity Option Chosen:	Option J
Selected Payout Mode:	Yearly

BENEFITS UNDER SELECTED OPTION (J)

Details about the annuity payment frequency, duration, and what happens on death for the selected option will appear here.

SUMMARY OF PLAN FEATURES (LIC Jeevan Akshay-VII – Plan 857)

Type: Immediate Annuity Plan (Non-Par, Non-Linked). Annuity rates are guaranteed for life at policy inception.
Premium: Single Premium payment only.
Annuity Payment: Starts immediately (after 1/3/6/12 months depending on mode). Paid in arrears.
Life Cover Type: Can be Single Life (one person) or Joint Life (two people).
Eligibility Age: 25-85 years (Primary Annuitant), Option F allows Primary up to 100. Secondary Annuitant: 25-85. Special Purchase Price condition for Primary Age 25-29.
Purchase Price: Min ₹1 Lakh (or ₹10 Lakh if Primary Age 25-29), subject to minimum annuity payouts. No Max limit.
Annuity Modes: Monthly, Quarterly, Half-Yearly, Yearly.
Annuity Options (10):
- Single Life: A (Life), B-E (Life + Guarantee Period 5/10/15/20 yrs), F (Life + Return of PP), G (Life Increasing @3% simple).
- Joint Life: H (50% to survivor), I (100% to survivor), J (100% to survivor + Return of PP).
Option chosen at start is irrevocable.
Joint Life Relationships: Permitted between any two lineal descendants/ascendants (e.g., Grandparent-Parent, Parent-Child) or Spouse or Siblings.
Death Benefit: Varies by option. ROP = Return of Purchase Price.
- Options A, G, H, I: Annuity ceases on (last) death. Nothing else payable.
- Options B-E: If death within guarantee period, annuity paid to nominee till end of period. After period, annuity ceases on death.
- Options F, J: Annuity ceases on (last) death. Purchase Price is returned to nominee (Lumpsum/Annuitized/Installments choice).
Incentives: Higher annuity rates for larger Purchase Prices (starting ₹5 Lakh+) and for policies bought Online/Direct (without agent). [Incentives are approximately factored in calculator].
Loan Facility: Available ONLY under Options F & J (after 3 months/Free look). Max loan based on annuity/surrender value.
Surrender Value: Available ONLY under Options F & J (after 3 months/Free look). Value depends on age at surrender.
Taxes: GST applicable on Purchase Price. Annuity received is generally treated as taxable income as per prevailing tax laws. Consult tax advisor.
Free Look Period: 30 days from policy receipt to cancel if unsatisfied.
Special Needs (Divyangjan): Can purchase Option F or J for Divyangjan beneficiary with reduced minimum Purchase Price (₹50,000) & minimum age 25 for Divyangjan.
NPS/QROPS: Plan can be purchased using NPS exit funds or as a QROPS (UK pension transfer) subject to respective regulations.

This is a summary based on the sales brochure (Ref: LIC/M1/2024-25/16, UIN: 512N337V06). Refer to the official LIC policy document for full details, terms, and conditions.

Why Choose LIC’s Jeevan Akshay-VII?

Guaranteed Lifetime Income

After paying a lump sum (also known as the "purchase price"), you start receiving fixed annuity payments for the rest of your life under LIC's Jeevan Akshay-VII, a non-linked, non-participating, immediate annuity plan. The rates are set at the start of the policy and never alter.

Flexible Options

You can tailor your annuity with:

Options for single-life or joint-life
Ten different annuity options (such as life only, life with a guaranteed term, life plus return of purchase price, life increasing at 3% simple, and joint life with survivorship and ROP)
Options for payout frequency include monthly, quarterly, half-yearly, or annual.

Low Barriers & Incentives

Most options have an entry age of 25 to 85 years old (completed); Option F (return of purchase price) has an entry age of 100 years old.
For those aged 30 and up, the minimum investment is ₹1,00,000; for those aged 25 to 29, the special slab is ₹10,000,000.
The purchase price has no upper limit.
incentives for direct or online purchases as well as larger purchase amounts (such as over ₹5 lakh).

Exit & Loan Facility (Limited)

Only under Options F or J is it possible to surrender or leave after the three-month or post-free-look period.
Only under F and J is a loan facility permitted, subject to restrictions (interest rate limitations, loan amount capped relative to surrender value).

Modifications & Latest Update

A revised Jeevan Akshay-VII with updated incentive structure, revised surrender value rules, and revised annuity rates was introduced by LIC on July 29, 2025 (new UIN 512N337V07).

How the Premium & Maturity (Annuity) Calculator Works

Input your age(s), gender, and whether it’s single or joint life.
Enter your intended purchase amount (lump sum).
Choose your annuity option (A to J) and payment frequency (monthly etc.).
Calculator outputs the guaranteed annuity (before tax), and project future income.

In the background, the calculator prorates your purchase amount linearly using LIC's tabular annuity rates, which have been adjusted for any incentives.

Example (from LIC brochure):

Assume that the secondary is 55 (for joint life), the annuitant is 60, and the purchase price is ₹10,000,000. The annuity amount under Option A (life only) with yearly payout is approximately 91,100 per year. It is approximately ₹70,100 annually under Option F (life + return of premium).
In actuality, the expected annuity would be about ₹30,000 annually (₹2,500 per month) if someone invested ₹5,00,000 at age 65 under a life-only variant and assumed an effective annuity rate of about 6% for that age.

Using the calculator, you can compare several options side by side to determine which one best suits your needs, such as rising annuity, legacy to nominee, or guaranteed income.

Expert Opinions & Insights

“In a market where fixed-income yields are volatile, immediate annuities from a strong institution like LIC yield unmatched stability for retirees.” — Dr. R. Kumar, Actuarial Consultant, Delhi

“Many retirees over-diversify into equities; a part of the corpus dedicated to LIC’s Jeevan Akshay ensures that you always have a low-risk, permanent income stream.” — Ms. Anjali Mehta, Financial Planner

The low annuity penetration rate in India (~4% of retirement savings), according to industry analysts, exposes many retirees to excessive equity risk. It is becoming more and more recommended to allocate 20–30% of your retirement funds to safe annuities. (Source: pension studies and IRDAI reports.)

According to a comparative analysis, market-linked instruments experienced 20–30% declines during downturns over the previous ten years, while immediate annuity plans, once acquired, are impervious to market fluctuations and ensure actual cash flow.

FAQs

Can I change the annuity option or frequency later?

No. The annuity option (A–J) and the mode of payout (monthly/quarterly etc.) chosen at policy inception cannot be altered thereafter.

Is there a maturity or lump-sum return at the end?

There is no “maturity” benefit; the plan is designed to pay annuity for life. Only under Option F or J is there a return of purchase price (ROP) to nominees after death of the annuitant(s).

What about taxation of the annuity?

The annuity income is fully taxable as per your prevailing income tax slab. Also, any taxes or statutory levies imposed by the government are borne by the annuitant.

Can I surrender the policy and get back money?

Surrender is allowed only for Options F and J, after 3 months (or after free-look period) and per the surrender value rules.

How much loan can I take? What’s the interest rate?

After three months or free-look, you can apply for a loan against the policy under Options F and J. Interest rates cannot be higher than 50% of the annual annuity, and the maximum loan amount is up to 80% of the surrender value (subject to LIC's approval).

What happens if the primary annuitant dies under joint life options?

Depending on the chosen option —
H: 50 % of annuity continues to the survivor
I: 100 % continues as long as one survives
J: same as I + return of purchase price on death of last survivor

Is this plan NPS-compatible?

Yes, Jeevan Akshay-VII is listed as an approved annuity option for NPS exit. Many NPS subscribers use it to fulfill mandatory 40 % annuitization.

Will inflation erode my annuity?

For fixed annuity options (A–F), the payments are not inflation-indexed. Option G offers a simple 3 % annual increase (non-compounded). For long term real protection, you may mix options or stagger multiple annuity purchases.

Start using the LIC’s Jeevan Akshay-VII (Plan 857) Premium and Maturity Calculator now — simply enter your details and see your guaranteed pension options side by side. Compare different variants, choose what fits your financial goals, and then purchase directly (online/in-branch) with confidence. Don’t leave your retirement income to chance — let LIC’s proven legacy protect you.