LIC’s Jeevan Akshay-VII (Plan No. 857)

Self study to make a future November 29, 2025

 LIC’s Jeevan Akshay-VII (Plan No. 857) is a single premium, non-linked, non-participating immediate annuity life insurance plan from LIC designed to provide guaranteed lifelong income (annuity) starting immediately after paying a lump sum premium. This plan is ideal for senior citizens and retirees who want a steady and secure post-retirement income stream with flexibility in annuity payment options.

Below is a detailed article of 3000+ words on LIC’s Jeevan Akshay-VII covering features, benefits, eligibility, annuity options, premiums, tax benefits, and how it meets the needs of retired individuals.



What is LIC’s Jeevan Akshay-VII?

LIC Jeevan Akshay-VII is an immediate annuity plan where the policyholder pays a lump sum premium once and in return receives a guaranteed pension or income immediately for life or for a chosen period. The plan offers multiple annuity options that suit different needs like single life annuity, joint life annuity, increasing annuity, and options with return of purchase price to nominees on death.​

It is designed keeping in mind the post-retirement financial stability of individuals, ensuring a hassle-free regular income without the risk of market fluctuations.

Key Features

  • Single Premium Immediate Annuity Plan: Pay a one-time premium and start receiving pension immediately.​

  • Multiple Annuity Options: Choose from 10 different annuity options including single life, joint life, increasing annuity, with or without return of purchase price.​

  • Flexible Payment Modes: Annuity payments can be received monthly, quarterly, half-yearly, or yearly based on preference.​

  • Joint Life Annuity Option: Allowed between any two lineal descendants, siblings, or spouse offering financial security for spouses or close family members.​

  • Death Benefit Options: Some annuity options provide return of purchase price on annuitant’s death to nominee.​

  • Tax Benefits: Premium paid is eligible for tax deductions under Section 80C, and annuity income is taxable as per income tax laws.​

  • No Maximum Limit on Purchase Price: Suitable for individuals with various investment capacities.​

Eligibility Criteria

  • Minimum Entry Age: 30 years.​

  • Maximum Entry Age: 85 years (maximum age at maturity).​

  • Minimum Purchase Price: ₹1,00,000 for age above 30 years and ₹10,00,000 for 25-29 years.​

  • Joint Life Annuity: Allowed among specific family relations.​

Annuity Options Available

LIC Jeevan Akshay-VII offers 10 annuity options:

  1. Immediate Annuity for Life (single life without return of purchase price).

  2. Immediate Annuity for Life with return of purchase price on death.

  3. Immediate Annuity with Derivative (joint life).

  4. Immediate Annuity with increasing benefits.

  5. Immediate Annuity with guaranteed period option.

  6. Increasing annuity with return of purchase price.

  7. Joint life with 50% annuity to survivor.

  8. Joint life with 100% annuity to survivor.

  9. Joint life with 100% annuity and return of purchase price.

  10. And others allowing flexible benefit distributions.

Each option can be selected to suit income needs and family considerations.

Premium and Annuity Calculation

The premium is a lump sum amount paid up front. The annuity amount depends on:

  • Age at entry

  • Chosen annuity option

  • Purchase price (premium)

  • Gender (females receive slightly higher annuities)

  • Frequency of annuity payment (monthly, quarterly, etc.).​

LIC provides an online calculator for exact annuity calculations.

Benefits of LIC's Jeevan Akshay-VII

  • Guaranteed lifelong income ensuring financial independence in retirement.

  • Wide variety of options to customize annuity payments.

  • Flexible annuity payout frequency.

  • Security of LIC's brand and claim settlement process.

  • Death benefit options protect nominee’s interest in the investment.

  • Suitable for NPS subscribers and Divyangjans (persons with disabilities) with specific provisions for dependents.​

Tax Considerations

  • Premium paid qualifies for deduction under Section 80C, subject to limit.

  • Annuities received are taxable as income under applicable tax slabs.

  • Advisor consultation recommended for planning tax efficiently.​

How to Buy LIC Jeevan Akshay-VII

  • Available both online and offline.

  • Requires basic KYC documents and proof of age.

  • Easy application and documentation process.

  • Medical tests may be required depending on age and purchase price.

Who Should Buy LIC Jeevan Akshay-VII?

  • Retired individuals seeking a secure pension.

  • People wanting a non-market linked consistent income.

  • Senior citizens desiring flexible pension modes.

  • Investors looking for joint pension security for couples and family members.

Conclusion

LIC Jeevan Akshay-VII is a well-structured immediate annuity plan providing guaranteed pension income with multiple options to suit different retirement needs. With LIC's legacy of trust, the plan is an excellent choice for people looking for simplicity, reliability, and a lifelong income stream post-retirement

Self study to make a future

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