LIC Jeevan Akshay VII Plan 857 – Complete Guide to Immediate Pension Benefits
The LIC Jeevan Akshay VII Plan 857 is one of the most trusted immediate annuity pension plans offered by the Life Insurance Corporation of India. This plan is specially designed for individuals who want guaranteed lifelong pension income after retirement through a one-time investment.
It is considered a suitable retirement option for senior citizens and individuals seeking stable income without market-related risks.
What is LIC Jeevan Akshay VII Plan 857?
LIC Jeevan Akshay VII (Plan No. 857) is a non-linked and non-participating immediate annuity plan. Since the policy is not connected to stock market performance, the annuity rates remain fixed and guaranteed throughout the policy duration.
Under this plan, the policyholder invests a lump sum amount once, and pension payments begin immediately according to the selected payout mode.
The plan is mainly suitable for retired individuals who want regular income for life with flexible annuity options and guaranteed returns.
LIC Jeevan Akshay VII Plan 857 Overview
LIC Jeevan Akshay VII offers various annuity choices for both single life and joint life coverage. The plan helps policyholders secure financial stability during retirement years with assured pension payouts.
Main Features of LIC Jeevan Akshay VII Plan 857
Single Premium Pension Plan
The policy requires only a one-time premium payment at the beginning of the plan. No future premium payments are needed.
Immediate Pension Facility
Pension payments start immediately after policy issuance, helping retirees receive regular income without delay.
Multiple Annuity Choices
The plan offers 10 different annuity options to meet varying retirement and family protection needs.
Flexible Pension Payment Modes
Policyholders can choose pension payouts according to their convenience:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Joint Life Pension Option
The policy provides both single-life and joint-life annuity choices. Joint-life options can include spouse or eligible family members.
Loan Facility Available
A loan can be availed against the policy after completion of 3 months from the date of policy issuance under eligible conditions.
Guaranteed Annuity Rates
The annuity rate is fixed at the time of purchase and remains guaranteed for life, irrespective of market conditions.
Higher Purchase Price Incentives
Additional incentives may be available for policyholders investing ₹5,00,000 or more as purchase price.
Free-Look Period Benefit
Policyholders receive:
- 15 days free-look period for offline purchase
- 30 days free-look period for online purchase
During this period, the policy can be cancelled if the buyer is not satisfied with the terms and conditions.
No Maturity Benefit
This plan does not provide any lump sum maturity amount. Instead, pension income continues according to the selected annuity option for life or guaranteed duration.
LIC Jeevan Akshay VII Plan 857 Eligibility Criteria
To purchase the LIC Jeevan Akshay VII Plan 857, policyholders must meet certain eligibility conditions set by Life Insurance Corporation of India.
| Parameter | Eligibility Details |
|---|---|
| Minimum Entry Age | 30 Years |
| Maximum Entry Age | 85 Years |
| Maximum Entry Age for Option F | 100 Years |
| Minimum Purchase Price | ₹1,00,000 |
| Maximum Purchase Price | No Limit |
| Minimum Monthly Pension | ₹1,000 |
| Minimum Quarterly Pension | ₹3,000 |
| Minimum Half-Yearly Pension | ₹6,000 |
| Minimum Yearly Pension | ₹12,000 |
| Pension Payment Modes | Monthly / Quarterly / Half-Yearly / Yearly |
Complete Details of 10 Annuity Options in LIC Jeevan Akshay VII
LIC Jeevan Akshay VII provides multiple annuity options to match different retirement income and family protection needs.
| Option | Description | Benefit After Death |
|---|---|---|
| Option A | Immediate annuity for life | Pension stops after death |
| Option B | Immediate annuity with 5 years guaranteed | Nominee receives pension for remaining guaranteed period |
| Option C | Immediate annuity with 10 years guaranteed | Pension continues for guaranteed 10 years |
| Option D | Immediate annuity with 15 years guaranteed | Pension paid for guaranteed 15 years |
| Option E | Immediate annuity with 20 years guaranteed | Guaranteed pension for 20 years |
| Option F | Immediate annuity with return of purchase price | Purchase price returned to nominee |
| Option G | Immediate annuity with 3% annual increase | Pension increases yearly and stops after death |
| Option H | Joint life annuity with 50% pension continuation | Surviving annuitant receives 50% pension |
| Option I | Joint life annuity with 100% pension continuation | Full pension continues to surviving annuitant |
| Option J | Joint life annuity with return of purchase price | Purchase price returned after death of last survivor |
How to Use LIC Jeevan Akshay VII Plan 857 Calculator
The LIC Jeevan Akshay VII Calculator helps policyholders estimate the pension amount based on their investment and selected annuity option.
Step 1: Enter Your Age
Input your current age. Most annuity options accept ages between 30 and 85 years.
Step 2: Enter Investment Amount
Provide the lump sum amount you wish to invest. The minimum purchase price starts from ₹1,00,000.
Step 3: Select Annuity Option
Choose one annuity option according to your retirement and family protection needs.
Step 4: Choose Pension Payout Mode
Select how frequently you want to receive pension payments:
- Monthly
- Quarterly
- Half-Yearly
- Yearly
Step 5: Click on Calculate
The calculator instantly displays the estimated pension amount based on your selected details.
This tool helps retirees estimate guaranteed pension income before purchasing the policy.
Benefits of LIC Jeevan Akshay VII Plan 857
Guaranteed Lifetime Pension
The plan ensures regular pension income throughout the lifetime of the annuitant.
Family Financial Security
Several annuity options provide pension continuation or return of purchase price to nominees and surviving family members.
Flexible Annuity Choices
Policyholders can choose from multiple pension structures according to their retirement planning goals.
Tax Saving Benefits
The purchase price may qualify for deductions under Section 80CCC of the Income Tax Act, subject to applicable tax rules.
Trusted Government-Backed Insurance Plan
The policy is offered by LIC, one of India’s most trusted government-owned insurance companies.
Loan Facility
Policyholders can avail loans against eligible annuity options for financial emergencies.
Example of LIC Jeevan Akshay VII Calculator
Suppose Mr. Sharma, aged 60 years, invests ₹5,00,000 in LIC Jeevan Akshay VII with the following details:
| Details | Selected Value |
|---|---|
| Purchase Price | ₹5,00,000 |
| Entry Age | 60 Years |
| Annuity Option | Option B |
| Pension Mode | Quarterly |
Based on these inputs, the calculator may estimate a quarterly pension of approximately ₹7,500.
If the annuitant passes away during the guaranteed period, the nominee continues receiving pension for the remaining guaranteed duration.
How Does LIC Jeevan Akshay VII Work?
The plan works on a simple pension model where the policyholder invests a one-time lump sum premium and starts receiving guaranteed pension payments immediately.
The pension amount mainly depends on:
- Entry age
- Investment amount
- Selected annuity option
- Pension payout frequency
For joint-life annuity plans, pension benefits continue until the death of both annuitants.
Important Things to Remember About LIC Jeevan Akshay VII
Before investing, keep the following points in mind:
- The policy does not provide maturity benefits
- Only one-time premium payment is required
- Annuity rates remain fixed for life
- Pension income is taxable according to income tax slab
- Multiple annuity options are available for flexibility
- Loan facility is available under eligible conditions
How to Buy LIC Jeevan Akshay VII Plan 857?
The policy can be purchased both online and offline.
Online Purchase
Users can buy the plan through the official LIC India Website.
Offline Purchase
The policy is also available through:
- LIC branch offices
- Authorized LIC agents
To purchase the plan, policyholders generally need:
- Identity proof
- Age proof
- Address proof
- Premium payment amount
Once the application process is completed and premium is paid, pension payments begin according to the selected annuity mode.
Frequently Asked Questions About LIC Jeevan Akshay VII Plan 857
What is LIC Jeevan Akshay VII Plan 857?
LIC Jeevan Akshay VII Plan 857 is a single premium immediate annuity plan offered by Life Insurance Corporation of India. It is specially designed to provide guaranteed lifelong pension income in exchange for a one-time lump sum investment.
Who is Eligible to Purchase LIC Jeevan Akshay VII?
Individuals between 30 years and 85 years of age can purchase this policy. The minimum purchase price starts from ₹1,00,000. Eligibility may vary depending on the selected annuity option and LIC guidelines.
What Annuity Options are Available Under LIC Jeevan Akshay VII?
The plan offers 10 annuity options, including:
- Lifetime pension plans
- Guaranteed period annuity options
- Joint life annuity plans
- Return of purchase price options
- Increasing pension options
These choices help policyholders customize pension benefits according to retirement and family needs.
What is the Advantage of Joint Life Annuity Options?
Joint life annuity options ensure that pension payments continue for the surviving spouse or secondary annuitant after the death of the primary annuitant.
Depending on the selected option:
- 50% pension may continue, or
- 100% pension may continue
This feature provides long-term financial security for family members.
Are Tax Benefits Available Under LIC Jeevan Akshay VII?
Yes, the purchase price paid under the plan may qualify for tax deductions under Section 80CCC of the Income Tax Act, subject to applicable tax rules.
However, the pension income received is taxable according to the individual’s income tax slab.
How Can I Purchase LIC Jeevan Akshay VII Plan 857?
The policy can be purchased:
- Through LIC branch offices
- Via authorized LIC agents
- Online through the official LIC India Website
The process usually involves:
- Submission of identity and age proof
- Selection of annuity option
- Lump sum premium payment
- Policy verification and issuance
Final Summary
The LIC Jeevan Akshay VII Plan 857 is a reliable immediate annuity pension plan for individuals seeking guaranteed lifelong pension income after retirement. With multiple annuity choices, flexible payout frequencies, joint-life benefits, loan facilities, and guaranteed annuity rates, the plan offers strong retirement income security.
Using the LIC Jeevan Akshay VII Calculator helps investors estimate expected pension benefits based on age, investment amount, annuity option, and payout mode. This makes retirement planning easier and more transparent for future policyholders.
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