LIC Jeevan Akshay - VII Calculator is an online tool that allows prospective buyers to calculate the premiums of LIC Jeevan Akshay-VII plan. The calculator calculates the premium amounts based on the details provided by the policyholder. In this article, we are going to explore why using a LIC Jeevan Akshay -VII calculator might be essential before you consider buying this plan.Read more
LIC Jeevan Akshay VII calculator is a free online tool that can be used by the policy buyers to calculate the premium amounts that one needs to pay to get a certain amount i.e., life cover from your LIC Jeevan Akshay Plan. This online tool offered by LIC helps in financial planning and with this, you can easily estimate which premium rate is right for you and your family’s financial objectives.
The Jeevan Akshay for Senior Citizens calculator works by calculating the premium amounts depending on the pension type you choose, your age and some other factors that we will discuss here in this article:
Below-mentioned are 5 benefits of using an Jeevan Akshay 7 Calculator:
Easy to use: The LIC 857 Plan LIC Calculator is easy and undemanding to use as it is an online tool that is easy to access and use.
Time-saving: It is accurate and time-saving as you don't have to perform all the calculations manually using the formulas yourself.
User-friendly: The calculator is also user-friendly as all you have to do is enter the values and it will compute all the tedious calculations itself.
Convenient: It removes the need of spending hours figuring out the formulas and details to be taken into account using a manual chart.
Accurate Estimation: Since it is all computed online, the calculations of Jeevan Akshay Calculator are accurate and reliable.
Easy Comparison: With the help of LIC Jeevan Akshay VII calculator, you can compare several plans and choose the best plan as per your needs and budget.
Using the Jeevan Akshay calculator to calculate the premiums of LIC Jeevan Akshay VII plan is as simple as using any other mathematical calculator. One must fill in the required data relevant to the policy, and the pension amount will easily be calculated.
Here is the list of data required for calculating the pension amount using the LIC Jeevan Akshay Calculator 2023:x
Pension type: It can be either a single or joint life plan
Pension option: Choose any one of the 10 options available
Annuity Mode: Choose whether you want to receive the pension on a monthly, quarterly, bi-annually, or yearly basis
Primary Holder’s age: Since the plan is only open for people over 30 years of age the age has to be 30 years (completed) or more
Secondary Holder’s name and age: In case of a joint plan option
Premium Amount:: The premium payment amount paid to purchase the policy
Here we will see the process of calculating the premium rate of LIC Jeevan Akshay VII for the annuity option of your choice by using the LIC Jeevan Akshay 7 Calculator 2022:
Step 1 – Visit the Official website of LIC
Step 2 – Open ‘Banner of LIC Jeevan Akshay VII or Buy Policy Online’ and select the LIC Jeevan Akshay VII Premium calculator on the home page
Step 3 – Click on the tab ‘Buy Online’ and select Jeevan Akshay VII plan
Step 4 – After choosing the premium calculator or clicking on buy online, you will be redirected to the new page of LIC
Step 5 – Enter the required details in the LIC calculator such as name, date of birth, gender, country code, mobile, and email.
Step 6 - Click on the Quick Quote option after entering all the essential information.
Step 7- The insurance buyer will again be redirected to a new window, where they can select the term plan as per their requirements and then proceed with the premium computation.
Step 8 – Choose the coverage, premium amount, premium payment frequency, and policy tenure, if required by the insurer.
Step 9 – Now a buyer can choose the quotes and then on the next page, all the LIC Jeevan Akshay VII plan premium details will be displayed.
To understand the working of LIC Jeevan Akashy for senior citizens calculator, let us take a look at the illustration below.
Let us suppose, you are a 35-year-old male who is willing to buy the policy for Rs. 5 Lacs. If the pension mode is selected as annual, the regular pension for both Options F and J are:
|Annuity Option||Purchase Price||Yearly Pension||Death Benefit|
|Option F||Rs. 5,00,000||Rs. 29,625||Rs. 5,00,000|
|Option J||Rs. 5,00,000||Rs. 29,525||Rs. 5,00,000|
You can easily purchase LIC Jeevan Akshay Plan from Policybazaar by following the below-mentioned steps:
Go to the LIC Jeevan Akshay plan page on Policybazaar
Fill in the relevant information that is name and mobile number and click on view plans
Then enter your age as well and city.
Customize your requirements by choosing the amount you want to invest and tenure of the policy.
Once done, choose the best-suited plan as per your requirements
Proceed to pay
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