LIC Jeevan Akshay - VII Calculator

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. 

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What is LIC Jeevan Akshay VII Calculator?

LIC Jeevan Akshay VII calculator is an 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 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:

What Are The Benefits of Using Jeevan Akshay Calculator?

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.

How To Use LIC Jeevan Akshay Calculator?

Using the Jeevan Akshay calculator 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.

Required Information

Here is the list of data required for calculating the pension amount using the LIC Jeevan Akshay Calculator 2022:

  • 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

Calculate Premium

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.

Sample Premium Illustration

The most common options opted in LIC Jeevan Akshay are the annuity plan Options F and J. The following example was calculated using the LIC Jeevan Akshay VII Calculator. So 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

How to Purchase LIC Jeevan Akshay - VII From Policybazaar?

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

FAQ's

  • Q1. How to purchase this pension plan?

    A1. Purchase of LIC Jeevan Akshay- VII can be done both online or offline. In the case of online purchasing, one can visit the LIC online portal, and one can easily purchase the plan from there. In offline purchase, one has to contact a LIC agent or visit any nearby LIC branch. 
  • Q2. Where to find the Jeevan Akshay- VII calculator?

    A2. Jeevan Akshay- VII calculator can be easily accessible by visiting LIC online portal. After providing the information and choosing the option to be availed, the pension amount can be easily calculated.
  • Q3. What are the additional benefits of the Jeevan Akshay- VII plan?

    A3. LIC Jeevan Akshay- VII is a pension plan that provides immediate Annuity. It is available in 10 different options plans, and customers can choose any option as per their convenience and requirement. Other important additional benefits include the different modes of annuity payment available. A single person can take the immediate annuity pension plan, or it may also be taken jointly as per the different options plan available. 
  • Q4. What is the mode of annuity Payments?

    A4. LIC Jeevan Akshay- VII provides four modes of annuity payments as per user convenience.
    They are as follow:
    • Monthly, i.e., every month
    • Quarterly, i.e., every 3 months
    • Half-yearly, i.e., every 6 months
    • Yearly, i.e., every 12 months
  • Q5. What are the minimum and maximum age limits for the plan?

    A5. The minimum age limit required to purchase LIC Jeevan Akshay- VII is 30 years. Any person below the age of 30 is not eligible for this plan. The maximum age is limited to 85 years, and in the case of Option F, it is 100 years.
  • Q6. How does an Annuity Pension plan work?

    A6. In an annuity plan, the policyholder gets a regular payment for life long after investing a sum of money in the plan. The regular payment mode may be monthly, quarterly, half-yearly, or yearly. The pension amount depends on the sum of money invested or the policy option chosen by the policyholder. The policy plan may be a single or joint account and mainly depends on the option plan. 
    In simple terms, it can be understood in the following steps:
    • Customers purchase a pension plan after investing a lump sum amount.
    • LIC will start paying pension immediately based on the option plan chosen.
    • The pension amount depends on the terms and conditions of the policy.
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