Being the largest insurance company in India, LIC has earned a special place in the people's hearts with a wide range of products. LIC's slogan "Your welfare is our responsibility" has itself held for providing different welfare schemes for the people of urban and rural areas. LIC has never fallen behind when it comes to meeting the demand of common people and securing them with a better plan that fulfills their future requirements.
Secure Your Retirement with
100% Guaranteed
Pension For Life
Invest 20 Lacs Get ₹ 1.6 Lacs pension for Life
Guaranteed Return For Life
Multiple Annuity Options
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
LIC Jeevan Akshay- VII plan has proven to be a game-changer for securing investment plans. Jeevan Akshay- VII is an annuity plan where people can choose any plan among the different options provided. There are ten available options of plan in Jeevan Akshay- VII with different payment options, guarantee period, and termination plan. It is an immediate annuity plan where the policyholder can purchase the plan by paying a lump sum amount. Once he acquires the plan, he becomes eligible for the benefits of the plan. The immediate pension amount would be based on which plan option the policyholder has chosen.
LIC Jeevan Akshay- VII comes with ten available options. Customers can choose any one option as per their convenience and requirements. It can be chosen as a single or joint annuity with all the different options available. The annuity payment mode is also available in four different options, monthly, quarterly, half-yearly, and yearly.
The different annuity options available are mentioned in the table below:
Annuity Options |
Description |
Option A |
Immediate Annuity for life and cease with death |
Option B |
Immediate Annuity with 5 years guarantees period and life thereafter. With the death of the annuitant within the guarantee period, the Annuity will be given to the nominee(s). |
Option C |
Immediate Annuity with 10 year guarantee period and with the death of annuitant within the guarantee period, the Annuity will be given to nominee(s). |
Option D |
Immediate Annuity with 15 year guarantee period and with the death of annuitant within the guarantee period, the Annuity will be given to nominee(s). |
Option E |
Immediate Annuity with 20 year guarantee period and with the death of annuitant within the guarantee period, the Annuity will be given to nominee(s). |
Option F |
Immediate Annuity for life with return of purchase price |
Option G |
Immediate Annuity for life with 3% increasing simple Interest. |
Option H |
Joint Immediate Annuity for life and 50% annuity for 2nd annuitant in case of death of 1st annuitant. |
Option I |
Joint Immediate Annuity for life and 100% annuity as long as any one of the annuitants is alive. |
Option J |
Joint Immediate Annuity for life and 100% annuity as long as one annuitant is alive and returns the purchase price on the death of the last survivor. |
The LIC Jeevan Akshay- VII calculator is used to calculate the pension amount a policyholder may get on investing a certain amount in the plan. It is a beneficial and easily accessible calculator that will provide all the details based on the option plans a person chooses. Since the LIC Jeevan Akshay- VII comes with many options, it becomes essential to know the exact amount and correct data for easing the investment process by using this calculator.
The calculating process is as simple as using any other mathematical calculator. One must fill in some data related to the policy, and the pension amount will easily be calculated. Here is the list of data required for calculating the pension amount:
Pension type: It may be single or joint
Pension option: Choose any one among the given 10 options
Primary Holder’s age: Has to be 30 years or more
Secondary Holder’s age: In case of a joint plan option
Purchase Amount: Single, one-time premium to be invested
Calculating LIC Jeevan Akshay- VII pension amount depends on many factors and data. Hence, using a calculator is very beneficial to make the process straightforward. In the case of calculating from a manual or hard copy premium chart, it consumes a lot of time; hence the calculator is beneficial in terms of saving time. Many factors like pension type, pension option, age, and purchase amount are required to calculate the pension amount, which the calculator can easily do. By all means, the calculator always gives an error-free result since many factors are to be considered before calculating the final pension amount.
Here is a brief list of the benefits of using a calculator:
Easy and undemanding
Time-saving
User friendly
Avoids the hurdle of calculation from a manual chart
Promotes accuracy