LIC Jeevan Akshay- VII Calculator

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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.

Annuity Options in LIC Jeevan Akshay- VII

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.

What is LIC Jeevan Akshay- VII Calculator?

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.

How to Use LIC Jeevan Akshay 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

What are the Benefits of using this Calculator?

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

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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.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 4 Reviews)

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LIC Jeevan Akshay- VII Calculator Reviews & Ratings

4.8 / 5 (Based on 73 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Ram
Balasore, April 16, 2021
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
Jyotsana
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Anubha
Mainpuri, April 14, 2021
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
Nimesh
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amisha
Babina, April 13, 2021
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
Jay
Lakhimpur, April 12, 2021
Safety
I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
Amit
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Ashok
Mota Chiloda, April 09, 2021
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
Azam
, April 09, 2021
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
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