LIC Jeevan Akshay-VII is one of the most trusted and popular immediate annuity plans from the Life Insurance Corporation of India (LIC). Designed for individuals seeking guaranteed lifelong income after retirement, this plan transforms a one-time lump-sum investment into a steady monthly or yearly pension — ensuring financial stability throughout life.
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🌟 What is LIC Jeevan Akshay-VII?
LIC Jeevan Akshay-VII is a non-linked, non-participating, immediate annuity plan. This means that as soon as you invest, your pension starts immediately — either monthly, quarterly, half-yearly, or yearly, depending on your preference.
It’s ideal for retirees, senior citizens, or anyone who wants regular income without market risk.
💰 Key Features of LIC Jeevan Akshay-VII
- Single Premium Payment: Invest once and enjoy lifetime pension benefits.
- Multiple Annuity Options: Choose from 10 different pension options such as life annuity, joint life annuity, return of purchase price, and more.
- Immediate Pension Start: Pension begins right after you make the payment — no waiting period.
- Guaranteed Lifetime Income: Fixed and assured pension throughout life, unaffected by market fluctuations.
- Option for Nominee Benefits: Certain options return the purchase price (investment amount) to your nominee after your demise.
- Available Both Online & Offline: Easy to purchase through LIC agents or official LIC website.
- Loan Facility: Available after 3 months of purchase (for specific annuity options).
🧮 Example Calculation
Let’s assume a 60-year-old investor buys the Jeevan Akshay-VII plan by investing ₹10 lakh (single premium).
Depending on the chosen annuity option, the person can receive a monthly pension of ₹5,500–₹8,000 for life, or higher if opting for an annual payout.
For higher investments, say ₹1 crore, the monthly pension could range between ₹45,000–₹55,000, making it a stable and safe post-retirement income option.
🔟 LIC Jeevan Akshay-VII – Annuity Options
You can choose from 10 annuity options, such as:
- Lifetime pension without return of purchase price
- Lifetime pension with return of purchase price
- Joint-life annuity (spouse continues pension after your death)
- Pension guaranteed for 5, 10, 15, or 20 years
- Pension with increasing rate every year (for inflation protection)
- Lifetime pension with deferred start option
Each option offers flexibility depending on your financial goals and family needs.
🧍 Who Should Invest in LIC Jeevan Akshay-VII?
This plan is perfect for:
✅ Retirees seeking guaranteed monthly income
✅ Senior citizens wanting stable pension after 60
✅ Business owners looking for non-market-linked steady returns
✅ Anyone who prefers safety and predictable income over risk
⚖️ LIC Jeevan Akshay-VII – Eligibility Criteria
- Minimum Entry Age: 30 years
- Maximum Entry Age: 85 years (depending on annuity option)
- Minimum Purchase Price: ₹1 lakh (offline), ₹1.5 lakh (online)
- No Maximum Limit: You can invest as much as you want for higher pension returns.
📈 Benefits of LIC Jeevan Akshay-VII
- Guaranteed lifelong pension income
- Flexible payout modes (monthly/quarterly/half-yearly/yearly)
- 100% secure investment backed by LIC
- Tax benefits under Section 80C and 10(10D)
- Peace of mind and financial independence post-retirement
⚠️ Points to Remember
- Pension amount is fixed at purchase; it doesn’t increase over time unless you select the “increasing annuity” option.
- Once selected, the annuity option cannot be changed later.
- Pension income is taxable as per your income tax slab.
🎯 Final Verdict
LIC Jeevan Akshay-VII is an excellent choice for those looking for immediate, risk-free, and guaranteed lifetime pension income. It’s especially suited for retirees and senior citizens who prefer steady returns and long-term security over market-linked volatility.
If you want peace of mind, financial stability, and lifelong income, this plan stands as one of LIC’s best offerings in 2025.
