PolicyBros.in
Pension PlansPlan 857NRI Eligible

LIC Jeevan Akshay VII

Immediate annuity, start receiving pension right away

What is LIC Jeevan Akshay VII?

LIC Jeevan Akshay VII (Plan 857) is a pension plans plan from Life Insurance Corporation of India. In simple terms: immediate annuity, start receiving pension right away.

Key Highlights

10 different annuity options to choose from
Start receiving pension immediately after purchase
Joint life option for you and spouse
Ideal for retirees with lump sum corpus

Benefits Explained Simply

If Something Happens to You (Death Benefit)

Purchase price returned to nominee (in select options)

When the Plan Matures (Maturity Benefit)

Pension for life

Eligibility & Details

Minimum Entry Age25 days (for children)
Maximum Entry Age85 years
Minimum Sum Assured₹1,00,000
Policy TermLifetime annuity
Premium Paying TermSingle premium
Bonus Typenone
Risk Levellow
NRI EligibleYes

Tax Benefits

  • Section 80CCC deduction on premium
  • Pension is taxable income

Premium Rates (Indicative)

Age1 years2 years3 years4 years
60 yrs₹86,100₹84,000₹64,000₹68,700

VERIFIED from official LIC Sales Brochure (Aug 2025). Immediate annuity plan. Single premium. 10 annuity options (A through J). Illustration shows annual annuity for ₹10 lakh purchase price at age 60: Col 1 = Option A (life only ₹86,100), Col 2 = Option C (10yr guaranteed ₹84,000), Col 3 = Option F (life + return of price ₹64,000), Col 4 = Option G (3% increasing ₹68,700). Min entry age: 25 years (subject to min ₹10L purchase for age 25-29). Max entry age: 85 years (100 for Option F). No maturity benefit.

Source: LIC Official Sales Brochure | Data last verified: 21 March 2026

Example: What You Could Get

Select a plan with available rates to see an illustration.

Who is This Plan Best For?

immediate pensionretirementsenior citizensregular income

Frequently Asked Questions

What is LIC Jeevan Akshay VII (Plan 857)?

LIC Jeevan Akshay VII is a pension plans plan from Life Insurance Corporation of India. Immediate annuity, start receiving pension right away.

What is the eligibility age for LIC Jeevan Akshay VII?

Entry age is between 25 and 85 years. Policy term: Lifetime annuity. Premium paying term: Single premium.

What is the minimum sum assured for LIC Jeevan Akshay VII?

Minimum sum assured is ₹1,00,000. There is no upper limit on sum assured.

What are the tax benefits of LIC Jeevan Akshay VII?

Section 80CCC deduction on premium. Pension is taxable income.

Is LIC Jeevan Akshay VII available for NRIs?

Yes. LIC Jeevan Akshay VII is available to Non-Resident Indians. NRIs can buy this plan during a visit to India or through power of attorney.

What happens if I stop paying premiums on LIC Jeevan Akshay VII?

If you stop paying premiums before 3 years, the policy lapses and you lose all benefits. After 3 years of premium payments, the policy acquires a paid-up value and you receive a reduced sum assured. You can also revive a lapsed policy within 5 years by paying outstanding premiums plus interest.

The information above is for educational purposes only. Actual premiums, benefits, and terms are as per LIC of India. For official and complete details, visit licindia.in.

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