LIC Jeevan Akshay VII
Immediate annuity, start receiving pension right away
What is LIC Jeevan Akshay VII?
LIC Jeevan Akshay VII (Plan 857, UIN 512N337V07) is a pension plan from Life Insurance Corporation of India. It is a non-participating plan: your payouts come from the annuity rates locked in when you buy, not from bonus declarations.
You pay the entire premium once at purchase, with nothing more to pay after that. What the plan pays: Pension for life. On the annuitant's death: Purchase price returned to nominee (in select options).
It suits people looking for immediate pension, retirement, senior citizens and regular income. NRIs can buy this plan too.
Key Highlights
Benefits Explained Simply
Eligibility & Details
Tax Benefits
- Section 80CCC deduction on premium
- Pension is taxable income
Premium Rates (Indicative)
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
Who is This Plan Best For?
Frequently Asked Questions
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.