LIC Jeevan Akshay Calculator
Immediate Annuity Plan - Calculate Your Guaranteed Pension
Your Pension Calculation
- Guaranteed pension for lifetime
- Single premium immediate annuity plan
- 10 different annuity options available
- Incentives for higher purchase price
- Minimum purchase price: ₹1,00,000
If you are looking for a guaranteed monthly pension for life, LIC’s Jeevan Akshay plans are among the most popular options in India. Many people use an LIC Jeevan Akshay calculator to check how much pension they will get for a given lump‑sum amount, age, and option.
What is LIC Jeevan Akshay?
LIC Jeevan Akshay is an immediate annuity (pension) plan. You pay a one‑time lump sum to LIC, and in return you start getting a regular pension (monthly, quarterly, half‑yearly, or yearly) for life.
- It is a non‑linked, non‑participating plan (no market risk, no bonuses).
- The annuity rate is fixed at the time of purchase.
- It is mainly used for retirement planning or to create a stable income stream after selling a property, FD, or other assets.
Jeevan Akshay VI – Plan 189 (Older Plan)
Launch and withdraw date
- Original launch: An earlier version of Jeevan Akshay VI was launched many years ago.
- Modified version (Plan No. 189, UIN 512N234V05): Re‑introduced and available for sale from 24 October 2016.
- Withdraw date: The official LIC page shows Date of Withdrawal: 01‑12‑2017 for this product page, meaning the old version was withdrawn and the modified Plan 189 replaced it.
So today, when people talk about Jeevan Akshay VI Plan 189, they usually mean the modified Plan 189 with updated annuity tables.
Key features of Jeevan Akshay VI (189)
- Type: Single‑premium, immediate annuity, non‑linked, without‑profit.
- Minimum purchase price: ₹100,000 (no maximum limit).
- Entry age: 30 years (completed) to 85 years (completed) for most options.
- Annuity modes: yearly, half‑yearly, quarterly, or monthly.
- Surrender: Not allowed; no surrender value once the policy is in force.
All 10 options in Jeevan Akshay VI (189)
You can choose only one option at the time of purchase; it cannot be changed later.
| Option | What it means |
|---|---|
| Option 1 | Pension for your entire life at a fixed rate. No guarantee period; pension stops on your death. |
| Option 2 | Pension for 5 years certain, then as long as you live. If you die within 5 years, the nominee gets the remaining guaranteed pension. |
| Option 3 | Pension for 10 years certain, then for life. If you die within 10 years, the nominee gets the balance guaranteed pension. |
| Option 4 | Pension for 15 years certain, then for life. Same logic as above. |
| Option 5 | Pension for 20 years certain, then for life. |
| Option 6 | Pension for life with return of full purchase price on your death. Pension stops; the nominee gets the lump sum. |
| Option 7 | Pension for life, increasing by 3% simple interest every year. No guarantee period. |
| Option 8 | Pension for life; on your death, 50% of the pension goes to your spouse for their lifetime. |
| Option 9 | Pension for life; on your death, 100% of the pension goes to your spouse for their lifetime. |
| Option 10 | Pension for life; on your death, 100% pension goes to spouse, and on spouse’s death, purchase price is returned to the nominee. |
Jeevan Akshay VII – Plan 857 (Newer Plan)
Launch and withdraw date
- Launch date: 25 August 2020 (replaced the immediate‑annuity part of Jeevan Shanti 850).
- Effective date: Some sources mention 1 November 2024 as an updated effective date for revised tables, but the plan itself was launched in 2020.
- Withdraw date: The LIC product page shows Launch Date: 25‑08‑2022 and Withdraw Date: 28‑02‑2023, which refers to an earlier version or specific variant; the current Jeevan Akshay‑VII (857) is still active with updated UIN.
So in practice, LIC Jeevan Akshay‑VII 857 is the current immediate annuity plan you can buy today.
Key features of Jeevan Akshay VII (857)
- Type: Non‑linked, non‑participating, individual immediate annuity plan.
- Minimum purchase price: ₹1,00,000 (no upper limit).
- Entry age:
- 30 years (completed) to 85 years (completed) for most options.
- Up to 100 years for Option F (life annuity with return of purchase price).
- Annuity modes: monthly, quarterly, half‑yearly, yearly.
- Minimum annuity:
- ₹1,000/month,
- ₹3,000/quarter,
- ₹6,000/half‑year,
- ₹12,000/year.
All 10 options in Jeevan Akshay VII (857)
You again choose only one option at purchase.
| Option | What it means |
|---|---|
| Option A | Immediate annuity for life at a fixed rate. No guarantee period. |
| Option B | An annuity with a 5‑year guarantee period and life thereafter. If you die within 5 years, the nominee gets the balance guaranteed pension. |
| Option C | 10‑year guarantee period and life thereafter. |
| Option D | 15‑year guarantee period and life thereafter. |
| Option E | 20‑year guarantee period and life thereafter. |
| Option F | Immediate annuity for life with return of purchase price on death. Pension stops; the nominee gets the lump sum. |
| Option G | Annuity for life, increasing by 3% simple interest every year. |
| Option H | Joint life annuity: on the primary annuitant’s death, 50% of the pension goes to the secondary annuitant for life. |
| Option I | Joint life annuity: on the primary annuitant’s death, 100% of pension goes to the secondary annuitant for life. |
| Option J | Joint life annuity with return of purchase price; 100% pension to survivor, and on last survivor’s death, purchase price is returned. |
How LIC Jeevan Akshay Calculator Works
An LIC Jeevan Akshay calculator (for both Plan 189 and 857) is an online tool that tells you how much pension you will get based on:
- Your age (and spouse’s age in joint‑life options).
- Single‑premium amount you want to invest.
- Annuity mode: monthly, quarterly, half‑yearly, or yearly.
- Option chosen (A–J for 857; 1–10 for 189).
Steps to use the calculator (general)
- Go to LIC’s official site or a trusted third‑party calculator (like Policybazaar or LIC Calculator sites).
- Select LIC Jeevan Akshay‑VII 857 or Jeevan Akshay‑VI 189.
- Enter:
- Date of birth (and spouse’s DOB if joint life).
- Gender.
- Purchase price (lump sum).
- Annuity mode (monthly, quarterly, etc.).
- Option (A–J for 857; 1–10 for 189).
- Click “Calculate”; the tool will show your monthly/yearly pension and total payout.
Why use a calculator?
- It saves time and avoids manual table‑checking.
- It helps you compare options (for example, Option A vs. Option F vs. Option J).
- You can test different lump‑sum amounts and see how the pension changes.
Example: How much pension can you expect?
Let’s take a simple example for Jeevan Akshay‑VII (857):
- Age: 60 years
- Purchase price: ₹20,00,000
- Annuity mode: Yearly
- Option A – Immediate annuity for life
According to public tables, the yearly pension for this case is around ₹172,200 per year (about ₹14,350 per month).
If you choose Option F (return of purchase price), the pension will be lower (around ₹1,48,000 per year in some tables) because part of the lump sum is reserved for return on death.
Exact figures change with age, gender, and current LIC rates, so always use the latest calculator before buying.
Jeevan Akshay VI vs Jeevan Akshay VII Quick Comparison
| Feature | Jeevan Akshay VI (189) | Jeevan Akshay VII (857) |
|---|---|---|
| Launch (modified/active version) | Modified version from 24‑10‑2016 | Launched 25‑08‑2020 |
| Plan type | Immediate annuity, single premium | Immediate annuity, single premium |
| Minimum purchase price | ₹1,00,000 | ₹1,00,000 |
| Entry age | 30–85 years (most options) | 30–85 years; up to 100 for Option F |
| Options | 10 options (1–10) | 10 options (A–J) |
| Status today | Modified Plan 189 is still valid for existing policies; new sales may be limited or replaced by 857 | Current active plan for new purchases |
If you are buying fresh, you will usually be offered Jeevan Akshay‑VII (857); Plan 189 is more relevant for older policies or comparison.
How to Choose the Right Option?
Here are some simple rules of thumb:
- If you want maximum pension and are okay that nothing returns to family, choose Option A (857) or Option 1 (189).
- If you want some guarantee that family gets money if you die early, choose Option B/C/D/E (857) or Options 2–5 (189) with a 5/10/15/20‑year guarantee.
- If you want the pension to continue for your spouse, choose Option H/I/J (857) or Options 8–10 (189).
- If you want a pension and return of a lump sum, choose Option F (857) or Option 6 (189) (the pension will be lower).
Always use the LIC Jeevan Akshay calculator to compare these options for your exact age and amount.
Frequently Asked Questions (FAQ)
What is LIC Jeevan Akshay?
It’s a single-premium immediate annuity plan where you pay a lump sum once and get a guaranteed pension for life.
What’s the minimum purchase amount?
₹1,00,000 for both Plan 189 (VI) and Plan 857 (VII); no upper limit.
How many options are there?
10 options in each plan (1-10 for 189; A-J for 857), like life-only, joint life, or with guarantee periods.
Can I surrender the policy?
No surrender value in Plan 189; Plan 857 is also generally non-surrenderable.
Launch date of Plan 857?
25 August 2020 (with updates; still active).
Conclusion
LIC Jeevan Akshay (both Plan 189 – VI and Plan 857 – VII) is a simple, guaranteed pension product for people who want lifetime income from a lump‑sum amount. The LIC Jeevan Akshay calculator helps you quickly estimate how much pension you will get for different options and amounts, so you can choose the best fit for your retirement or post‑retirement needs.
If you are buying now, focus on Jeevan Akshay‑VII (857); if you are reviewing an old policy, check whether it is under Plan 189 (VI) and compare the option you selected with current alternatives. Always read the policy brochure and, if needed, consult a licensed financial advisor before investing.