LIC Jeevan Akshay VII Plan 857 is a popular single premium immediate annuity plan offered by the Life Insurance Corporation of India (LIC). This plan is designed to provide a lifelong guaranteed pension after retirement, helping senior citizens secure a steady income stream in their golden years.

What is LIC Jeevan Akshay VII Plan 857?

LIC Jeevan Akshay VII (Plan No. 857) is a non-linked, non-participating immediate annuity plan. This means the plan is not linked to market performance, and the annuity rates are guaranteed for the lifetime of the policyholder. It is meant for individuals who want a regular income immediately after investing a lump sum amount.

The plan is ideal for retired individuals looking for a secure pension option with flexible annuity modes and a choice between single or joint life annuity.

Key Features of LIC Jeevan Akshay VII Plan 857

• Single Premium: You pay the premium amount only once at the time of policy purchase.
• Immediate Annuity: Pension payments start immediately after the policy is bought.
• Multiple Annuity Options: There are 10 different annuity options available to suit varied needs.
• Flexible Payment Modes: Choose from yearly, half-yearly, quarterly, or monthly pension payments.
• Joint Life Option: Pension can be taken for a single life or joint lives (spouse or lineal relatives).
• Loan Facility: A loan can be availed against the policy after 3 months of issuance.
• Guaranteed Annuity Rates: The annuity rates are fixed and guaranteed at policy inception.
• Incentives for High Purchase Price: Extra incentive if the premium is ₹5,00,000 or above.
• Free-Look Period: 15 days to review the policy (30 days if purchased online) to cancel if not satisfied.
• No Maturity Benefit: No lump sum payout at the end; the pension is paid for life or a guaranteed period.

Eligibility Criteria for LIC Jeevan Akshay VII

To purchase this policy, the following eligibility norms apply:

Parameter	Criteria
Entry Age	Minimum 30 years, Maximum 85 years (100 years for Option F)
Minimum Purchase Price	₹1,00,000 (No upper limit)
Minimum Annuity	₹1,000 per month, ₹3,000 per quarter, ₹6,000 per half-year, ₹12,000 per annum
Mode of Pension Payment	Monthly / Quarterly / Half-Yearly / Yearly

Understanding the 10 Annuity Options of Jeevan Akshay VII

LIC Jeevan Akshay VII offers 10 annuity options catering to different preferences for payout and survivorship. These are:

Annuity Option	Description	Benefit on Death
A	Immediate annuity for life	Annuity ceases on death
B	Immediate annuity with 5 years guaranteed	Nominee receives pension for guaranteed 5 years if death occurs earlier
C	Immediate annuity with 10 years guaranteed	Nominee gets pension for guaranteed 10 years
D	Immediate annuity with 15 years guaranteed	Nominee gets pension for guaranteed 15 years
E	Immediate annuity with 20 years guaranteed	Nominee gets pension for guaranteed 20 years
F	Immediate annuity for life with return of purchase price	Purchase price returned to nominee at death
G	Immediate annuity with 3% simple increase annually	Increasing pension, stops on death
H	Joint life annuity with 50% pension to secondary annuitant	Surviving spouse/annuitant gets 50% pension
I	Joint life annuity with 100% pension to surviving annuitant	Surviving annuitant continues full pension
J	Joint life annuity with return of purchase price on last survivor’s death	Purchase price returned after last survivor dies

How to Use LIC Jeevan Akshay VII Plan 857 Calculator

A LIC Jeevan Akshay VII Plan calculator helps you estimate the pension amount you will receive based on your age, purchase price, annuity option, and payment frequency.

Steps to Use the Calculator:

1. Enter Age: Input your current age (between 30 to 85 for most options).
2. Investment Amount: Enter the lump sum amount you want to invest (minimum ₹1,00,000).
3. Choose Annuity Option: Select one of the 10 annuity options based on your requirement.
4. Choose Pension Mode: Pick the mode of payment—monthly, quarterly, half-yearly, or yearly.
5. Calculate: The calculator will display your estimated pension amount as per the selected details.

This tool helps you plan your post-retirement income by giving a clear picture of your guaranteed pension.

Benefits of LIC Jeevan Akshay VII Plan 857

• Guaranteed Lifetime Income: Secure a steady pension throughout your life.
• Death Benefits: Options ensure pension continuity to the nominee or return of the purchase price.
• Flexibility: Multiple options to customize pension payments and survivorship.
• Tax Benefits: Premium paid can be eligible for tax deduction under Section 80CCC of the Income Tax Act.
• Safety: Backed by LIC, a government-owned insurer with strong reliability.
• Loan Facility: Provides liquidity through a loan against the policy if needed.

Illustrative Example Using LIC Jeevan Akshay VII Calculator

Suppose Mr. Sharma, aged 60, invests ₹5,00,000 in the LIC Jeevan Akshay VII Plan opting for annuity option B (5 years guaranteed and life thereafter) with a quarterly pension mode.

• Purchase Price: ₹5,00,000
• Entry Age: 60 years
• Annuity Option: B
• Mode: Quarterly

Using the calculator, Mr. Sharma finds that his quarterly pension would be approximately ₹7,500. In case of his demise within 5 years, his nominee will continue to receive the pension for the balance of the guaranteed period.

This example clearly shows how the calculator can help plan retirement finances effectively.

How Does the Annuity Plan Work?

When you invest a lump sum premium in the LIC Jeevan Akshay VII, the company promises to pay you a fixed pension amount regularly. The amount depends on:

• Your age at entry (younger entrants generally get lower annuity rates)
• The premium amount
• The annuity option chosen
• The mode of pension payment

The annuity payments continue either till the life of the annuitant or for a guaranteed period (if selected). For joint life plans, payments continue till the demise of both annuitants.

Important Points to Remember

• No Maturity Amount: The plan does not pay any lump sum on maturity.
• Single Premium only: No regular premium payments, just one-time investment.
• Annuity Rates Guaranteed: Rates fixed on policy issuance do not change.
• Flexibility in Plans: Choose options suiting your pension needs.
• Taxation: Annuity income is taxable as per individual slab rates.

How to Buy LIC Jeevan Akshay VII Plan 857?

This plan is available through LIC branches and official LIC websites. The process is straightforward:

• Visit the nearest LIC branch or the LIC online portal.
• Submit your age proof and identity documents.
• Choose your annuity option and mode of payment.
• Pay the lump sum premium.
• Receive policy documents and start getting a pension immediately after issuance.

Frequently Asked Questions

Summary

The LIC Jeevan Akshay VII Plan 857 is an excellent immediate annuity plan offering a guaranteed lifelong pension with multiple flexible options. Using the LIC Jeevan Akshay VII calculator, prospective buyers can easily estimate their expected pension based on age, annuity option, and investment amount.

The plan suits retirees looking for a safe and dependable source of regular income after retirement with the added benefit of death benefits and loan facilities.