BankBazaar
Credit Cards
Home Loans
Personal Loans
Other Loans
Calculators
Investments

Credit Score

FREE
Govt. Utility Documents
Download App

Download Mobile App

Badge
Insurance
Resources
BankBazaar

LIC’s Jeevan Akshay Plan-VII

Jeevan Akshay-VII Plan offered by Life Insurance Corporation of India (LIC) is a non-linked, non-participating, individual immediate annuity plan.

Check Your Credit Score Now

This market-independent plan offers fixed annuity rates, 10 annuity options, multiple annuity payment modes, and both online and offline purchase options. Here is all you need to know about this pension scheme.

LIC Jeevan Akshay Plan VII

Annuity options offered by LIC’s Jeevan Akshay-VII Plan

Under this scheme, an individual can avail themselves of 10 different types of annuity options. Here is the list of annuity options offered by LIC:

Options

Immediate Annuity For:

A

Lifetime

B

Five years and life thereafter

C

10 years and life thereafter

D

15 years and life thereafter

E

20 years and life thereafter

F

Lifetime with purchase price return

G

With an increasing rate of 3.00% p.a. for life

H (Joint Life)

Lifetime with 50% annuity on death of primary annuitant to the secondary annuitant.

I (Joint Life)

Lifetime and as per the provision, as long as one of the annuitants survives, 100% annuity will be paid.

J (Joint Life)

Lifetime and as per the provision, purchase price will be returned on death of the last survivor and 100% annuity will be paid as long as one of the annuitants survives.

Note: Annuity option cannot be altered once chosen.

Jeevan Akshay-VII Plan offered by Life Insurance Corporation of India (LIC) is a non-linked, non-participating, individual immediate annuity plan. This market-independent plan offers fixed annuity rates, 10 annuity options, multiple annuity payment modes, and both online and offline purchase options. Here is all you need to know about this pension scheme.

Check Your Credit Score Now

Annuity options offered by LIC’s Jeevan Akshay-VII Plan

Under this scheme, an individual can avail themselves of 10 different types of annuity options. Here is the list of annuity options offered by LIC:

Options

Immediate Annuity For:

A

Lifetime

B

Five years and life thereafter

C

10 years and life thereafter

D

15 years and life thereafter

E

20 years and life thereafter

F

Lifetime with purchase price return

G

With an increasing rate of 3.00% p.a. for life

H (Joint Life)

Lifetime with 50% annuity on death of primary annuitant to the secondary annuitant.

I (Joint Life)

Lifetime and as per the provision, as long as one of the annuitants survives, 100% annuity will be paid.

J (Joint Life)

Lifetime and as per the provision, purchase price will be returned on death of the last survivor and 100% annuity will be paid as long as one of the annuitants survives.

Note: Annuity option cannot be altered once chosen.

Benefits of LIC’s Jeevan Akshay-VII Plan

The benefits of LIC’s Jeevan Akshay-VII Plan are:

Option

Benefits

A

  1. As per the chosen mode of payment, annuity will be paid in arrears as long as the annuitant is alive.     
  2. Annuity payment will cease on death of annuitant.

B, C, D, and E

  1. Annuity will be paid in arrears as per the chose mode of payment as long as the annuitant lives.   
  2. Annuity will be paid to the nominee(s) on the death of annuitant.   
  3. Annuity payment will be continued till the end of the guaranteed period if the annuitant dies during the guaranteed period (5, 10, 15, or 20 years).   
  4. Annuity will cease if annuitant dies after the guaranteed period.

F

  1. Annuity will be paid as per the chose mode of payment in arrears as long as the annuitant survives.   
  2. Annuity payment will cease on death of the annuitant.   
  3. The purchase price will be paid to the nominee(s) as per the option chosen.

G

  1. Annuity payment will be made in arrears as long as the annuitant survives.   
  2. For each completed policy year, the annuity payment will increase at a rate of 3.00% p.a.   
  3. Annuity payment will cease on the death of annuitant.

H

  1. As long as primary annuitant survives, annuity payment will be made in arrears.   
  2. As long as the secondary annuitant lives, individual will be paid 50% of the annuity on death of the primary annuitant.   
  3. If the secondary annuitant dies before the primary annuitant, then the latter will continue to receive annuity.   
  4. On death of the both the annuitants the payment will cease.

I

  1. As per the chosen mode of payment, 100% of the annuity will be paid in arrears as long as either of the annuitants or both remains alive.   
  2. Annuity payment will be ceased on death of the last survivor.

J

  1. As long as either of the annuitants or both remains alive, 100% of the annuity will be paid in arrears.     
  2. Annuity payment will cease upon death of the last survivor.   
  3. As per the option chosen by the primary annuitant, the purchase price shall be returned to the nominee(s).
Check Your Credit Score Now

Eligibility criteria

The eligibility criteria to apply for Jeevan Akshay-VII plan offered by LIC are:

  1. Minimum purchase price is Rs.1,00,000. The amount may be increased to meet the minimum annuity criteria.
  2. No maximum purchase price limit provided.
  3. Applicant should be 30 years of age at entry level.
  4. The maximum age at entry should be 85 years (completed) except for Option F and 100 years (completed) for Option J.
  5. Either spouse, sibling, or any two of lineal descendant/ ascendant of a family can be joint life annuity holder.
  6. The minimum annuity for all four modes of annuity payments is:

1.       Monthly: Rs.1000

2.       Quarterly: Rs.3000

3.       Half-yearly: Rs.6000

4.       Yearly: Rs.12,000

Note:

  1. Anuity below Rs.1 lakh and between Rs.1 lakh to Rs.1,49,000 will suffer Rs.5 and Rs.2 per Rs.1000 purchase price, respectively.
  2. Minimum purchase price can be Rs.50,000 and no reduction will be charged if the plan is purchased for the benefit of a dependent and disable person.
  3. The minimum purchase price and the restrictions will be as per PFRDA, if the plan has been purchased after exit of a subscriber of NPS regulated by PFRDA.
Check Your Credit Score Now

FAQs on LIC’s Jeevan Akshay Plan-VII

  • Can I consider my grandparent as secondary annuitant for joint life annuity?

    Yes, you can consider your grandparents as one of the annuitants for joint life annuity.

  • What will be the minimum instalment for death benefit payable to the nominee(s)?

    The minimum instalment amount for monthly quarterly, half-yearly, and yearly payments is Rs.5000, Rs.15,000, Rs.25,000, and Rs.50,000.

  • I have applied for a loan against the policy. What will be the interest rate?

    The interest rate for the loan against the policy will be 9.50% p.a. compounding half-yearly and commencing from 1 May 2022 to 30 April 2023.

  • My policy purchase price is Rs.10,67,000 and my mode of annuity is yearly. How much incentive will I receive?

    From the range of Rs.10 lakh to Rs.24,99,999 incentive receivable is Rs1.85 per Rs.1000 for yearly annuity payment.

  • What is the plan number of LIC’s Jeevan Akshay-VII plan?

    The plan number for this scheme is 857.

  • Is the pension received under this plan taxable?

    Yes, the annuity or the pension will be taxed as per the Income Tax slab rate.

  • I am a retiree. What document should I provide for income proof?

    You can provide your pension passbook, last income tax return, or form 16 as income proof.

  • If I surrender the plan after free-look period, what amount will be deducted?

    The corporation will deduct the charges for annuity paid and stamp duty before returning the purchase price.

Disclaimer
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

Explore More:

Credit Card:

Credit Score:

Personal Loan:

Home Loan:

Fixed Deposit:

Calculator:

Learn More:

Others:

Mobile Apps:

  • Google play
  • Apple Store

Contact Us:

Follow Us:

Copyright © 2025 BankBazaar.com.