LIC Jeevan Akshay-VII Plan 857

The LIC Jeevan Akshay-VII Plan 857 is specifically designed for that purpose. This article will walk you through the key features and benefits of this plan, explain how the LIC Jeevan Akshay-VII calculator helps you estimate your pension.

What Is LIC Jeevan Akshay-VII Plan 857?

LIC Jeevan Akshay-VII (Plan No. 857) is an immediate annuity plan offered by Life Insurance Corporation of India (LIC). It is a single premium, non-linked, non-participating plan.

• You pay a one-time lump sum.
• You receive guaranteed pension payments immediately after purchase.
• The pension continues for life, depending on the annuity option chosen.

This plan suits those who want a secure lifetime income after retirement or want to plan for a regular monthly/quarterly income.

Features of LIC Jeevan Akshay-VII Plan 857

Some of the most important features include

• Ten different annuity options allow you to pick the one matching your needs.
• Offers both single life and joint life annuity options.
• The annuity rate is guaranteed at policy inception, so your payout won’t decrease.
• Flexible annuity payment modes: monthly, quarterly, half-yearly, or yearly.
• Available both online and through LIC branches.
• The plan allows taking a loan against the policy from 3 months after issuance.
• Offers a free-look period of 15 days (30 days if purchased online) to review and cancel.
• Surrender option available under certain conditions.
• Minimum purchase price is Rs. 1,00,000 (Rs. 10,00,000 for ages 25-29).
• No maximum limit on purchase amount.

Annuity Options Explained

There are 10 annuity options available, making the plan flexible to cater to different needs. Here are some popular ones:

The annuity with guaranteed period options provides added security to your nominee by ensuring payments even after your death for a fixed period.

Who Can Buy LIC Jeevan Akshay-VII Plan 857?

Eligibility criteria:

• Age: 30 to 85 years (up to 100 years for some options).
• Minimum purchase amount: Rs. 1,00,000 (higher for younger entrants).
• Joint life options can be between close family members such as spouses, children, parents, and siblings.

How Does the LIC Jeevan Akshay-VII Calculator Work?

The LIC Jeevan Akshay-VII calculator is an online tool that helps estimate the pension amount you will receive based on the lump sum you invest and your age.

Here is the basic process:

1. Enter your age—annuity rates depend heavily on your age at entry; higher age means higher pension for the same lump sum.
2. Choose your annuity option—select from the 10 plan options (single life, joint life, guaranteed periods, return of purchase price, etc.).
3. Enter the lump sum amount—the purchase price you plan to invest as a single premium.
4. Select annuity payout frequency—monthly, quarterly, half-yearly, or yearly.
5. Calculate your pension—the tool instantly shows your estimated pension amount payable in your chosen frequency.

The calculation is based on guaranteed rates fixed by LIC at policy start and takes into account your payment mode and annuity choice.

Benefits of Using the Calculator

• It gives a clear preview of your expected returns helping you make an informed choice.
• Allows comparison of different annuity options and payout frequencies.
• Aids in financial planning for retirement with predictable income.
• Saves time compared to manual calculations or visiting LIC branches.

Step-By-Step Guide to Use LIC Jeevan Akshay-VII Calculator

Follow these simple steps:

1. Visit LIC’s official calculator page or trusted LIC-related portals offering the calculator.
2. Input your current age.
3. Enter the lump sum amount you plan to invest.
4. Choose your preferred annuity option from the available 10.
5. Select the annuity payout frequency.
6. Click “Calculate” or similar to view your expected annuity.

The tool will display your pension amount per payment mode, helping you decide the best choice for your needs.

Example Calculation

Let’s take an example:

• Age: 60 years
• Lump sum: Rs. 10,00,000
• Annuity option: Immediate annuity for life with return of purchase price.
• Payout: Monthly

In this scenario, the calculator might show a monthly payout of around Rs. 7,500* (hypothetical figure just for illustration). You will receive this pension every month for life, and on your death, the purchase price will be returned to your nominee.

*For actual rates, please use the official LIC Jeevan Akshay-VII calculator or consult LIC.

Why Choose LIC Jeevan Akshay-VII Plan 857?

• Guaranteed lifelong income ensuring financial security after retirement.
• Flexible options tailored to individual needs.
• Trust of LIC, India’s largest and oldest life insurer.
• Protection for nominee through options like return of purchase price or guaranteed payout period.
• Simple single premium payment.
• Option to cover joint lives for family security.

Important Points to Remember

• This plan does not have a maturity benefit like traditional life insurance plans. It’s purely for annuity.
• The pension amount is taxable as per income tax laws.
• Once purchased, the annuity rates and terms are fixed, and no changes can be made.
• The plan is best suited for those who want an immediate pension after retirement.

Frequently Asked Questions

Conclusion

LIC Jeevan Akshay-VII Plan 857 is a simple and reliable way to secure your post-retirement income with a guaranteed lifetime pension. Using the online calculator helps you plan your investment and understand the pension you will receive easily. Whether choosing a single life or joint life option, or adding features like a guaranteed payout period or return of purchase price, this plan offers flexibility and peace of mind for your golden years.