Formula
Y = a × Q / 1000
Half-yearly = 0.98 × Y / 2
Quarterly = 0.97 × Y / 4
Monthly = 0.96 × Y / 12
where
- Y
- yearly annuity
- a
- annuity rate, ₹ a year per ₹1,000 of purchase price, for your age and annuity option
- Q
- purchase price
The more often the annuity is paid, the smaller each instalment is against a straight share of the yearly amount.
In short (tl;dr)
Jeevan Akshay-VII is LIC's immediate annuity. You pay a single purchase price and the pension starts straight away, at a rate locked for life on the day you buy.
What is LIC Jeevan Akshay-VII?
Jeevan Akshay-VII (Plan 857) converts capital into income. You pay a single purchase price, choose one of ten annuity options, and the pension begins immediately: after one year for the yearly mode, one month for the monthly mode. The rate is fixed for life at purchase, so a fall in interest rates later cannot reduce your pension.
The options trade income against protection. Option A pays the most because it stops dead when you do. Options B to E guarantee payments for 5 to 20 years regardless. Option F returns your entire purchase price to your nominee on death, which is why it pays roughly 26% less than Option A. Options H, I and J extend the income to a second annuitant, who does not have to be a spouse.
There is no going back. Annuities cannot be surrendered except under the return-of-purchase-price options in defined circumstances, so the decision about which option to take is effectively permanent.
Key features
- Ten annuity options, from maximum income to full return of capital
- Annuity rate guaranteed for life at the date of purchase
- Minimum purchase price ₹1,00,000; no maximum
- Entry age 30 to 85 years on this calculator; LIC itself goes lower and higher in specific cases, see the FAQ below
- Higher annuity rates for larger purchase prices, and for online purchase
Jeevan Akshay-VII at a glance
- Plan number
- 857
- Category
- Pension & Annuity
- Entry age
- 30 to 85 years
- Minimum purchase price
- ₹1,00,000
- Maximum maturity age
- 100 years
- UIN
- 512N337V07
We checked the plan number and UIN above against LIC's own page for this plan on 2026-09-02. Check it on licindia.in
What are the benefits of LIC Jeevan Akshay-VII?
What does LIC Jeevan Akshay-VII pay on death?
Depends on the option. Options A, H and I pay nothing on death. Options B to E continue the annuity to the nominee for the balance of the guarantee period. Options F and J return the full purchase price.
What do you get at vesting?
There is no maturity. The annuity continues for life.
Who is LIC Jeevan Akshay-VII for?
A retiree who wants a floor of income they cannot outlive, and who values certainty over the flexibility of managing a portfolio.
What should you watch out for?
The annuity is level. Thirty years of even modest inflation will halve its real value, so most planners suggest annuitising only part of a retirement corpus. Annuity income is fully taxable as income from other sources.
Who can take LIC Jeevan Akshay-VII?
Age to buy the annuity
- Minimum
- 30 years
- Maximum
- 85 years
Purchase price
- Minimum
- ₹1,00,000
- Maximum
- No limit set by LIC
LIC caps this by what underwriting allows rather than with a printed figure. This calculator accepts up to ₹5 Crore.
The calculator applies every limit above. LIC sets them out under "Eligibility Conditions and Other Restrictions" on page 11 of the Jeevan Akshay-VII sales brochure, linked in the form above.
How this calculator works
Jeevan Akshay-VII is priced here on its own parameters, not a generic formula. We build the plan's full cash-flow schedule, meaning the death benefit in each policy year, every survival payout and the maturity value, then discount it on a basis calibrated to a reference premium for this plan. That reference is checked two ways: against LIC's published tabular rate, and against the return the plan's own benefits imply for the policyholder.
- Reference premium
- Published annuity rates at age 60
- Discount basis
- Solved separately for each annuity option, on LIC (2012-14) Ultimate mortality, to reproduce that option's own published rate at age 60
- GST
- Nil. Individual life insurance premiums have been exempt from GST since 22 September 2025, so the instalments shown are what you actually pay.
Bonus rates are declared annually and are not guaranteed; only the sum assured and any contractual guaranteed additions are. Read our editorial and methodology policyfor the full basis, and confirm every figure with LIC before you buy.
Check the source:Jeevan Akshay-VII on licindia.inLIC valuation and bonus declarationsIRDAI regulations
What this premium does not include
Jeevan Akshay-VII carries no optional riders, so the premium above is the whole premium. Some LIC plans let you bolt on accident, term or premium-waiver cover for an extra premium; this one does not.
Source: Jeevan Akshay-VII sales brochure (PDF), read in full.
How LIC Jeevan Akshay-VII compares
The plans people weigh this one against, and what separates each from it.
| Plan | Policy term | You pay for | Cover from | What is different |
|---|---|---|---|---|
| Jeevan Akshay-VIINo. 857 · this page | Not applicable | One premium | ₹1 Lakh | Hand over a lump sum, start drawing a guaranteed income immediately, for life. |
| New Jeevan ShantiNo. 758 | Not applicable | One premium | ₹1.5 Lakh | Buy the pension now, start drawing it up to five years later at a locked-in rate. |
| Jeevan Dhara IINo. 872 | Not applicable | One premium | ₹1 Lakh | A deferred annuity with regular or single premiums and eleven payout options. |
| Smart PensionNo. 879 | Not applicable | One premium | ₹1 Lakh | LIC's newest immediate annuity, with liquidity features the older plans lack. |
| Jeevan UmangNo. 745 | 30 to 100 years | 15, 20, 25, 30 years | ₹2 Lakh | 8% of the sum assured every year for life once premiums finish, and cover to age 100. |
To price several of these against each other on the same age and sum assured, the LIC premium calculator runs every plan on the site through the same engine and puts the answers in one table.
LIC Jeevan Akshay-VII: frequently asked questions
How much pension will I get for ₹10 lakh in Jeevan Akshay-VII?
For a 60-year-old under Option A (annuity for life), ₹86,100 a year, or about ₹6,888 a month, LIC's own published figure for exactly this case. Option F, which returns the ₹10 lakh to your nominee, pays ₹64,000 a year instead. Rates rise sharply with entry age. Use the calculator above for your exact age and option.
Which Jeevan Akshay option is best?
It depends on whether the capital needs to survive you. If you have no dependants and want maximum income, Option A. If you want your children to receive the capital back, Option F. If you have a spouse or other dependant who would need the income to continue, Options H, I or J. There is no universally best option, only the one that matches your obligations.
Can I surrender a Jeevan Akshay-VII policy?
Only under the options that include return of purchase price (F and J), and only in the limited circumstances set out in the policy conditions, such as the diagnosis of a specified critical illness. Under the other options the annuity cannot be surrendered at all.
Is Jeevan Akshay-VII pension taxable?
Yes. Annuity payments are taxable as income from other sources at your slab rate. The purchase price may qualify for deduction under Section 80CCC (now within Section 123 of the Income-tax Act, 2025) in the year of payment under the old regime, up to the overall ₹1.5 lakh ceiling.
Does the Jeevan Akshay annuity increase over time?
Only under Option G, which increases the annuity by a simple 3% of the original amount every year. It starts about 20% lower than Option A and takes roughly a decade to overtake it.
Does the second annuitant in a joint life option have to be my spouse?
No. LIC allows the joint life annuity between any two lineal descendants or ascendants of a family, meaning a grandparent, parent, child or grandchild, or between spouses or siblings. Options H, I and J are not restricted to married couples.
Can I buy Jeevan Akshay-VII below age 30, or above 85?
LIC allows entry from age 25, but only alongside a purchase price of ₹10 lakh or more; below that, the minimum entry age is 30. On the other end, every option caps out at 85 except Option F, which LIC extends to age 100. This calculator's own age range is set at 30 to 85 to keep every option's figures on a common, directly comparable footing; buyers at the edges of LIC's actual range should confirm the figure with LIC or an agent.
Spot something wrong?
If a figure on this page disagrees with an LIC premium notice, bonus statement or benefit illustration, tell us and we will check it against the brochure. Anything else you think this page gets wrong is just as welcome.
Related calculators
Plans people usually weigh up against Jeevan Akshay-VII before deciding.
New Jeevan Shanti
No. 758Buy the pension now, start drawing it up to five years later at a locked-in rate.
Open calculatorJeevan Dhara II
No. 872A deferred annuity with regular or single premiums and eleven payout options.
Open calculatorSmart Pension
No. 879LIC's newest immediate annuity, with liquidity features the older plans lack.
Open calculatorJeevan Umang
No. 7458% of the sum assured every year for life once premiums finish, and cover to age 100.
Open calculator