Planning for retirement shouldn’t be a game of guesswork. For those who want immediate and assured income for life, LIC Jeevan Akshay steps in as a strong and stable solution. With its variety of annuity options, guaranteed payouts, and flexibility to suit different life needs, this plan from LIC offers more than just financial security—it delivers peace of mind.
In this article, let’s explore what makes LIC Jeevan Akshay a standout pension product, who should consider it, how it works, and the options available.
🏦 What is LIC Jeevan Akshay?
LIC’s Jeevan Akshay-VII is a Non-Participating, Non-Linked, Immediate Annuity Plan. That means:
- You pay a one-time premium
- Your annuity (pension) starts immediately
- The rate is fixed for life, regardless of market fluctuations
It is ideal for individuals who have a lump sum—perhaps from retirement benefits, inheritance, or matured policies—and want to turn that into a guaranteed lifelong income.
LIC Pensoin Calculator: LIC Jeevan Akshay Calculator
LIC Jeevan Akshay VII Calculator
🔑 Key Features of LIC Jeevan Akshay
Let’s break down what LIC Jeevan Akshay offers:
💰 Single Premium
This is a one-time investment plan—you pay once and enjoy regular income for life.
📊 Multiple Annuity Options
Choose from 10 different annuity options, including:
- For single life or joint life
- With or without return of purchase price
- Guaranteed income for specific periods
⏱ Flexible Payout Modes
Choose to receive your pension:
- Monthly
- Quarterly
- Half-yearly
- Yearly
🌐 Available Online and Offline
Buy it via LIC’s official website or through agents, brokers, or service centers.
📋 LIC Jeevan Akshay Annuity Options (Explained Simply)
Here’s a quick snapshot of the choices:
| Option | Type of Annuity | Key Feature |
|---|---|---|
| A | For life only | Stops on death |
| B–E | Life with guarantee for 5–20 yrs | Pays for fixed time even after death |
| F | Life with return of purchase price | Nominee gets investment back |
| G | Life with 3% yearly increase | Annual pension increases |
| H | Joint life (50% to spouse) | Spouse gets half after your death |
| I | Joint life (100% to spouse) | Spouse gets full amount after your death |
| J | Joint life with return of price | 100% annuity + investment return on last death |
Once you choose an option, it cannot be changed later, so choose wisely.
👪 Who Should Consider LIC Jeevan Akshay?
✅ Recently retired professionals with PF or gratuity lump sum
✅ NPS subscribers looking for annuity payout
✅ Parents or spouses wanting to secure income for dependents
✅ Investors seeking stable, lifelong returns
✅ Individuals seeking joint life plans for spouse or dependent family
📈 How LIC Jeevan Akshay Works
Let’s say you invest a lump sum (e.g., ₹10 lakhs). Based on your age, chosen annuity option, and frequency, LIC calculates your fixed annual income.
Example:
- Age: 60
- Option A: Immediate annuity for life
- You receive a fixed amount (e.g., ₹90,650/year) as long as you live
(Note: We’re not giving a target value per your request)
The amount is pre-calculated and does not change over time unless you opt for the increasing annuity (Option G).
💎 Benefits of LIC Jeevan Akshay
🔒 1. Lifetime Guarantee
Once your annuity starts, it never stops (until death), giving you financial predictability.
👩❤️👨 2. Joint Life Options
Perfect for married couples or dependents. Even after your demise, your spouse or family continues to receive the income.
💸 3. Return of Purchase Price
In options F and J, your nominee receives the entire amount you invested after your demise.
📥 4. Instant Start
Annuity begins immediately after payment—no waiting period.
📉 5. Reduced Market Risk
Your returns are not affected by stock markets or interest rate changes.
🎁 Additional Incentives
LIC offers bonuses for:
- Higher purchase amounts
- Online purchases (up to 2.5% incentive)
- Existing LIC customers or their nominees
- NPS subscribers (additional 3%)
These incentives slightly increase your annuity payout, making it more attractive.
🔎 LIC Jeevan Akshay – Eligibility Snapshot
| Parameter | Value |
|---|---|
| Minimum Entry Age | 35 years (40 for Option J) |
| Maximum Entry Age | 85 years |
| Minimum Purchase Price | ₹1,00,000 (₹50,000 for Divyangjan) |
| Minimum Annual Pension | ₹12,000 (₹1,000 monthly) |
| Maximum Limit | No limit |
🧾 Taxation & Loan Facility
💼 Tax:
- Premium is taxed as per applicable rules
- Annuity income is taxable under “Income from Other Sources”
💳 Loan:
Available only for Option F & J, and only after 3 months from policy start.
🏦 Surrender Option
You can surrender the policy under Option F & J (i.e., with return of purchase price), after 3 months. You will receive a surrender value, but it may be less than the total paid.
👉 It’s generally better to keep the policy till maturity unless in emergencies.
📚 Special Cases
♿ For Divyangjan (Disabled Dependents)
- Lower minimums apply (₹50,000)
- Designed for secure lifelong support
🌐 For NPS Subscribers
- Option F or J applies
- As per PFRDA guidelines
📌 Why LIC Jeevan Akshay Stands Out
✅ Simplicity: Pay once, earn lifelong
✅ Flexibility: Multiple options for all needs
✅ Reliability: LIC’s trust + guaranteed income
✅ Immediate Income: No lock-in, starts within a month
✅ Zero Market Risk: Returns aren’t affected by fluctuations
Sample Annual Return Percentages of LIC Jeevan AkshayBased on Age (₹10 Lakh Purchase Price)
| Annuity Option | Annual Annuity at Age 60 (₹) | Approximate Return (%) |
|---|---|---|
| Option A: Immediate Annuity for Life | ₹90,650 | 9.06% |
| Option B: Annuity Guaranteed for 5 Years & Life | ₹90,050 | 9.00% |
| Option C: Annuity Guaranteed for 10 Years & Life | ₹88,150 | 8.82% |
| Option D: Annuity Guaranteed for 15 Years & Life | ₹85,350 | 8.54% |
| Option E: Annuity Guaranteed for 20 Years & Life | ₹81,950 | 8.20% |
| Option F: Annuity for Life + Return of Purchase Price | ₹65,650 | 6.57% |
| Option G: Annuity for Life with 3% Increase Per Year | ₹73,250 | 7.33% (initial) |
| Option H: Joint Life Annuity (50% to Secondary Annuitant) | ₹83,350 | 8.33% |
| Option I: Joint Life Annuity (100% to Surviving Annuitant) | ₹77,150 | 7.71% |
| Option J: Joint Life Annuity (100% + Return of Purchase Price) | ₹65,050 | 6.50% |
How Returns Change Based on Age:
- Younger entrants (below 60) generally receive lower annuity rates, as they are expected to receive payments for a longer period.
- Older entrants (above 60) generally receive higher annuity rates, since the payout duration is shorter.
- Exact rates depend on LIC’s official annuity tables, which adjust based on actuarial calculations.
📝 Final Thoughts on LIC Jeevan Akshay
If you’re looking for a no-risk, lifelong income source, then LIC Jeevan Akshay could be your go-to retirement solution. It’s perfect for turning your retirement lump sum into a dependable monthly income—no worries, no stress.
Whether you’re retiring soon or planning for a dependent’s future, this plan gives you financial strength with zero guesswork.
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