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.
LIC’s Jeevan Akshay-VII is a Non-Participating, Non-Linked, Immediate Annuity Plan. That means:
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.
Let’s break down what LIC Jeevan Akshay offers:
This is a one-time investment plan—you pay once and enjoy regular income for life.
Choose from 10 different annuity options, including:
Choose to receive your pension:
Buy it via LIC’s official website or through agents, brokers, or service centers.
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.
✅ 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
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:
The amount is pre-calculated and does not change over time unless you opt for the increasing annuity (Option G).
Once your annuity starts, it never stops (until death), giving you financial predictability.
Perfect for married couples or dependents. Even after your demise, your spouse or family continues to receive the income.
In options F and J, your nominee receives the entire amount you invested after your demise.
Annuity begins immediately after payment—no waiting period.
Your returns are not affected by stock markets or interest rate changes.
LIC offers bonuses for:
These incentives slightly increase your annuity payout, making it more attractive.
| 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 |
Available only for Option F & J, and only after 3 months from policy start.
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.
✅ 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
| 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:
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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