LIC Jeevan Akshay VII (Plan 857) is the most straightforward pension product in India: you invest once, and LIC pays you a fixed income for the rest of your life.

Key features:

  • ▸Single premium (one-time investment) only
  • ▸Minimum purchase price: ₹1,00,000
  • ▸Minimum entry age: 30 years
  • ▸Maximum entry age: 100 years
  • ▸No maximum age limit for purchase
  • ▸No medical examination required

7 annuity options (A to G):

  • ▸A: Life annuity - highest rate, nothing returned on death
  • ▸B: Return of purchase price - lower rate, full investment returned to nominee
  • ▸C: Guaranteed for 5 years, then life
  • ▸D: Guaranteed for 10 years, then life
  • ▸E: Guaranteed for 15 years, then life
  • ▸F: Guaranteed for 20 years, then life
  • ▸G: Increasing at 3% per year - starts lower, grows every year

Sample rates (age 60, ₹10,00,000 investment, yearly payout):

  • ▸Option A: ~₹83,000/year
  • ▸Option B: ~₹65,400/year
  • ▸Option G: ~₹52,000/year (grows 3% annually)

Joint life options (H, I, J): Available for couples. Annuity continues to survivor after first death. Contact Ajay ji for joint life rates.

Tax: Annuity is taxable as income. No TDS on amount below ₹5,000/month. No GST on annuity payouts.

Use our Jeevan Akshay calculator at poddarwealth.com/calculators/jeevan-akshay or call 9415313434.