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.
