LIC Jeevan Akshay VII (Plan 857) Review - Lifelong Pension After Lump Sum

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.