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LIC's Jeevan Akshay-VII

Life Insurance Corporation of India · LIC & Life Insurance Policies

An immediate annuity: pay a single premium and the pension starts straight away, at a rate fixed for life.

Premium set by LIC Not published as a number here — it varies by provider, tenure or plan.

Premium depends on age, term and sum assured — use LIC's calculator for your figure

Check the official page

Source LIC — plan brochure

licindia.in/web/guest/pension-plan

Read from LIC's sales brochure "LIC_Jeevan Akshay VII_Sales Brochure_4 inch x 9 inch_Eng _20082025.pdf". Use LIC's calculator for a premium at your age.

How it works

LIC's Jeevan Akshay-VII is a lic & life insurance product from Life Insurance Corporation of India, in the guaranteed category: fixed by contract. An immediate annuity: pay a single premium and the pension starts straight away, at a rate fixed for life.

Because the return type is guaranteed, the questions that matter most are: Is the rate fixed for the whole tenure, or revised during it? Who is actually promising to pay, and what happens if they don't?

  • Converting a retirement corpus into a lifelong income
  • A pension that starts immediately

Key facts

Provider
Life Insurance Corporation of India
UIN
512N337V07
Source
LIC — plan brochure ↗ https://licindia.in/web/guest/pension-plan
Rate
Premium set by LIC ↗
Category
LIC & Life Insurance Policies
Minimum investment
— Premium depends on age, term and sum assured — use LIC's calculator for your figure
Tenure
Lifetime
Payout
Annuity for life, yearly to monthly
Eligibility
Single or joint life; joint annuity with a spouse, siblings or a lineal descendant or ancestor.
Getting your money back
The purchase price is not returnable except under the options that include a return of purchase price.
Protection
Annuity rate guaranteed at inception.
Tax
Premiums may qualify for a deduction under Section 80C. Maturity proceeds are exempt only if the policy meets the conditions in Section 10(10D), including the aggregate premium limit — check the current rules for the year you buy.

What can go wrong

  • No return of capital unless you choose an option that includes it.
  • The pension is fixed in rupees and loses value to inflation.
  • You cannot exit if you later need the money.

Before you decide anything

  • Which option you need: life only, or with a 5- or 10-year guarantee
  • Whether a return of purchase price matters to your heirs

These are questions to take to the provider, not a checklist that makes a product suitable. Whether something fits your situation is a decision only you — or an adviser you choose — can make.

Official sources

These link to the regulator or provider where the rules for this type of product are set out. They are the pages worth checking before you act, because they are the ones that get updated.

Other products in this category

The same rules and the same kind of trade-offs, described the same way.