The Life Insurance Corporation of India (LIC) Jeevan Akshay VII is designed to provide a steady stream of income via immediate annuity. The plan is ideal for those who wish to convert a lump-sum amount into a regular payout throughout their lifetime. With multiple annuity options, flexible payout modes and the backing of LIC’s credibility, it offers a dependable choice for retirement income planning.
• You pay a single premium amount upfront, known as the “purchase price”.
• The plan then begins paying regular annuity instalments (monthly, quarterly, half-yearly or annually) for life of the annuitant, or joint lives in specific variants.
• You select from various annuity options: pure lifetime annuity, guaranteed period then lifetime, return of purchase price on death, increasing annuity, joint-life variants and more—each tailored for different goals and dependants.
• Guaranteed income: Once the annuity rate is locked in, payments continue for life regardless of market conditions.
• Choice of 10+ annuity options suits different retirement income needs—guaranteed term, return of purchase price, escalating benefit, single or joint lives.
• Zero medical exam is required in many cases (subject to eligibility and age)—making it simple and accessible.
• High credibility: LIC backing provides confidence in long-term payout commitments.
• Entry age typically allows adult individuals—exact age limits vary by option.
• Joint‐life annuity options allow you to select your spouse or another eligible member so that income continues as long as one survives.
• Annuity payouts begin soon after purchase—monthly, quarterly, half-yearly or annually—giving you early income flow.
• Review which annuity option aligns with your dependency and legacy goals—return of purchase price option protects your capital for heirs.
• Understand that once chosen, annuity option cannot be altered later—choose carefully.
• Though payouts are guaranteed, they are not inflation-linked—so pace of growth may be slower than market.
• Surrender options are limited—early exit may reduce value significantly; this is firmly a long-term commitment.
• Recently retired individuals seeking regular income without investment risk.
• Individuals who prefer simplicity over monitoring mutual funds or market investments.
• Couples wanting joint income and protection for themselves and their partner.
• Conservative investors who prioritise predictable cash flows over high growth.
LIC Jeevan Akshay VII (Plan No. 857) offers a reliable path to convert savings into life-long income. By selecting appropriate annuity options that match your goals, you ensure your post-retirement years are financially secure and well-planned.
Take the time to compare annuity options, estimate your income need, and align your premium accordingly—so you can enjoy retirement with peace of mind.