Stories
LIC Jeevan Akshay-VII: Invest Once, Get Lifelong Pension! Understand the Calculation
N
News18•01-10-2026, 14:41
LIC Jeevan Akshay-VII: Invest Once, Get Lifelong Pension! Understand the Calculation
- •LIC offers the Jeevan Akshay-VII scheme for regular income after retirement.
- •This scheme requires a one-time investment to receive a lifelong pension.
- •It is an Immediate Annuity Plan, meaning annuity payments begin immediately after investment.
- •For example, a 60-year-old investing –10 lakh can receive –7175 monthly under Option A or –5333 under Option F.
- •Joint life options are available for spouses, ensuring pension continuation for the second person, with some options also returning the purchase price.
Key Questions Answered
The Jeevan Akshay-VII scheme is an Immediate Annuity Plan from the Life Insurance Corporation where you invest money only once, and regular annuity payments begin immediately based on your chosen option and remain fixed for life.
For a 60-year-old individual investing 10 lakh rupees under Option A, the annual annuity is 86,100 rupees or 7,175 rupees per month, while under Option F, the annual amount is 64,000 rupees or 5,333 rupees per month.
Options H and I allow a spouse or second person to continue receiving a pension after the primary holder's death based on both ages, while Option J additionally provides for the return of the purchase price after the last person passes away.
