LIC Jeevan Akshay VII Plan 857
Immediate Annuity / Pension Premium Payout Calculator
LIC Jeevan Akshay VII Plan 857 Overview
LIC Jeevan Akshay VII Plan 857 is an Immediate Annuity plan. A single premium is paid upfront, and a regular pension stream starts immediately according to the chosen annuity option (monthly, quarterly, half-yearly, or yearly).
Eligibility & Rules
- Minimum Purchase Price: ₹1,00,000
- Maximum Purchase Price: No Limit
- Entry Age: 30 to 85 Years (100 years for Option F)
- Annuity Options: 10 different options available including joint life.
Key Plan Benefits
- Annuity Benefit: Guaranteed pension paid at selected intervals for life.
- Death Benefit: Depends on the chosen option (e.g., return of purchase price to nominee).
Detailed Maturity Benefit
Pension / Annuity: Maturity benefits vary. Typically involves a lifelong regular pension. Under "Return of Purchase Price" options, the initial invested amount is returned to the nominee upon death.
Standard Policy Features
- Grace Period: Not Applicable (Single Premium Policy).
- Free Look Period: 30 days from the date of receipt of the policy document to review the terms and conditions.
- Loan & Surrender Facility: Loan is available after 3 months. Policy can be surrendered anytime during the policy term.
- Tax Benefits: Premiums paid are eligible for tax deduction under Section 80C, and maturity/death benefits are tax-free under Section 10(10D), subject to prevailing tax laws.
Example Calculation
| Parameter | Value |
|---|---|
| Sum Assured | ₹10,00,000 (Purchase Price) |
| Age / Policy Term | 60 / Lifetime Years |
| Yearly Premium (Approx) | ₹10,00,000 (Single) |
| Total Paid Premium | ₹10,00,000 |
| Maturity / Total Benefits | ₹75,000 / Year Lifelong Pension |
Calculating…