LIC Jeevan Akshay Calculator Secrets Revealed: Maximize Your Retirement in Minutes

How to Use the LIC Jeevan Akshay Calculator and Understand LIC Jeevan Akshay 7 Plan Details

When planning for retirement or financial security, choosing the right pension plan is crucial. One popular option in India is the LIC Jeevan Akshay 7, an immediate annuity plan designed to provide a steady income stream for life. To make an informed decision, the LIC Jeevan Akshay calculator is an invaluable tool that helps you estimate your pension, benefits, and more.

In this comprehensive guide, we’ll walk you through how to use the LIC Jeevan Akshay calculator and dive deep into the LIC Jeevan Akshay 7 plan details to help you understand its features, benefits, and suitability for your financial goals.

Whether you’re exploring the Jeevan Akshay VII calculator for the first time or seeking clarity on the LIC Jeevan Akshay pension plan calculator, this article is your one-stop resource. Let’s get started!

Why Use the LIC Jeevan Akshay Calculator?

Before diving into the LIC Jeevan Akshay 7 plan details, let’s explore why the LIC Jeevan Akshay calculator is a must-use tool:

1. Accurate Pension Estimates: The LIC Jeevan Akshay 7 calculator provides precise calculations based on your inputs, helping you understand how much pension you’ll receive annually, semi-annually, quarterly, or monthly.
2. Customizable Options: With multiple annuity options under the Jeevan Akshay VII calculator, you can experiment with different scenarios to find the best fit.
3. Financial Planning: It shows survival and death benefits, including options like annuity for life with return of purchase price on death, making it easier to plan for yourself and your loved ones.
4. Transparency: Tools like the LIC pension plan Jeevan Akshay calculator reveal additional benefits like surrender value and loan amounts, ensuring you know all aspects of the policy.
5. Time-Saving: Instead of manually calculating complex annuity rates, the LIC Jeevan Akshay policy calculator does the work for you instantly.

Now that you know its benefits, let’s explore how to use it effectively.

How to Use the LIC Jeevan Akshay Calculator: A Step-by-Step Guide

Using the LIC Jeevan Akshay calculator is straightforward. Here’s a step-by-step guide to help you navigate the process:

Step 1: Access the Calculator

You can find the LIC Jeevan Akshay 7 calculator on the  For this guide, we’ll assume you’re using an online version like the one we’ve described earlier.

Step 2: Select Your Annuity Option

The LIC Jeevan Akshay plan calculator offers 10 annuity options under the Jeevan Akshay VII plan. These include:

• Option A: Immediate Annuity for Life
• Option B-E: Immediate Annuity with guaranteed periods (5, 10, 15, or 20 years) and life thereafter
• Option F: Immediate Annuity for Life with Return of Purchase Price
• Option G: Immediate Annuity for Life with 3% p.a. Increase
• Option H-J: Joint Life options with varying benefits for the secondary annuitant

Choose the option that aligns with your needs. For example, if you want a pension with a refund on death, select Option F using the LIC Jeevan Akshay pension calculator.

Step 3: Enter Your Age

Input your age (and the secondary annuitant’s age for joint life options like H, I, or J). The minimum age is 25 years, and the maximum is 100 (85 for Option F). The Jeevan Akshay calculator adjusts annuity rates based on age.

Step 4: Input the Purchase Price

The purchase price is the lump-sum amount you invest in the plan. The minimum is ₹1,00,000 (or ₹10,00,000 for ages 25-29). Enter this in the LIC Jeevan Akshay policy calculator to see how it impacts your pension.

Step 5: Choose Payment Mode

Select how often you want your pension—yearly, half-yearly, quarterly, or monthly. The LIC immediate annuity plan calculator adjusts the payout accordingly.

Step 6: Select Incentive Type (Optional)

The LIC Jeevan Akshay calculator 2020 and newer versions allow you to apply incentives like Direct Sale (2-2.5%), Existing Policyholder (0.15%), NPS Subscriber (3%), or QROPS (2-2.5%). This boosts your annuity rate.

Step 7: Choose Death Benefit Option (For F and J)

For options F and J, pick how the death benefit (purchase price) is paid—Lumpsum, Annuitisation, or Installment—using the Jeevan Akshay policy calculator.

Step 8: Calculate and Review Results

Click “Calculate” to get a detailed breakdown. The LIC Jeevan Akshay 7 calculator will display:

• Pension Amount: Yearly, half-yearly, quarterly, or monthly based on your mode.
• Yearly Breakdown: Policy year, age, purchase price, death claim, surrender value, and yearly return for the first 5 years.
• Survival Benefits: What you get while alive.
• Death Benefits: What your nominee receives.
• Incentive Details: Applied incentives and their impact.
• Loan Facility: Maximum loan amount if applicable.

This output helps you visualize your investment’s long-term value.

LIC Jeevan Akshay 7 Plan Details: Everything You Need to Know

Now that you know how to use the LIC Jeevan Akshay calculator, let’s explore the LIC Jeevan Akshay 7 plan details to understand what makes this plan a popular choice.

Overview of LIC Jeevan Akshay 7

Launched by the Life Insurance Corporation of India, LIC Jeevan Akshay 7 (UIN: 512N337V06) is a non-linked, non-participating, single-premium immediate annuity plan. It’s designed to provide a guaranteed income stream starting immediately after purchase, making it ideal for retirees or those seeking financial stability.

Key Features

1. Single Premium: Pay once and enjoy a lifetime pension.
2. Immediate Annuity: Payments begin right after the purchase (e.g., after 1 month for monthly mode).
3. Multiple Options: 10 annuity options to suit different needs.
4. Guaranteed Rates: Annuity rates are fixed at inception, unaffected by market fluctuations.
5. Flexible Payment Modes: Choose yearly, half-yearly, quarterly, or monthly payouts.

Eligibility Criteria

• Age: 25-100 years (85 for Option F).
• Minimum Purchase Price: ₹1,00,000 (₹10,00,000 for ages 25-29).
• Maximum Purchase Price: No upper limit.
• Minimum Annuity: ₹12,000 yearly, ₹6,000 half-yearly, ₹3,000 quarterly, ₹1,000 monthly.

Annuity Options Explained

Here’s a quick look at the options available under the LIC Jeevan Akshay pension plan calculator:

• Option A: Pension for life; stops on death.
• Option B-E: Pension for life with a guaranteed period (5, 10, 15, or 20 years); nominee gets annuity if death occurs within the period.
• Option F: Pension for life; purchase price returned on death.
• Option G: Pension for life with a 3% annual increase.
• Option H: Joint life; 50% pension to secondary annuitant after primary’s death.
• Option I: Joint life; 100% pension continues for the survivor.
• Option J: Joint life; 100% pension for the survivor, purchase price returned on last death.

Benefits of LIC Jeevan Akshay 7

1. Survival Benefits: Regular pension as per your chosen mode and option.
2. Death Benefits: Varies by option—either continued annuity or return of purchase price.
3. Surrender Value: Available for Options F and J after 3 months (95% of purchase price).
4. Loan Facility: Available for Options F and J (up to 80% of surrender value, 9.5% p.a. interest in 2024-25).
5. Free Look Period: 30 days to review and return the policy if unsatisfied.

Incentives

• High Purchase Price: Extra annuity rate for investments above ₹5,00,000.
• Direct Sale: 2-2.5% additional rate for online purchases.
• Existing Policyholders: 0.15% bonus for current LIC customers.
• NPS/QROPS: Special rates for subscribers.

Practical Example Using the LIC Jeevan Akshay Calculator

Let’s see the LIC Jeevan Akshay 7 calculator in action with an example:

• Age: 60
• Purchase Price: ₹10,00,000
• Option: F (Life with Return of Purchase Price)
• Payment Mode: Yearly
• Incentive: Direct Sale

Result:

• Yearly Pension: ₹67,700 (base rate) + ₹25,000 (2.5% incentive) = ₹92,700
• Year 1 Breakdown: Age 60, Purchase Price ₹10,00,000, Death Claim ₹10,00,000, Surrender Value ₹9,50,000, Yearly Return ₹92,700
• Survival Benefits: ₹92,700 annually for life
• Death Benefits: ₹10,00,000 to nominee in lumpsum
• Loan: Up to ₹4,87,894 (based on 2024-25 rates)

This example shows how the LIC Jeevan Akshay plan calculator provides a clear financial picture.

Tips for Maximizing Your LIC Jeevan Akshay 7 Plan

1. Use the Calculator: Experiment with the Jeevan Akshay calculator to compare options.
2. Choose Wisely: Opt for joint life (H, I, J) if you have a spouse, or Option F for a refund.
3. Leverage Incentives: Buy online or use NPS/QROPS funds for higher returns.
4. Plan Payment Mode: Monthly mode suits regular expenses; yearly mode maximizes each payout.

Conclusion

The LIC Jeevan Akshay calculator is a powerful tool that empowers you to make informed decisions about the LIC Jeevan Akshay 7 plan. By understanding how to use the LIC Jeevan Akshay calculator and exploring

the LIC Jeevan Akshay 7 plan details, you can secure a reliable income stream for life. Whether you’re interested in a simple annuity for life with return of purchase price on death or a joint life plan, this calculator and plan offer flexibility and security.

Ready to plan your retirement? Try the LIC Jeevan Akshay pension calculator today and take the first step toward financial peace of mind!