LIC Jeevan Akshay Calculator: Monthly Pension for Every Annuity Option

What is the LIC Jeevan Akshay calculator?

LIC Jeevan Akshay is an immediate annuity plan. You pay a lump sum once, called the purchase price, and LIC starts paying you a pension straight away: every month, quarter, half-year or year, for as long as the chosen option lasts. It is non-linked and non-participating, so the pension is fixed on the day you buy and does not depend on markets or bonuses.

This Jeevan Akshay calculator turns your purchase price, age and option into:

• the pension per instalment (monthly by default) and the yearly pension;
• the effective annuity rate, including any high-purchase-price incentive;
• the number of years it takes to receive back what you invested;
• the death benefit: the purchase price returned, the guaranteed-period pension or the spouse’s pension, depending on the option;
• a table of the pension under all ten options for the same age and amount.

It works for both Jeevan Akshay VII (Plan 857), the version sold today, and the older Jeevan Akshay VI (Plan 189) for existing policyholders.

Key facts at a glance

Feature	Details
Plan type	Single premium, immediate annuity, non-linked, non-participating
Minimum purchase price	₹1,00,000 (₹10 lakh at ages 25 to 29 in Plan 857); no maximum
Entry age	Plan 857: 25 to 85 years, up to 100 for Option F; Plan 189: 30 to 85
Pension modes	Monthly, quarterly, half-yearly, yearly
Minimum pension	₹1,000 a month / ₹3,000 a quarter / ₹6,000 a half-year / ₹12,000 a year
Options	10 (A to J; Plan 189 lettered the same benefits differently)
Direct-purchase incentive (857)	Online 2% (2.5% from ₹10 lakh); NPS exit 3%
Surrender	Generally not available

The ten annuity options

Option	How the pension works
A	Pension for life, stops on death
B, C, D, E	Guaranteed for 5, 10, 15 or 20 years, then for life
F	Pension for life; purchase price returned to nominee on death
G	Pension for life, rising by 3% simple interest every year
H	Joint life; spouse gets 50% of the pension after your death
I	Joint life; spouse gets 100% of the pension
J	Joint life 100%, and the purchase price is returned after both deaths

You choose one option when you buy, and you cannot change it later.

How the pension is calculated

For Plan 857 the calculator follows the figures in LIC’s published Jeevan Akshay-VII sales brochure. Its illustration gives the yearly pension for a ₹10 lakh purchase price at age 60, yearly mode, under all ten options: for example ₹86,100 under Option A, ₹64,000 under Option F and ₹74,000 under Option I with a spouse aged 55. The calculator reproduces these exactly. The pension is built from three parts:

1. Tabular rate. LIC’s base annuity rate per ₹1,000 of purchase price for your age and option. Monthly, quarterly and half-yearly payouts get a slightly lower rate than yearly.
2. High purchase price incentive. An amount per ₹1,000 added for bigger purchases. In yearly mode it is ₹2.40 from ₹5 lakh, ₹3.40 from ₹10 lakh, ₹3.90 from ₹25 lakh and ₹4.15 from ₹1 crore, a little less for other modes. Below ₹1.5 lakh the rate is reduced instead.
3. Direct-purchase incentive. Buying online adds 2% to the tabular rate (2.5% from ₹10 lakh), and buying with NPS exit money adds 3%. Agent purchases get neither.

Yearly pension = purchase price ÷ 1,000 × (tabular rate + incentives). The instalment is the yearly pension divided by the number of payments in a year.

Only the age-60 illustration is published, so pensions at other ages, and for couples other than 60 and 55, are our estimates built from it; LIC’s quote can differ slightly. The brochure gives no separate rates for men and women, so one rate applies to both. The Plan 189 setting uses the older plan’s source rates and has no online or NPS incentive.

No GST is added: annuity plans have been GST-free since 22 September 2025 (earlier, 1.8% applied).

Worked examples

Example 1: steady income for life. Ramesh, 60, puts ₹10 lakh into Jeevan Akshay VII, Option A, monthly mode, through an agent. The calculator shows ₹6,862 a month, or ₹82,344 a year, an effective rate of 8.23%. Taking the pension yearly instead gives the brochure’s ₹86,100. He recovers his ₹10 lakh in about 12 years of pension. Bought online, the same annuity pays about ₹7,027 a month.

Example 2: protecting the capital. Sunita, 65, invests ₹25 lakh in Option F (return of purchase price), monthly mode. She gets about ₹12,967 a month (₹1,55,599 a year). The pension is lower, but when she dies her nominee receives the full ₹25 lakh.

The premium chart below the calculator compares six options at ages 30 to 85 for a ₹10 lakh purchase price. At 60, yearly mode, Option A pays ₹86,100 a year while Option J (joint life with return of capital, spouse 55) pays ₹63,300.

Tip: if you have a spouse who depends on your pension, compare Option A with Options I and J. At 60 with a spouse of 55, Option I pays ₹74,000 a year against ₹86,100 under Option A. That drop is the price of making sure your spouse is not left without a pension.

How to read the results

• Monthly pension / pension per instalment: what reaches your bank account each time.
• Yearly pension: the total for a year. Option G starts here and rises 3% of the first-year amount every year.
• Annuity rate: yearly pension as a percentage of the purchase price. Use it to compare with FD or Senior Citizens’ Savings Scheme rates.
• Years to get back the purchase price: a simple payback period. After this, every rupee you receive is extra.
• Death benefit: for Options F and J, the purchase price returned to the nominee; for Options B to E, the most your nominee could receive over the guaranteed period; for Options H and I, the yearly pension that continues to your spouse.
• All-options table: the yearly pension and instalment under each of the ten options, so you can see what each extra protection costs.

Tips and common mistakes

• Do not put all your savings in an annuity. Keep an emergency fund and some growth investments. The pension is fixed and does not rise with inflation (except Option G).
• Buy later for a higher rate. Annuity rates rise with age. Some people split the purchase and buy a second annuity a few years later.
• Compare channels. In Plan 857, buying online or with NPS exit money gives a slightly higher pension than buying through an agent.
• Check the latest rates. Only the brochure’s age-60 figures are exact here; other ages are estimates, and LIC revises annuity rates from time to time.
• Pension is taxable income. Plan your tax, especially if you have other income.
• Nominate carefully. For return-of-purchase-price options, the nominee is who receives the lump sum.

Related calculators and plans

• LIC pension calculator: compare Jeevan Akshay with Saral Pension, Smart Pension and New Jeevan Shanti in one tool.
• Jeevan Akshay VII Plan 857: full plan details, eligibility and features.
• New Jeevan Shanti calculator: if you want the pension to start a few years later at a higher rate.