LIC Pension Plans Compared: Akshay-VII, New Jeevan Shanti, Saral Pension

Jeevan Akshay-VII is an immediate annuity: pay a lump sum, income starts straight away, rate locked for life at the age you buy.

New Jeevan Shanti is deferred: buy now, income starts on a chosen future date at a higher rate, with the corpus growing in between.

Saral Pension is the standardised regulator-mandated product — simple terms, two options only, easy to compare across insurers.

Pick a return-of-purchase-price option if leaving the capital to a nominee matters; pick the higher no-return rate if lifetime income matters more.

Joint-life options continue income to a spouse and are usually the right default for a married couple with one main earner.