Plan 857LIC's Jeevan Akshay-VII
Immediate annuity, income starts now
- Ten annuity options including return of purchase price
- Rates guaranteed for life at purchase
- Joint life options for spouse
- Higher rates for larger purchase prices
LIC's New Pension Plus
Build a retirement corpus in market-linked funds
A unit linked deferred pension plan where regular or single contributions grow in a chosen fund and are used to buy an annuity at vesting.
Who it suits: People still 10 years or more away from retirement.
- Pension
- Build a retirement corpus in market-linked funds
- Maturity Benefit
LIC plan reference: 867
Eligibility at a glance
- Entry age
- 25 to 75 years
- Maturity age
- Up to 75 years (plan dependent)
- Sum assured
- Based on contribution
- Policy term
- 10 to 42 years
- Premium modes
- Yearly, half-yearly, quarterly, monthly (NACH) and salary savings scheme
Key benefits
- Four fund options with switching allowed
- Guaranteed additions credited from year six
- Partial withdrawals allowed for defined needs
- Corpus used to buy an annuity at vesting
Estimate your LIC's New Pension Plus premium and maturity value
LIC Premium & Maturity Calculator
Estimates from publicly published LIC rate tables. Not a quotation.
- Yearly premium
- ₹1,200
- First instalment
- ₹1,200
- Renewal instalment
- ₹1,200
- Total outgo over the term
- ₹24,000
- Estimated maturity value
- ₹11,20,000
- Indicative surrender value (mid-term)
- ₹4,500
Figures exclude underwriting loading and high sum assured rebates. Bonus-linked maturity values are projections, not guarantees.
Want an exact LIC illustration?
Your estimate is ready. For an official quotation and a suitability discussion on LIC's New Pension Plus:
This plan may not be ideal if…
- You need the maximum possible life cover for the lowest premium — a term assurance plan does that better.
- You may need the money back within the first few years; early surrender values are low.
- You expect market-linked returns; participating LIC returns are steadier but more modest.
- Your income is irregular and you cannot commit to the full premium paying term.
Frequently asked questions
Get advice on LIC's New Pension Plus
Send your age and budget and you will get an official LIC quotation plus an honest view on whether this plan is the right fit.
5th Floor, Jeevan Prakash Building, Sir P.M. Road, Fort, Mumbai - 400001, Maharashtra · Mon–Fri, 10:00 AM – 6:00 PM · IRDAI Agent Licence No. LIC03699923
You may also like
Plan 857Plan 858LIC's New Jeevan Shanti
Deferred annuity with locked-in rates
- Annuity rate guaranteed at purchase
- Single life and joint life options
- Death benefit during deferment
- Loan and surrender facilities available
Plan 862LIC's Saral Pension
The standardised immediate annuity
- Only two annuity options — single life and joint life
- Return of 100% of purchase price on death
- Loan available after six months
- Surrender allowed in defined critical illness cases
Plan 879LIC's Smart Pension
Flexible immediate annuity with liquidity
- Wide choice of annuity options
- Top-up facility to increase the annuity later
- Liquidity option for part withdrawal
- Higher rates for existing policyholders and nominees
This page describes LIC's New Pension Plus in our own words, based on LIC's published product literature. For the binding terms, always refer to the official policy document issued by Life Insurance Corporation of India.