a policyholder can choose after how many years the pension should start. Kindly visit LIC Jeevan Shanti Pension Calculator to learn more about it. Jeevan Akshay VII immediate Annuity In Jeevan Akshay， pension is paid in the form of arrears， which means annuity payment is made available after completion of selected mode period. For example， quarterly or monthly). A policyholder can choose one out of ten annuity options with single or joint life. To know more about this plan， please click here. Frequently Asked Quetions What is annuity? Annuity is payment of specified amount paid on scheduled interval mentioned in the plan document. It is also called pension in simple term. What is deferment period? It is period between purchase of the policy and starting of schedule annuity (pension). During deferment period no annuity is paid to the policyholder. When pension is paid in immediate annuity? In LIC annuity plans， please click here. Pradhan Mantri Vaya Vandana Yojana (PMVVY) PMVVY is a government of India pension scheme， first yearly pension is paid after completion of 1 year from the date of purchase. Is pension (annuity) received is taxable? Yes， for form 15H/15G can be submitted. Above calculator is developed with objective to help people understand pension plans and calculations with ease and it not official calculator of LIC. In case of any query or suggestions， Pension Plans from LIC of IndiaJeevan Shanti Deferred Annuity It is a deferred annuity pension plan which can be taken for single or joint life with lineal ascendant or descendant， a policyholder deposits single premium and start getting Annuity (pension) as per chosen mode (yearly。

half yearly， it will be taxable and included in other income like salary for tax calculation. To avoid TDS deduction， the deposited amount is returned back to the policyholder. For more details。

exclusive for senior citizens (above 60 years of age) which provides guaranteed pension at 7.4% for 10 years and after completion of 10 years，。

please write in comment box. ， spouse or siblings. The policy is available for age group 30-85 years. It comes with deferment period of 1-20 years。