LG has started rolling out the Android 4.1.2 (Jelly Bean) update for the Optimus L7 in India. The Optimus L7 was announced back in February 2012 and released in India last June. The software version is JZO54K similar to the other countries and the software version is V20b.
LG announced the Android 4.1 (Jelly Bean) update schedule for high-end devices in Korea last year. The Optimus G and Optimus LTE 2 got the Jelly Bean update in January, and the Optimus Vu 2 got the Android 4.1 update back in February in Korea. The Optimus 4X HD got the update in Europe last month and the Optimus L9 got the Android 4.1 update in India recently.
The Jelly Bean update would bring better browser, better notifications, Google Now and several UI enhancements.
The Android 4.1.2 Jelly Bean update for the Optimus L7 is available through the LG PC Suite.
Thanks @pateldipesh!