JEEVAN AKSHAY – VII PLAN

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JEEVAN AKSHAY – VII PLAN

LIC's New Jeevan Akshay - VII is an immediate annuity plan, which can be purchased by paying a lump sum amount. This plan provides annual payment of a fixed amount throughout the lifetime of the annuitant.

Immediate Annuity

Immediate Annuity

Lifetime Risk Cover

Lifetime Risk Cover

Guaranteed Additions

Guaranteed Additions

No Medical Examination

No Medical Examination

Flexible Premium Paying Term

Flexible Premium Paying Term

Ten Annuity Options to Choose From

Ten Annuity Options to Choose From

LIC Jeevan Akshay VII– An Overview

The Life Insurance Corporation of India has launched several senior citizen insurance plans that help policyholders look after their post-retirement requirements. LIC Jeevan Akshay VII is one such plan designed to look after the policyholders’ post-retirement needs. It is a single premium immediate annuity pension plan wherein the policyholder can choose the type of annuity from the 10 available options. The plan starts offering a regular income immediately after its purchase based on the chosen annuity mode. The annuity rates are guaranteed at the start of the policy, and these annuity payments will continue for the entire lifetime of the annuitant.

What Is the Eligibility of LIC Jeevan Akshay VII?

Apart from being an Indian citizen, the following are the eligibility criteria for LIC Jeevan Akshay For Senior Citizens:

Parameters Minimum Maximum
Entry Age 25 years For all Options except Option F = 85 years (Completed) For Option F: 100 Years
Purchase Price For Age: 25 years – 29 years: 10,00,000/- 
For Age: 30 years and above Rs: 1,00,000/- subject to Minimum Annuity		 No limit
Premium Payment Lump sum only (Single Premium)
Mode of Pension Payment: Monthly, quarterly, bi-annually, or yearly.

What Are the Benefits of LIC Jeevan Akshay VII Plan?

The benefits of this plan vary depending on the annuity option you choose. The list below explains the benefits you would receive through each option:

  1. Option A: Immediate Annuity for life.

    • 1.The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • 2.The policy will terminate on their death, and no death benefit will be payable.

  2. Option B: Immediate Annuity with a Guaranteed Period of 5 years & life thereafter.

    • 1.The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • 2.In case the policyholder dies within the guaranteed period of 5 years, the annuity will be paid to the nominee till the end of the guaranteed period.

    • 3.If the policyholder dies after the guaranteed period, the pension will stop, and the policy will terminate.

  3. Option C: Immediate Annuity with a Guaranteed Period of 10 years & life thereafter.

    • 1.The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • 2.In case the policyholder dies within the guaranteed period of 10 years, the annuity will be paid to the nominee till the end of the guaranteed period.

    • 3.If the policyholder dies after the guaranteed period, the pension will stop, and the policy will terminate.

  4. Option D: Immediate Annuity with a Guaranteed Period of 15 years & life thereafter.

    • 1.The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • 2.In case the policyholder dies within the guaranteed period of 15 years, the annuity will be paid to the nominee till the end of the guaranteed period.

    • 3.If the policyholder dies after the guaranteed period, the pension will stop, and the policy will terminate.

  5. Option E: Immediate Annuity with a Guaranteed Period of 20 years & life thereafter.

    • 1.The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • 2.In case the policyholder dies within the guaranteed period of 20 years, the annuity will be paid to the nominee till the end of the guaranteed period.

    • 3.If the policyholder dies after the guaranteed period, the pension will stop, and the policy will terminate.

  6. Option F: Immediate Annuity for life with return of Purchase Price.

    • 1.The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • 2.In case of the policyholder’s death, the purchase price will be returned to the nominee as a death benefit, and the policy will terminate.

  7. Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.

    • 1.The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment. The annuity will increase at a simple rate of 3% per annum for each completed year.

    • 2.The policy will terminate on the death of the annuiant, and no death benefit will be payable.

  8. Option H: : Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.

    • 1.The pension would remain unaffected on the death of the secondary annuitant but decrease by 50% on the death of the primary annuitant. The policy will terminate on the death of both annuitants.

  9. Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.

    • 1.The annuity will remain unaffected as long as both primary and secondary annuitants are alive.

    • 2.100% of the annuity will be paid if one annuitant is alive. The policy will terminate on the death of both the annuitants, and no death benefit will be payable.

  10. Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

    • 1.The annuity will remain unaffected as long as primary and secondary annuitants are alive.

    • 2.100% of the annuity will be paid if one annuitant is alive. On the death of both the annuitants, the purchase price will be returned to the nominee, and the policy will terminate.

 

Policy Details of LIC Jeevan Akshay VII

Parameters Details
Free Look Period is Available within 30 days from policy commencement.
Surrender Period* Available anytime after three months of the policy completion. * Only applicable for Options F and J
Surrender Value The surrender value shall depend on the following factors:
  • Purchase price
  • , Annual pension amount
  • Age at the time of surrender
Loan Period* Available anytime after three months of policy completion. * Only applicable for Options F and J
Loan Amount The loan amount shall depend on the following factors:
  • The maximum loan amount will be 80% of the surrender value.
  • The loan amount should be such that annual interest does not exceed 50% of the yearly annuity.
  • LIC Jeevan Akshay Interest rate 2023 to avail the loan is 9.50% p.a. compounding half-yearly 11 for the entire term of the loan

  • Mode of Annuity Payment: The plan offers the option of receiving the regular pension through various modes, like monthly, quarterly, bi-annually, and yearly. The minimum annuity payable through this plan is:

Annuity Mode Monthly Quarterly Bi-Annually Yearly
Minimum Annuity Rs. 1,000 per annum Rs. 3,000 per annum Rs. 6,000 per annum Rs. 12,000 per annum
 

Documents Required

The documents required for buying a LIC Jeevan Akshay VII Plan are as follows:

  • For Age Proof: Aadhaar card, passport, driving license, pan card, or school certificate.

  • For Income Proof: Bank statement, income tax returns, salary slip, pension passbook, form 16.

  • For Address Proof: Passport, bank passbook, ration card, voter ID, electricity bill, gas bill, water bill, telephone bill, credit card bill, rental agreement, mobile postpaid bill, driving license.

  • For Photo ID Proof: Aadhaar card, pan card, driving license, passport, voter ID, ration card, bank passbook with proposer photograph.

Key Points To Remember

Some of the key takeaways of the LIC Jeevan Akshay VII plan are specified below:

  • It is a retirement plan with various annuity options to suit your different financial needs.

  • The annuities will be fixed and paid throughout the lifetime of the policyholder.

  • The plan offers both, single and joint life cover options.

  • You can buy it either offline or online. You can visit LIC’s nearest branch to make the purchase offline or on their website to buy it online.

  • A free look period of 30 days is attached to this plan for both, online and offline modes of purchase. If you are not satisfied with the policy terms & conditions, you may return the policy within this free look period.

  • The pensioners will receive a higher pension if the purchase price is above Rs. 5 Lacs.

  • For a joint plan, the other member should be your lineal ascendant/descendant.

  • The surrender option and loan facility is available for specific annuity options under this plan. They are open only after three months of completion of the policy.

  • The policy can only be bought through lump sum payment.

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