LIC Jeevan Akshay - VII

It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant.

This plan can be purchased offline as well as online. To purchase the plan online, please log on to our website www.licindia.in

features:

  • Immediate Annuity : Starts as early as next month.
  • Purchase Limits : Minimum purchase price : ?.1,00,000/- (subject to minimum annuity as per given in FAQ)
  • Single Premium : Pay - Once - Enjoy - Forever
  • No maximum limits for purchase price, annuity etc.
  • Incentive for High Purchase Price; If your purchase price is ?. 5,00,000/- or more, you will receive higher amount of annuity due to available incentives.
  • Age Limits : Minimum age at entry: 30 years
  • Maximum age at entry: 100 years for option F and 85 for other options
  • Age proof is necessary.
  • Medical : No medical examination is required.
  • Annuity Mode : Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.
  • Annuity Options : Ten options of annuity to choose from.
  • Online Incentive : Rebate of 2% by way of increase in the basic annuity rate will be available.

Options:

You may choose any one from the below mentioned annuity options for Immediate Annuity.

A.Annuity payable for life at a uniform rate.
B.Annuity payable for 5 years certain and thereafter as long as the annuitant is alive.
C.Annuity payable for 10 years certain and thereafter as long as the annuitant is alive.
D.Annuity payable for 15 years certain and thereafter as long as the annuitant is alive.
E.Annuity payable for 20 years certain and thereafter as long as the annuitant is alive.
F.Annuity for life with return of purchase price on death of the annuitant.
G.Annuity payable for life increasing at a simple rate of 3% p.a.
H.Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
I.Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
J.Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.

Age last birthday Amount of annuity payable at yearly intervals which can be purchased for Rs.10,00,000/- under different options for Immediate Annuity is as under:
(A) (D)
(15 yrs
certain)
(F) (G) (H) (I) (J)
30 58970 58664 53768 41426 57746 56624 53666
40 62438 62030 54074 45200 60704 58970 53870
50 68966 67742 54380 51932 65906 63254 54176
60 81002 76820 54992 63968 75800 71210 54686
70 105176 89162 55808 88040 95588 87734 55400
80 171578 96098 56624 151994 146690 128126 56318

Eligibility Criteria:

i. Minimum Purchase Price*: 1,00,000/- subject to Minimum Annuity as specified below.
Note: The above mentioned minimum purchase price would be increased appropriately to meet minimum annuity criterion as specified below.
ii. Maximum Purchase Price : No Limit
iii.Minimum Age at Entry : 30 years (completed)
iv. Maximum Age at Entry : 85 years (completed) except Option F; 100 years (completed) for Option F

Minimum Annuity:

Annuity Mode Monthly Quarterly Half-yearly Annual
Minimum Annuity Rs.1000 per month Rs.3000 per quarter Rs.6000 per half year 12000 per annum