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LIC Jeevan Akshay VII

18 July 2024 By thelicindia.com Off

LIC Jeevan Akshay VII – Immediate Annuity Plan

Plan Overview: LIC’s Jeevan Akshay-VII (UIN: 512N337V06) is a Non-Linked, Non-Participating, Individual Immediate Annuity plan. The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of the Annuitant(s).

Key Features:

  • Single Premium Immediate Annuity Plan: Purchase this plan with a one-time lump sum payment.
  • Wide Range of Annuity Options: Choose from a variety of annuity options to suit your needs.
  • Flexible Payment Modes: Opt for annuity payments on a yearly, half-yearly, quarterly, or monthly basis.

Annuity Options:

  1. Immediate Annuity for Life: Regular payments as long as the Annuitant is alive.
  2. Immediate Annuity with Guaranteed Period: Payments for a guaranteed period (5, 10, 15, or 20 years) and life thereafter.
  3. Immediate Annuity for Life with Return of Purchase Price: Regular payments with the return of the purchase price upon the Annuitant’s death.
  4. Immediate Annuity for Life Increasing at a Simple Rate of 3% p.a.: Payments increase by 3% per year.
  5. Joint Life Immediate Annuity: Payments continue for the lifetime of the Annuitant and their spouse, with options for 50% or 100% annuity to the surviving spouse.

Benefits:

  • Lifetime Annuity Payments: Guaranteed annuity payments for life.
  • Options for Guaranteed Periods: Ensure your nominee receives payments if you pass away within the guaranteed period.
  • Return of Purchase Price: Secure your purchase price for your beneficiaries.
  • Increasing Annuity Payments: Keep up with inflation with increasing annuity payments.
  • Joint Life Annuity: Provide financial security for your spouse with continued payments.

Eligibility Criteria:

  • Minimum Purchase Price: Ranges from ₹1,00,000 to ₹10,00,000 based on age and options.
  • Maximum Purchase Price: No limit.
  • Age at Entry: 25 years to 85 years (100 years for certain options).
  • Minimum Annuity: Ranges from ₹1,000 per month to ₹12,000 per annum.

Incentives:

  • Higher Purchase Price Incentives: Increase in annuity rates for higher purchase prices.
  • Incentive for Existing Policyholders: Additional benefits for existing LIC policyholders.
  • Direct Sale Incentive: Higher annuity rates for policies purchased online without intermediaries.

Options for Payment of Death Benefit:

  1. Lumpsum Death Benefit: Entire purchase price payable to the nominee.
  2. Annuitisation of Death Benefit: Purchase an immediate annuity for the nominee with the death benefit amount.
  3. Installment Option: Receive the death benefit in installments over 5, 10, or 15 years.

Additional Features:

  • Benefit for Dependant Persons with Disability: Special provisions for policies purchased for dependants with disabilities, including lower minimum purchase prices.
  • NPS Subscriber Option: Compliant with PFRDA regulations, offering specific annuity options for NPS subscribers.

For more details and to purchase LIC’s Jeevan Akshay-VII, visit LIC’s official website.

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