Plan Highlights
LIC ‘s Jeevan Akshay VII (Plan-857) is a non-linked, non-participating, single premium annuity plan wherein policyholder can choose various Immediate Annuity options from A to G and H, I , J for Joint life.
The annuity rates are guaranteed at the inception of the policy. Incentives in Annuity rate in case of higher purchase price. Incentives on direct sale also.
Option to opt the death benefit in 3 different ways: –
1) Lumpsum Death Benefit: – One-time payment to nominee
2) Annuitization of Death Benefit: – Death benefit utilized to purchase the immediate annuity plan.
3) In Installment: – Death benefit can be taken in installments of 5, 10 or 15 years in monthly, quarterly, half yearly or yearly mode.
Type of Annuities available: –
Annuity options available under Immediate Annuity option are as under:
1.Annuity for life
2.Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
3.Annuity with return of purchase price
4.Annuity for life increasing at a simple rate of 3% p.a.
5.Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.
6.Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant.
7.Annuity for life with a provision for 100% of the annuity payable to spouse on death of annuitant with return of purchase price on death of the last survivor.
Modes of Annuity Payments: –
Annuity can be paid in yearly, half-yearly, quarterly or monthly installments, subject to a minimum
annuity amount for monthly, quarterly, half-yearly and yearly mode will be Rs.1000/-, Rs.3000/-, Rs.6000/- and Rs.12000/- respectively.
Eligibility Conditions and Features: –
(a) Minimum Age at entry: 30 years last Birthday
(b) Maximum Age at entry: 85 years last Birthday 100 years last Birthday for annuity option F
(d) Minimum Purchase Price: Rs.1,00,000/-
(e) Maximum Purchase Price: – No Limit
Surrender Value: -The policy can be surrendered at any time after completion of 3 months. The policy can be surrendered under F and J options only.
Loan: – Loan facility can be availed after completion of 3 months. The loan is available under F and J options only.