LIC Jeevan Akshay VII is a policy that provides the policyholders with many options to choose from. It is based on a single premium which means that there is only a one-time payment at the beginning of the policy. It is a non-linked, non-participating insurance policy and provides an immediate annuity which means that the annuity or pension will be paid to the policyholder on an annual basis. It also provides a joint life cover.
Key Features of Jeevan Akshay VII
In the plan, an amount is decided and that amount is paid throughout the lifetime of the annuitant yearly. Along with this, below listed are some of the key features:
- Annuity Options- There are 10 available options to choose from, including immediate annuity for life, an immediate annuity with guaranteed period and life. It also has an immediate annuity for life with a return on the purchase price. These are a few examples from a variety of 10
- Loan Facility- One can avail of loans; three months post the issue of the policy. There is another option to avail of loans after the free-look period is over. Whichever comes later.
- Guaranteed Annuity rates- Whatever the annuity rates are decided at the beginning of the issuance of the policies, that will be guaranteed, and the annuities are provided throughout the lifetime of the annuitant.
- Incentive- To increase the annuity rate, an incentive is allowed for the purchase of Rs. 5, 00,00, and above.
- Medical Examination- No medical examination is required for investing in Jeevan Akshay VII.
Benefits of Jeevan Akshay VII PLan
Some of the benefits of the Jeevan Akshay VII plan are mentioned below:
- There are 10 vast options of annuity plans to choose from
- Annuity for life 50% of the annuity can be passed on to the spouse if the annuitant dies
- 100% Annuity for life for the spouse with the demise of the annuitant.
- The amount of purchase will be returned only with the death of the last survivor
Eligibility for Jeevan Akshay VII plan
| Minimum entry age | 30 |
| Maximum entry age | 85 |
| Minimum purchase price | 1,00,000 |
| Maximum purchase price | No limit |
| Minimum annuity | Rs. 12,000 annually |
| Annuity Payment Modes | AnnuallySemi-annually
Quarterly and monthly |
Sample Rates of Annuity for Better Understanding
The amount of annuity is payable annually. It can be purchased for Rs. 10, 00,000 provided under different options for an immediate annuity. Some samples are mentioned under.
| Age | a | b | c | d | e | F | g |
| 30 | 58970 | 58664 | 53768 | 41426 | 57746 | 56624 | 53666 |
| 40 | 62438 | 62030 | 54074 | 45200 | 60704 | 58970 | 53870 |
| 50 | 68996 | 67742 | 54380 | 51932 | 65906 | 6324 | 54176 |
| 60 | 81002 | 76820 | 54992 | 63968 | 75800 | 71210 | 54686 |
| 70 | 105176 | 89162 | 55808 | 88040 | 95588 | 87734 | 55400 |
The 10 Annuity Options
The following is a guideline to understanding the 10 annuity options.
- Lifetime annuity will be paid which remain the same throughout
- A guaranteed annuity is paid for 5 years and after that as long as the annuitant is alive
- A guaranteed annuity is paid for 10 years and after that as long as the annuitant is alive
- A guaranteed annuity is paid for 15 years and after that as long as the annuitant is alive
- A guaranteed annuity is paid for 20 years and after that as long as the annuitant is alive
- If the annuitant dies, the purchase price will be returned as an annuity for life.
- A 3% p.a. interest rate on the payable annuity
- Annuity for life 50% of the annuity can be passed on to the spouse if the annuitant dies
- 100% annuity for life for the spouse with the demise of the annuitant.
- 100% annuity to the spouse should the annuitant dies. The amount of purchase will be returned only with the death of the last survivor