LIC Jeevan Akshay VII Plan

Having an annuity plan can surely be useful at times. An annuity plan allows for the disbursements of payments from the initial lump sum amount that was made to the insurance company by the policyholder. The regular disbursements can act as a pension to the policyholder. Life Insurance Corporation of India, also known as LIC, has been offering its annuity plan titled LIC Jeevan Akshay VII Policy.

This is a non-linked as well as a non-participating annuity plan. This implies that the policy is not linked with the stock market and does not depend on any underlying asset's performance. At the same time, the plan does make any sort of bonuses or add-on available to the policyholder. Thus, a fixed amount of annuity will be made in favour of the policyholder throughout his entire lifetime.

LIC Jeevan Akshay VII - Eligibility Criteria

Any individual who is 30 years of age or above 30 years can purchase the LIC Jeevan Akshay VII policy. However, the upper age limit to purchase the policy is 85 years. Only for plan variant F, it is up to 100 years.

Parameters

Details

Policy Tenure

10 Annuity Options A to J

Premium Paying Term

Single Pay

Premium Paying Mode

Monthly, Quarterly, Half-Yearly or Monthly

Entry Age

The policy is applicable to anyone between the ages of 30 and 85 years.

(For Variant F, it is 100 years)

Maturity Age

NA

Grace Period

NA

Sum Assured

A minimum amount of Rs 1 lakh is accepted as a lump sum payment. However, no upper limit is stated.

Liquidity

Loans are available once three months have passed after the policy's commencement date or after the free look period, only under Return of Purchase Price variants, i.e., Options F & J.

Benefits of LIC Jeevan Akshay VII policy

LIC Jeevan Akshay VII policy comes with a lot of benefits that bring forth a lucrative deal for the policyholder. These are as follows:

Variety of Annuity Options

A total of 10 different annuity options are available with this plan. Some of them are immediate annuity of life, immediate annuity for life along with the return of the purchase price, an immediate annuity of life with a period of guarantee, etc.

Loan Facility

A separate loan facility will also be available to the policyholder under return of purchase price variants. The loan facilities are applicable 3 months post the end of the free-look period or the date of the policy issuance, whichever is later.

Medical Examination

No medical examination is required to purchase the policy. 

Incentive

In case the purchase price of the policy or the initial lump sum payment is Rs 5, 00,000 or more, then an incentive will be provided to the policyholder, which in turn will increase the rate of the annuity. 

Annuity Rates Guarantee

Having guaranteed annuity rates are definitely better than just having annuity rates. On top of that, the annuities will be payable and applicable throughout the lifespan of the annuitant.

Premium for LIC Jeevan Akshay VII Plan

LIC Jeevan Akshay VII premium has to be paid as a single payment in order to purchase the policy. The minimum payment option is Rs 1 lakh, while the upper limit of the premium amount has not been stated. Thus, any amount above Rs 1 lakh can be paid as the premium amount.

How to Buy this Policy Online?

One can buy LIC Jeevan Akshay VII online or even offline. Before buying, you should go through the LIC Jeevan Akshay VII reviews. In order to buy the policy through the offline mode, one has to visit the nearest Life Insurance Corporation branch.

To buy LIC Jeevan Akshay VII online, all one needs to do is follow the steps below:

  • Visit the official website of the insurer and click on the tab "Buy Policy Online." Among the different policies that will be showcased, choose Jeevan Akshay VII. Click on the “Buy Now” button
  • You need to submit the required personal data and confirm them
  • Upon confirmation, you can calculate the premium amount using the LIC Jeevan Akshay VII calculator
  • A One Time Password will be sent to the registered mobile number, and you need to submit that and while up the other details as required
  • Once everything has been entered, re-check the details once and click on "Proceed"
  • A pop-up will appear asking if you are a registered user or not. If not, click "No" and "Proceed"
  • Fill in the required bank account details and nominee details. Once done, please check the filled in premium details and click on "Next," and then click on "Proceed to Pay"
  • Continue clicking on “Proceed” after checking the details
  • Using the available payment mode, make the payment
  • Once the payment is complete, the insurer will share all the required documents on the email address that has been registered

LIC Jeevan Akshay VII Plan - FAQs

  • Q1. At what time can I surrender the policy?

    Ans: You can surrender the policy at any time provided at least three months have elapsed since the commencement of the policy or when the free-look period is over, whichever happens, to be at a later date.
  • Q2. What is the free look period for the policy?

    Ans: This policy has a free look period of 15 days if the policy is brought physically. In case the policy is brought online, then a 30 days free look period is given.
  • Q3. Is there a possibility that the annuity rate might increase?

    Ans: Yes, of course. With the increase in age, you can expect the annuity rates to grow as well.
  • Q4. Does the policy provide me coverage if I am traveling globally?

    Ans: Yes, even if you are abroad for business or vacation purposes, the policy will provide global coverage.
  • Q5. How am I to apply for a refund of my deposit?

    Ans: Please drop in a mail to This email address is being protected from spambots. You need JavaScript enabled to view it. for a refund request.
  • Q6. How do I know my LIC Jeevan Akshay VII policy status?

    Ans: To know the LIC Jeevan Akshay VII policy status, you can write a mail to This email address is being protected from spambots. You need JavaScript enabled to view it. or call 022-67819288/67819287.
  • Q7. Is there any discount that I can avail of for this policy? 

    Ans: Yes. For this policy, the discount comes in the form of a higher pension if you purchase      the policy online.
Written By: PolicyBazaar - Updated: 14 December 2020
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