LIC Jeevan Akshay- VII Calculator
Being the largest insurance company in India, LIC has earned a special place in the people's hearts with a wide range of products. LIC's slogan "Your welfare is our responsibility" has itself heldwhen it comes to providing different welfare schemes for the people of urban and rural areas. LIC has never fallen behind when it comes to meeting the demand of common people and securing them with a better plan that fulfils their future requirements.
Secure Your Retirement with
100% Guaranteed
Pension For Life
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Invest 20 Lacs Get ₹ 1.6 Lacs pension for Life
Guaranteed Return For Life
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Multiple Annuity Options
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
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- LIC Jeevan Akshay- VII Calculator
LIC Jeevan Akshay- VII plan has proven to be a game-changer for securing investment plans. Jeevan Akshay- VII is an annuity plan where people can choose any plan among the different options provided. There are ten available options of plan in Jeevan Akshay- VII with different payment options, guarantee period, and termination plan. It is an immediate annuity plan where the policyholder can purchase the plan by paying a lump sum amount. Once he acquires the plan, he becomes eligible for the benefits of the plan. The immediate pension amount would be based on which plan option the policyholder has chosen.
Annuity Options in LIC Jeevan Akshay- VII
LIC Jeevan Akshay- VII comes with ten available options, and customers can choose any one option as per their convenience and requirements. It can be chosen as a single or joint annuity with all the different options available. The annuity payment mode is also available in four different options, monthly, quarterly, half-yearly, and yearly.
The different annuity options available are mentioned in the table below:
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Annuity Options |
Description |
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Option A |
Immediate Annuity for life and cease with death |
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Option B |
Immediate Annuity with 5 years guarantees period and life thereafter. With the death of the annuitant within the guarantee period, the Annuity will be given to the nominee(s). |
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Option C |
Immediate Annuity with 10 year guarantee period and with the death of annuitant within the guarantee period, the Annuity will be given to nominee(s). |
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Option D |
Immediate Annuity with 15 year guarantee period and with the death of annuitant within the guarantee period, the Annuity will be given to nominee(s). |
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Option E |
Immediate Annuity with 20 year guarantee period and with the death of annuitant within the guarantee period, the Annuity will be given to nominee(s). |
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Option F |
Immediate Annuity for life with return of purchase price |
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Option G |
Immediate Annuity for life with 3% increasing simple Interest. |
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Option H |
Joint Immediate Annuity for life and 50% annuity for 2nd annuitant in case of death of 1st annuitant. |
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Option I |
Joint Immediate Annuity for life and 100% annuity as long as any one of the annuitants is alive. |
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Option J |
Joint Immediate Annuity for life and 100% annuity as long as one annuitant is alive and returns the purchase price on the death of the last survivor. |
What is LIC Jeevan Akshay- VII Calculator?
The LIC Jeevan Akshay- VII calculator is used to calculate the pension amount a policyholder may get on the investment of a certain amount in the plan. It is a beneficial and easily accessible calculator that will provide all the details based on which of the option plans a person chooses. Since the LIC Jeevan Akshay- VII comes with many options, it becomes essential to know the exact amount and correct data for easing the process of investment by using this calculator.
How to Use LIC Jeevan Akshay Calculator?
The calculating process is as simple as using any other mathematical calculator. One is required to fill in some data related to the policy, and the pension amount will easily be calculated. Here is the list of data required for calculating the pension amount:
- Pension type: It may be single or joint
- Pension option: Choose any one among the given 10 options
- Primary Holder’s age: Has to be 30 years or more
- Secondary Holder’s age: In case of a joint plan option
- Purchase Amount: Single one-time premium to be invested
What are the Benefits of using this Calculator?
Calculating LIC Jeevan Akshay- VII pension amount depends on many factors and data hence using a calculator is very beneficial to make the process straightforward. In the case of calculating from a manual or hard copy premium chart, it consumes a lot of time; hence the calculator is beneficial in terms of saving time. Many factors like pension type, pension option, age, and purchase amount are required to calculate the pension amount, which the calculator can easily do. By all means, the calculator always gives an error-free result since there are many factors that are to be considered before calculating the final pension amount.
Here is a brief list of the benefits of using a calculator:
- Easy and undemanding
- Time-saving
- User friendly
- Avoids the hurdle of calculation from a manual chart
- Promotes accuracy
FAQ's
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Q1. How to purchase this pension plan?
A1. Purchase of LIC Jeevan Akshay- VII can be done both online or offline. In the case of online purchasing, one can visit the LIC online portal, and one can easily purchase the plan from there. In case of offline purchase, one has to contact a LIC agent or visit any nearby LIC branch. -
Q2. Where to find the Jeevan Akshay- VII calculator?
A2. Jeevan Akshay- VII calculator can be easily accessible by visiting LIC online portal. After providing the information and choosing the option to be availed, the pension amount can be easily calculated. -
Q3. What are the additional benefits of the Jeevan Akshay- VII plan?
A3. LIC Jeevan Akshay- VII is a pension plan that provides immediate Annuity. It is available in 10 different options plans, and customers can choose any one option as per their convenience and requirement. Other important additional benefits include the different modes of annuity payment available. A single person can take the immediate annuity pension plan, or it may also be taken jointly as per the different options plan available. -
Q4. What is the mode of annuity Payments?
A4. LIC Jeevan Akshay- VII provides four modes of annuity payments as per user convenience. They are as follow:- Monthly, i.e., every month
- Quarterly, i.e., every 3 months
- Half-yearly, i.e., every 6 months
- Yearly, i.e., every 12 months
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Q5. What are the minimum and maximum age limits for the plan?
A5. The minimum age limit required to purchase LIC Jeevan Akshay- VII is 30 years. Any person below the age of 30 is not eligible for this plan. The maximum age is limited to 85 years, and in the case of Option F, it is 100 years. -
Q6. How does an Annuity Pension plan work?
A6. In an annuity plan, the policyholder gets a regular payment for life long after investing a sum of money in the plan. The regular payment mode may be monthly, quarterly, half-yearly, or yearly. The pension amount depends on the sum of money invested or the policy option chosen by the policyholder. The policy plan may be a single or joint account and mainly depends on the option plan. In simple terms, it can be understood in the following steps:- Customerspurchase a pension plan after investing a lump sum amount.
- LIC will start paying pension immediately based on the option plan chosen.
- The pension amount depends on the terms and conditions of the policy.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C apply.
**Tax benefit is subject to changes in tax laws. Standard T&C apply.
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