LIC Jeevan Akshay VII

Established in 1956, the Life Insurance Corporation (LIC) of India is an investment corporation owned by the Ministry of Finance. The organization has crossed trillions of total life funds raised. With nearly 300 million policyholders, LIC boasts of a significant investment network. If you have been associated with LIC in any form, you may know of LIC offerings and policies.

Read more

Secure Your Retirement with

100% Guaranteed

Pension For Life

Best Pension Options
  • Invest 20 Lacs Get ₹ 1.6 Lacs pension for Life

  • Guaranteed Return For Life

  • Multiple Annuity Options

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Buy Online and Get ₹ 1.4 Lacs extra#
Guaranteed Pension For Life For You And Your Spouse
Invested amount returned to your nominee
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you agree to our Privacy Policy and Terms of use #For a 55 year on investment of 20Lacs #Discount offered by insurance company
Get Updates on WhatsApp

This article covers the LIC Jeevan Akshay 7 Plan, an immediate annuity, non-linked, and non-participative plan. It was launched in 2020 and can be purchased both offline and online.

Eligibility

The following are the eligibility criteria for Jeevan Akshay 7 Plan from LIC:

  • The minimum age to purchase the policy is 30 years.
  • The maximum eligible age is 85 years.
  • The minimum purchase price is Rs 1,00,000.
  • There is no maximum purchase limit.
  • You should be an Indian citizen.
  • If you are opting for a joint plan, the other member should be a lineal ascendant/descendant of your family.
  • The annuity terms are available in yearly, half-yearly, quarterly & monthly plans.
  • You should agree to the promised rate of return effectively for the entire term of the policy.

Documents Required

The documents required for buying a LIC Jeevan Akshay 7 Plan are as follows:

  • Document for proving age
  • Document for proving address
  • Document for proving income
  • Photo ID proof
  • A recent photograph

The documents for age, address, and income proof may be any of the following:

For age proof

Aadhaar card, passport, driving license, pan card, school certificate.

For income proof

Bank statement, income tax returns, salary slip, pension passbook, form 16.

For address proof

Passport, bank passbook, ration card, voter ID, electricity bill, gas bill, water bill, telephone bill, credit card bill, rental agreement, mobile postpaid bill, driving license.

Photo ID proof

Aadhaar card, pan card, driving license, passport, voter ID, ration card, bank passbook with proposer photograph.

Features of LIC Jeevan Akshay 7 Plan

The main features of the LIC Jeevan Akshay 7 plan are as follows:

  • LIC Jeevan Akshay 7 Plan is an annuity plan with different options to suit your different financial needs.
  • You can buy it both offline and online. You can visit LIC’s nearest branch to make the investment or their website to purchase it online.
  • A free look period of 15 days is attached to this plan. If you purchase the policy online, you will get 30 days. You need to review the policy during this time frame. If you are not satisfied with the policy terms & conditions, you may return the policy.
  • A wider range of incentives is available for this plan. In addition, the incentives may vary with different premium payment methods.
  • You may avail of loans on this plan. The loan facility is open for you after 3 months of completion of the policy. In some cases, this may be open after the expiry of the look-up period. The loan facility is available only for specific annuity options.
  • The surrender option is also available under this plan. Though not advised in full effect, you may select this option if necessary.
  • An option of lump sum payment is also available.

Benefits of LIC Jeevan Akshay 7 Plan

The benefits obtained from this plan vary according to the annuity option that you decide to pick. The table below gives a short glimpse of how the particular annuity option of your choice corresponds to a certain set of benefits:

Annuity plan option

Feature of the annuity option

Relevant benefit

A

Immediate annuity for whole life

Until you (the policyholder) are alive, the annuity payments are made in arrears. It is important to mention that no payment will be made on your death. The annuity payment will cease. This is a good option where the policyholder survives.

B

Immediate annuity along with a guarantee period of 5 years & thereafter, life.

Here, on the death of the annuitant, the nominee will receive annuity payment. This payment will happen after the guarantee period of 5 years. If you die after the guarantee period, then nothing is payable.

C

Immediate annuity along with a guarantee period of 10 years & thereafter, life.

Same as option B benefits except for the sole difference of you receiving the payment after the guarantee period of 10 years.

D

Immediate annuity along with a guarantee period of 15 years & thereafter, life.

Same as option B benefits except for the sole difference of you receiving the payment after the guaranty period of 15 years.

E

Immediate annuity along with a guarantee period of 20 years & thereafter, life.

Same as option B benefits except for the sole difference of you receiving the payment after the guarantee period of 20 years.

F

Immediate life annuity where you may receive a return on your purchase price.

As long as the policyholder is alive, the annuity payment will be made in arrears.

G

Immediate life annuity. Here, your policy value increases at a rate of 3% per annum.

The biggest benefit here is the 3% rate of increase for your policy value after every completed year. For a long-term policy, this is highly beneficial.

H

A joint life immediate annuity plan. In case of the death of the primary policyholder, the secondary policyholder may receive 50% of the annuity.

In this plan, if you are the secondary annuitant & if your death precedes the primary annuitant, then there won't be any visible benefits. However, if you are the primary annuitant, you will receive a payment of 50% of the annuity as a survivor.

I

Another joint-life immediate annuity option where the survival of one of the annuitants promises a provision for 100% of the payable annuity.

100% payment benefits are available if you are the primary annuitant.

J

Same as option-I. The difference is that on the death of the last survivor, the purchase price is returned.

The greatest benefit of this plan is if you are the nominee. You will receive the policy purchase price if the option is exercised in case of eventuality related to the primary annuitant.

The general benefits applicable to LIC and annuity plans may be available above all the mentioned benefits. These may include maturity benefits, survival benefits, and death benefits.

How To Invest in LIC Jeevan Akshay 7 Plan?

You may purchase via two channels - online & offline. If you satisfy the policy's eligibility criteria, you may proceed with the application. It's important to consult your financial advisor before the application process. You may leverage online resources and tools like an annuity calculator to understand the policy in full. 

Rest assured, you should plan the policy cover to prepare for premium payments and maturity benefits. Your point of contact at LIC may act as your financial guide in purchasing & investing in this policy.

In Conclusion

You should consider the plan like any other financial tool where investment risks are present. Therefore, you should consider all the market risks associated with this policy and decide accordingly. A thorough understanding of the terms & conditions of the plan and the investment impact is to be calculated. Planning regarding the nomination procedures and the policy loans should be practised.

FAQ's

Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 9 Reviews)
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about health plans.

Pension plans articles

Recent Articles
Popular Articles
Future Value of Annuity Due Formula

22 Nov 2021

The future value of an annuity due is the value of consolidated...
Read more
Axis NPS Calculator

18 Nov 2021

Every individual requires old age security and financial...
Read more
Post Office NPS Calculator

18 Nov 2021

National Pension System is a scheme launched by the Government...
Read more
SBI NPS Calculator

18 Nov 2021

One of the most renowned schemes launched by the Government of...
Read more
ICICI NPS Calculator

12 Nov 2021

NPS or National Pension Scheme is a scheme launched by the...
Read more
NPS Calculator: National Pension Scheme Calculator Online
National Pension Scheme Calculator is an online tool, which allows the individual to calculate the estimated...
Read more
Saral Pension Yojana
In India, there are various individual immediate annuity products offered by life insurance companies. These...
Read more
National Pension Scheme (NPS)
National Pension Scheme (NPS) is an investment cum pension plan launched by the Indian Government. This scheme is...
Read more
LIC Senior Citizen Pension Scheme
Post demonetization the banks are cutting down the interest rates on fixed deposits. Hence, to safeguard the...
Read more
Top Pension Plans in India
Pension plans are one of the most sought-after investment options that have gained huge popularity over the...
Read more

LIC Jeevan Akshay VII Reviews & Ratings

4.6 / 5 (Based on 9 Reviews)
(Showing Newest 9 reviews)
Girish
Namakkal, April 06, 2021
Secure future
The Lic India pension was bought by me 2 years back so that I can secure my future and my family’s future. I really love it and found the plan much impressive. I have search for various good plans at reasonable premium.
Amrit
Bairabi, April 05, 2021
A great alternative
I have found a best alternative for me along with my job. I have got the lic India pension plan policy. It is a good plan which I have bought for securing my future and it has been a wonderful plan for everyone.
Shobha
Aruppukkottai, April 01, 2021
Lot of features
In my Lic India pension plan I got to know about various features which has enhanced my future. I am future secured along with my job.
Latika
Belpara, March 02, 2021
Pay-outs
I choose the Lic India pension plan because I wanted to secure my and my family’s future. It is one of the guaranteed pay out plans available. A good place to invest and get the best pay out to be happy in the future.
Garima
Edayirikkapuzha, March 02, 2021
Regular income plan
I was looking for a retirement plan so that it can give me benefits in my future. I got to know about Lic India pension plan from my friend. The premium payment is quite easy to do and I easily got along with this plan because I got various benefits into the same. Great plans and would recommend to my friends.
Shorabh
Dharur, February 10, 2021
Secure future
I bought this lic India pension plan recently and I really like it. I found the financial stability and coverage under this plan. It is best plan for my retirement.
Ashish
Mumbai, July 20, 2016
LIC Insurance
The pension plan of mine is very nice. It provide good returns in future and the coming time is tension free. Premium is low, and the special thing of the plan is that it is lic pension plan, the trusted company from the ages. I'm fully satisfied with my insurance plan.
Prashant
Noida, July 20, 2016
Pension Policy
My lic pension plan is the best policy. Premium is less policy coverage is high. Claiming procedure is easy because of fast service facilitate by the executives 24X7. Updates are send regularly to my email address. The online renewals are also easy to make. Good future investment.
Gaurav
Bangalore, May 13, 2016
Trustworthy
I secure my future by buying the lic pension plan. The policy coverage is fantastic approx. 88% and the claims are even better. Service is fast and on time. Good behaviour of executives and staff members is the best part. Good job.
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL