LIC Jeevan Akshay VII

LIC Jeevan Akshay VII is a single premium, whole-life plan, wherein the pension would be paid until the demise of the pensioner. The plan starts offering a regular income immediately after its purchase based on the chosen annuity mode. With 10 different annuity options, senior citizens have the flexibility to pick one that best suits their needs. 

Read more
LIC, Policybazaar join hands to
accelerate insurance growth
LIC investment
  • Buy LIC policy online
    hassle free

  • Guaranteed Pension for life
    for peaceful retirement

  • Tax saving under Sec 80C &
    10(10D)

  • Sovereign guarantee as per
    Sec 37 of LIC Act

Now Available on Policybazaar
Secure your Retirement with LIC
100% Guaranteed Pension For Life
+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

Established in 1956, the Life Insurance Corporation of India (LIC) is the oldest and the most trusted insurance organization owned by the Ministry of Finance. It has launched quite a few plans that aid senior citizens in living their post-retirement life comfortably. LIC Jeevan Akshay VII is one such plan that was launched in 2020 and can be purchased both online and offline. This article covers the features, eligibility, and benefits of the plan.

What Are the Annuity Options of LIC Jeevan Akshay VII Plan?

The benefits of this plan vary depending on the annuity option you choose. The list below explains the benefits you would receive through each option:

  1. Annuity Option A (Single Life):

    • The pensioner shall receive a pension for the entire life of the policyholder.

    • The policy will terminate on the death of the pensioner and no death benefit will be payable.

  2. Annuity Option B (Single Life):

    • The pensioner receives an annuity regularly for as long as they are alive.

    • The annuity is paid to the nominee for a period of 5 years even if the pensioner dies within this guarantee period.

    • If the policyholder dies after this period, the pension will stop and the policy will terminate.

  3. Annuity Option C (Single Life):

    • The pensioner receives the annuity regularly for as long as they are alive.

    • The annuity is paid to the nominee for a period of 10 years if the pensioner dies within this guarantee period.

    • If the policyholder dies after this period, the pension will stop and the policy will terminate.

  4. Annuity Option D (Single Life):

    • The pensioner receives the annuity regularly for as long as they are alive.

    • The annuity is paid to the nominee for a period of 15 years if the pensioner dies within this guarantee period. If the policyholder dies after this period, the pension will stop and the policy will terminate.

  5. Annuity Option E (Single Life):

    • The pensioner receives the annuity regularly for as long as they are alive.

    • The annuity is paid to the nominee for a period of 20 years if the pensioner dies within this guarantee period. If the policyholder dies after this period, the pension will stop and the policy will terminate.

  6. Annuity Option F (Single Life):

    • The pensioner receives the annuity regularly for as long as they are alive.

    • In case of the policyholder’s death, the purchase price is returned to the nominee as a death benefit and the policy ceases to exist.

  7. Annuity Option G (Single Life):

    • The annuity is increased every year at a simple rate of 3% per annum.

    • The policy will terminate on the death of the pensioner and no death benefit will be payable.

  8. Annuity Option H (Joint Life):

    • The annuity will remain unaffected as long as both primary and secondary annuitants are alive.

    • The pension would remain unaffected on the death of the secondary annuitant but decrease by 50% on the death of the primary annuitant. The policy will terminate on the death of both annuitants.

  9. Annuity Option I (Joint Life):

    • The annuity will remain unaffected as long as both, primary and secondary annuitants are alive.

    • 100% of the annuity will be paid as long as one annuitant is alive. The policy will terminate on the death of both the annuitants and no death benefit will be payable.

  10. Annuity Option J (Joint Life):

    • The annuity will remain unaffected as long as both primary and secondary annuitants are alive.

    • 100% of the annuity will be paid as long as one annuitant is alive. On the death of both the annuitants, the purchase price will be returned to the nominee and the policy will terminate.

Even though the plan offers 10 immediate annuity options, Options F and J are the most preferred options as they allow loan and surrender benefits. You can go through the options and select the one most suitable to your requirements.

Key Benefits of LIC Jeevan Akshay VII

The benefits of the plan are as follows:

    • Death Benefit: The remaining annuities within the guarantee period or the purchase price could be paid as the death benefit. It is paid according to the annuity option selected by the policyholder. The options for the payment of death benefits are -

      1. The death benefit would be paid in lump sum amount to the nominee.

      2. The death benefit would be paid in regular installments as selected by the pensioner

      3. The death benefit would be utilized to buy an immediate annuity plan for the nominee.

    • Maturity Benefit: There is no maturity benefit under this plan.

    • Income Tax Benefit*: The plan offers tax benefits under Section 80C and Section 10(10D) of the Income Tax Act.

* Tax benefits are subject to change with the current tax laws.

Additional plan benefits include:

Parameters Details
Free Look Period Available within 30 days from policy commencement.
Surrender Period* Available anytime after three months of the policy completion.
* Only applicable for Options F and J
Surrender Value The surrender value shall depend on the following factors:
  • Purchase price

  • Annual pension amount

  • Age at the time of surrender

Loan Period* Available anytime after three months of policy completion.
* Only applicable for Options F and J
Loan Amount The loan amount shall depend on the following factors:
  • The maximum loan amount will be 80% of the surrender value.

  • The loan amount should be such that annual interest does not exceed 50% of the yearly annuity.

  • Mode of Annuity Payment: The plan offers the option of receiving the regular pension through various modes, like monthly, quarterly, bi-annually, and yearly. The minimum annuity payable through this plan is:

Annuity Mode Monthly Quarterly Bi-Annually Yearly
Minimum Annuity Rs. 1,000 per annum Rs. 3,000 per annum Rs. 6,000 per annum Rs. 12,000 per annum

How To Buy the LIC Jeevan Akshay VII Plan?

You can purchase the plan either online or offline. If you satisfy the policy's eligibility criteria (next section), you may proceed with the application. It's important to consult your financial advisor before you go through with the application process. You may utilize online resources and tools like the LIC Jeevan Akshay Calculator to understand the policy in detail.

What Is the Eligibility of This Plan?

Apart from being an Indian citizen, the following are the eligibility criteria for LIC Jeevan Akshay VII Plan:

Parameters Minimum Maximum
Entry Age 30 years (Completed) For all Options except Option F = 85 years (Completed)
For Option F = 100 years (Completed)
Purchase Price Rs. 1,00,000 the minimum purchase price will be increased No limit
Policy Term Whole Life Policy
Premium Payment Lump sum only
Joint Life Only between lineal family members like parents, grandparents, siblings, spouse, or children.
Mode of Pension Payment Monthly, quarterly, bi-annually, or yearly.

LIC Jeevan Akshay Calculator

The LIC Premium Calculator is an online tool to help policy seekers get an estimate as to how much they would get in return on investing a certain amount. It is a great tool as it reduces the time and effort required to perform these complex calculations.

Let’s say you are a 40-year-old male, purchasing a policy of Rs. 10 Lacs (without taxes) on a yearly mode, then the annual pension and death benefit for Options F and J will be:

Annuity Option Purchase Price Yearly Pension Death Benefit
Option F Rs. 10,00,000 Rs. 60,250 Rs. 10,00,000
Option J Rs. 10,00,000 Rs. 59,650 Rs. 10,00,000

Documents Required

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

  1. For Age Proof: Aadhaar card, passport, driving license, pan card, or school certificate.

  2. For Income Proof: Bank statement, income tax returns, salary slip, pension passbook, form 16.

  3. 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.

  4. For Photo ID Proof: Aadhaar card, pan card, driving license, passport, voter ID, ration card, bank passbook with proposer photograph.

Key Points To Remember

Some of the key takeaways of the LIC Jeevan Akshay VII plan are specified below:

  • It is a retirement plan with various annuity options to suit your different financial needs.

  • The annuities will be fixed and paid throughout the lifetime of the policyholder.

  • The plan offers both, single and joint life cover options.

  • You can buy it either offline or online. You can visit LIC’s nearest branch to make the purchase offline or on their website to buy it online.

  • A free look period of 30 days is attached to this plan for both, online and offline modes of purchase. If you are not satisfied with the policy terms & conditions, you may return the policy within this free look period.

  • The pensioners will receive a higher pension if the purchase price is above Rs. 5 Lacs.

  • For a joint plan, the other member should be your lineal ascendant/descendant.

  • The surrender option and loan facility is available for specific annuity options under this plan. They are open only after three months of completion of the policy.

  • The policy can only be bought through lump sum payment.

FAQ's

  • Q. Will I lose any money if I cancel the policy after the free look period?

    Ans: LIC may cancel your policy as per your wish and return the purchase price paid for the policy. However, stamp duty may be deducted. In addition, if you have already received an annuity amount, that may also be deducted from your refund.
  • Q. What is the interest rate for the loan on the policy?

    Ans: If the loan is sanctioned during a specific 12-month period, the applicable interest rate is 9.50%. This is applicable for the entire term of the loan.
  • Q. What are the tax benefits available?

    Ans: All the taxation benefits available with the scheme of annuity plans and LIC policies will be available to you. The taxation amount will be applicable as per the prevailing rates and the policy terms. All insurance policies are eligible for tax exemptions under sections 80C and 10(10D) of the Income Tax Act. However, check with the insurer prior to purchase.
  • Q. What is the surrender value of the policy?

    Ans: You will receive either 95% of the purchase price or an amount based on the total number of annuity installments paid and an annuity factor plus pure term assurance factor.
  • Q. Are installments available for different payment modes of death benefits?

    Ans: Yes. You may select the payment mode of the death benefit while buying the policy. The different death benefit payment modes are lump sum, Annuitisation of the death benefit, and installments.
  • Q. How is LIC Jeevan Akshay different from LIC Jeevan Shanti?

    Ans: Jeevan Akshay is an immediate annuity plan whereas Jeevan Shanti is a deferred annuity plan. An immediate annuity offers regular pensions immediately after buying the plan whereas in a deferred annuity you receive regular pensions after the completion of the deferred period.
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Average Rating
(Based on 9 Reviews)

LIC of India articles

Recent Articles
Popular Articles
LIC New Jeevan Shanti

26 Jul 2022

LIC New Jeevan Shanti LIC New Jeevan Shanti is a pension plan that...
Read more
LIC NPS Calculator

14 Mar 2022

Life Insurance Corporation of India (LIC) is one of the oldest...
Read more
Why is LIC Saral Pension Plan is Suitable Pension Scheme for Senior Citizens?

11 Oct 2021

Retirement is the time to unwind and fulfill the dreams that you...
Read more
LIC Jeevan Shanti: A Lifelong Pension Policy!

30 Sep 2021

Life Insurance Corporation of India, a name that is known by...
Read more
LIC Senior Citizen Pension Scheme

30 Aug 2017

Post demonetization the banks are cutting down the interest...
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
LIC NPS Calculator
Life Insurance Corporation of India (LIC) is one of the oldest insurance institutions in the country and hence is...
Read more
Why is LIC Saral Pension Plan is Suitable Pension Scheme for Senior Citizens?
Retirement is the time to unwind and fulfill the dreams that you have dreamt for all those years. However, if you...
Read more
LIC Jeevan Shanti: A Lifelong Pension Policy!
Life Insurance Corporation of India, a name that is known by almost all the Indians. It is One of the most...
Read more
LIC New Jeevan Shanti
LIC New Jeevan Shanti LIC New Jeevan Shanti is a pension plan that also comes with the benefit of insurance...
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.
top
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL