LIC Jeevan Akshay VII

LIC Jeevan Akshay VII- 857 is an immediate annuity plan that helps policyholders secure their post-retirement needs. With 10 different annuity options, the plan allows the senior citizens to have the flexibility to pick one that best suits their needs. Moreover, the plan also allows the special entry age of 25 years to 29 years.

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LIC Jeevan Akshay VII- An Overview

The Life Insurance Corporation of India has launched several senior citizen insurance plans that help policyholders look after their post-retirement requirements. LIC Jeevan Akshay VII is one such plan designed to look after the policyholders' post-retirement needs. It is a single premium immediate annuity pension plan wherein the policyholder can choose the type of annuity from the 10 available options. The plan starts offering a regular income immediately after its purchase based on the chosen annuity mode. The annuity rates are guaranteed at the start of the policy, and these annuity payments will continue for the entire lifetime of the annuitant.

Key Features of LIC Jeevan Akshay VII

  • Single Premium Annuity Plan: LIC Jeevan Akshay VII is a single premium plan wherein the policyholders are required to pay a lump sum premium once.

  • Flexibility: Policyholders can choose between Single Life Annuity and Joint Life Annuity.

  • Online & Offline Purchase available: The plan can be purchased online and offline at the policyholder’s convenience.

What Is the Eligibility of LIC Jeevan Akshay VII?

Apart from being an Indian citizen, the following are the eligibility criteria for LIC Jeevan Akshay For Senior Citizens:

Parameters Minimum Maximum
Entry Age 25 years  For all Options except Option F = 85 years (Completed) For Option F: 100 Years
Purchase Price For Age: 25 years - 29 years: 10,00,000/- 
For Age: 30 years and above Rs: 1,00,000/- subject to Minimum Annuity
No limit
Premium Payment Lump sum only (Single Premium)
Mode of Pension Payment: Monthly, quarterly, bi-annually, or yearly.

What Are the Benefits 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. Option A: Immediate Annuity for life.

    • The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • The policy will terminate on their death, and no death benefit will be payable.

  2. Option B: Immediate Annuity with a Guaranteed Period of 5 years & life thereafter.

    • The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • In case the policyholder dies within the guaranteed period of 5 years, the annuity will be paid to the nominee till the end of the guaranteed period.

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

  3. Option C: Immediate Annuity with a Guaranteed Period of 10 years & life thereafter.

    • The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • In case the policyholder dies within the guaranteed period of 10 years, the annuity will be paid to the nominee till the end of the guaranteed period.

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

  4. Option D: Immediate Annuity with a Guaranteed Period of 15 years & life thereafter.

    • The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • In case the policyholder dies within the guaranteed period of 15 years, the annuity will be paid to the nominee till the end of the guaranteed period.

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

  5. Option E: Immediate Annuity with a Guaranteed Period of 20 years & life thereafter.

    • The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • In case the policyholder dies within the guaranteed period of 20 years, the annuity will be paid to the nominee till the end of the guaranteed period.

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

  6. Option F: Immediate Annuity for life with return of Purchase Price.

    • The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment.

    • In case of the policyholder’s death, the purchase price will be returned to the nominee as a death benefit, and the policy will terminate.

  7. Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.

    • The Annuitant will receive a pension for their entire life as per the chosen mode of annuity payment. The annuity will increase at a simple rate of 3% per annum for each completed year.

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

  8. Option H: : Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.

    • 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. Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.

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

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

  10. Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

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

    • 100% of the annuity will be paid if 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.

pension-ki-no-tension

Policy Details of LIC Jeevan Akshay VII

Parameters Details
Free Look Period is 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.
  • LIC Jeevan Akshay Interest rate 2023 to avail the loan is 9.50% p.a. compounding half-yearly 11 for the entire term of the loan
  • 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

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. LIC Jeevan Akshay Calculator 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:

  • For Age Proof: Aadhaar card, passport, driving license, pan card, or 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.

  • 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.

FAQs

  • 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 for senior citizens 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.
  • Q: What is the LIC Jeevan Akshay Interest Rate 2023?

    Ans: The plan a loan facility at 9.50% p.a. Along with this, the applicable LIC Jeevan Akshya Interest rate 2023 for the calculation of installment amount is 4.84% p.a.
  • Q: 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.
  • Q: 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-day free look period is given.
  • Q: 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.
  • Q: 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.


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LIC Jeevan Akshay VII Reviews & Ratings

4.8 / 5 (Based on 73 Reviews)
(Showing Newest 10 reviews)
Meer
Chalakudy, April 16, 2021
Easy claim settled
I bought the Lic India term plan from the suggestion of my family friend and he recommended me a lot of plans. He said that the claim settlement ratio is quick and easy. Also, it is protective plan.
Ram
Balasore, April 16, 2021
Child security fulfilled
I have bought a Lic India child plan online and it has been a year now. I like the way the this works. It is a nice plan I got for my child’s security.
Jyotsana
Asifabad, April 14, 2021
Additional riders
Along with my Lic India term insurance plan I have got the additional riders too. It has been an important thing for me and can be useful at any point in time. It can be added with a minimal amount.
Anubha
Mainpuri, April 14, 2021
Low premium
The premium rate of the child insurance plan of LIC India which I bought 3 years ago is best and it was under my budget. I was searching for some good plans related to child insurance. I got the way of buying this plan and loved it.
Nimesh
Lakhimpur Kheri, April 13, 2021
Tax rebate
I bought a Lic India term insurance policy online and it has been into my budget. Also, I like one thing that I would able to get the tax benefits under it. It is a good option and can be beneficial for all tax payers.
Amisha
Babina, April 13, 2021
Maturity benefits to get
It is easy to get the maturity benefits when LIC India child plan gets matured and my child would get a better return. It would be easy for him to get the best education and can go for a higher education abroad.
Jay
Lakhimpur, April 12, 2021
Safety
I feel safe and secured for my family when I will be not around. The Lic India ULIP plan will give the better returns and maturity benefits. And will be quite helpful for my family to sustain their future.
Amit
Raghunathpur, April 09, 2021
Happy customers
I am one of the happiest customer of Lic India term plan and I have found various good deals. It is the plan which has come under my budget. And it has been a protective shield for me and my family.
Ashok
Mota Chiloda, April 09, 2021
Great plan
I am happy with this plan and have recommended many people for the same. I bought the Lic India ulip plan 2 years back and It is a best kind of investment.
Azam
, April 09, 2021
Good Benefits
It is important for everyone to understand that benefit is must when you are buying a child insurance plan. I bought a beneficial child plan of LIC India.
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