LIC New Jeevan Akshay Pension Scheme

LIC New Jeevan Akshay is a pension plan offered by the Life Insurance Corporation of India (LIC). It is a non-linked, immediate annuity plan designed to provide a regular income stream for individuals during their retirement years. 

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What is LIC New Jeevan Akshay Pension Scheme

LIC New Jeevan Akshay VII is an immediate annuity plan offered by Life Insurance Corporation of India (LIC). It provides individuals with a regular income during their retirement years. The plan provides flexibility through different annuity options to suit individual needs, such as ensuring a guaranteed income for a certain period or providing a return of the purchase price to the nominee in case of the policyholder's demise. 

Key Features of LIC Jeevan Akshay Pension Scheme

  • Annuity Options: The plan provides a range of annuity options to choose from based on the policyholder's requirements. These options include an immediate annuity for life, an immediate annuity with a guaranteed period, an immediate annuity with a return of purchase price, and an immediate annuity with a provision for the increase in the annuity amount.

  • Premium Payment: The plan requires a lump-sum payment as the premium, which is used to purchase the annuity. The premium amount depends on various factors, such as the policyholder's age, the annuity option chosen, and other factors.

  • Annuity Payout Modes: The plan offers annuity payouts in different modes, such as monthly, quarterly, half-yearly, or yearly, as per the policyholder's preference.

  • Eligibility: The minimum age to purchase the plan is usually 30 years, while the maximum age may vary based on the chosen annuity option.

  • Tax Benefits: The premiums paid towards LIC's Jeevan Akshay - VII plan may be eligible for tax benefits under Section 80CCC of the Income Tax Act, 1961, subject to prevailing tax laws.

What Is the Eligibility of LIC Jeevan Akshay VII?

The following are the eligibility criteria for LIC Jeevan Akshay For Senior Citizens:

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.

Benefits of LIC Jeevan Akshay Pension Scheme

LIC's Jeevan Akshay - VII is an immediate annuity plan that offers a range of benefits for individuals looking to secure a regular income during their retirement years. Here are some key benefits of the plan:

  • Guaranteed Income: Jeevan Akshay - VII ensures a guaranteed income for life. The policyholder receives regular annuity payments immediately after purchasing the plan, providing financial stability and peace of mind during retirement.

  • Financial Security: With Jeevan Akshay - VII, policyholders can enjoy a steady and secure income stream, ensuring they have funds to cover living expenses, medical bills, and other financial obligations during their retirement years.

  • Nomination Facility: The plan allows policyholders to nominate a person who will receive the annuity benefits in the event of their demise. This ensures that the policyholder's loved ones continue to receive the annuity income and financial support.

  • No Medical Examination: One of the advantages of the plan is that it does not require the policyholder to undergo a medical examination. This makes it easier for individuals with pre-existing medical conditions to avail themselves of the plan and enjoy its benefits.

  • Inflation Protection: The plan offers an annuity option with a provision for an increase in the annuity amount. This feature helps policyholders combat the impact of inflation over time, ensuring that their income keeps pace with the rising cost of living.

  • Peace of Mind: With Jeevan Akshay - VII, policyholders can have peace of mind knowing that they have a reliable and guaranteed source of income during their retirement years. They can focus on enjoying their post-retirement life without worrying about financial uncertainties.

Summing it up:

LIC's Jeevan Akshay - VII is designed to provide individuals with a secure and guaranteed income during their retirement years. With various annuity options to choose from, policyholders have the flexibility to tailor the plan to their specific needs. The plan offers convenience and peace of mind, as it requires a one-time lump-sum premium payment and provides immediate annuity payouts in various modes. Overall, this plan simplifies retirement planning and ensures a steady income stream, allowing individuals to enjoy their post-retirement life with peace and stability. 

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+ Trad plans with a premium above 5 lakhs would be taxed as per applicable tax slabs post 31st march 2023
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