Ms. Archana Pandey bought LIC Jeevan Akshay VII for her father. Since she is a single child, Archana is often worried about her parents' financial stability after her father’s retirement. In order to provide a sense of financial security to her parents, Ms. Archana bought this specially designed pension plan.
LIC Jeevan Akshay VII is an Immediate Annuity plan wherein the policyholder has the option to choose the type of annuity from 10 available options on payment of a lump sum amount.
Let us explore more about the plan’s features that convinced her to buy LIC Jeevan Akshay VII.
To Sum it Up
Pension plans indeed have become a necessity. Not having any source of income after retirement can put an individual through great stress. Thus, having a pension plan is a must have. With LIC Jeevan Akshay VII, one can look after their post-retirement needs as well as customize the plan as per their requirements.