LIC Jeevan Akshay VII (Plan No. 857)

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LIC Jeevan Akshay VII is a policy that provides the policyholders with many options to choose from. It is based on a single premium which means that there is only a one-time payment at the beginning of the policy.  It is a non-linked, non-participating insurance policy and provides an immediate annuity which means that the annuity or pension will be paid to the policyholder on an annual basis. It also provides a joint life cover.

Key Features of Jeevan Akshay VII

In the plan, an amount is decided and that amount is paid throughout the lifetime of the annuitant yearly. Along with this, below listed are some of the key features:

  • Annuity Options- There are 10 available options to choose from, including immediate annuity for life, an immediate annuity with guaranteed period and life. It also has an immediate annuity for life with a return on the purchase price. These are a few examples from a variety of 10
  • Loan Facility- One can avail of loans; three months post the issue of the policy. There is another option to avail of loans after the free-look period is over. Whichever comes later.
  • Guaranteed Annuity rates- Whatever the annuity rates are decided at the beginning of the issuance of the policies, that will be guaranteed, and the annuities are provided throughout the lifetime of the annuitant.
  • Incentive- To increase the annuity rate, an incentive is allowed for the purchase of Rs. 5, 00,00, and above.
  • Medical Examination- No medical examination is required for investing in Jeevan Akshay VII.

Benefits of Jeevan Akshay VII PLan

Some of the benefits of the Jeevan Akshay VII plan are mentioned below:

  • There are 10 vast options of annuity plans to choose from
  • Annuity for life 50% of the annuity can be passed on to the spouse if the annuitant dies
  • 100% Annuity for life for the spouse with the demise of the annuitant.
  • The amount of purchase will be returned only with the death of the last survivor

Eligibility for Jeevan Akshay VII plan

Minimum entry age 30
Maximum entry age 85
Minimum purchase price 1,00,000
Maximum purchase price No limit
Minimum annuity Rs. 12,000 annually
Annuity Payment Modes Annually

Semi-annually

Quarterly and monthly

 

Sample Rates of Annuity for Better Understanding

The amount of annuity is payable annually. It can be purchased for Rs. 10, 00,000 provided under different options for an immediate annuity. Some samples are mentioned under.

Age a b c d e F g
30 58970 58664 53768 41426 57746 56624 53666
40 62438 62030 54074 45200 60704 58970 53870
50 68996 67742 54380 51932 65906 6324 54176
60 81002 76820 54992 63968 75800 71210 54686
70 105176 89162 55808 88040 95588 87734 55400

 

How to Buy Jeevan Akshay VII?

To invest in the LIC Jeevan Akshay VII plan, we have a guide for you to follow:

  • Visit licindia.in
  • Scroll down the homepage and you will find ‘Buy Policy Online’
  • Click on Jeevan Akshay VII
  • Click on the ‘Buy Online’ tab under the policy tab
  • Fill up the details like your name, date of birth, address, etc.
  • Click on Submit
  • Confirm the details and click on ‘Calculate Premium’
  • You will receive an OTP on your registered mobile number. Key in the OTP and hit Submit
  • Provide any additional details if required and click on ‘Calculate Premium’
  • Make sure all the details provided are correct and then hit ‘Confirm and Proceed’
  • If you are a registered user, click on ‘Yes’ otherwise click on ‘No’
  • Click on ‘Proceed’ until you reach the page wherein you need to provide the bank details.
  • Provide the necessary details, like the account number of the nominee, Bank name, branch, etc and click ‘Next’
  • You will be taken to a page with the premium details. Once you are satisfied, click ‘Next’
  • Click on ‘Proceed to Pay’
  • Confirm your details and hit ‘Proceed’
  • You will be taken to the payment tab wherein you will find three options. Select your mode of payment and hit ‘Proceed to pay’
  • Once processed, the company will be sharing the policy details with you at your registered email address.

The 10 Annuity Options

The following is a guideline to understanding the 10 annuity options.

  • Lifetime annuity will be paid which remain the same throughout
  • A guaranteed annuity is paid for 5 years and after that as long as the annuitant is alive
  • A guaranteed annuity is paid for 10 years and after that as long as the annuitant is alive
  • A guaranteed annuity is paid for 15 years and after that as long as the annuitant is alive
  • A guaranteed annuity is paid for 20 years and after that as long as the annuitant is alive
  • If the annuitant dies, the purchase price will be returned as an annuity for life.
  • A 3% p.a. interest rate on the payable annuity
  • Annuity for life 50% of the annuity can be passed on to the spouse if the annuitant dies
  • 100% annuity for life for the spouse with the demise of the annuitant.
  • 100% annuity to the spouse should the annuitant dies. The amount of purchase will be returned only with the death of the last survivor

FAQs

  1. What documents will be required to purchase this plan?

The documents required are as follows:

  • Claim form
  • Original Policy Document
  • NEFT mandate
  • Proof of title
  • Proof of death (if any)
  • Age Proof
  1. Is there a surrender value?

The surrender value will be dependent on the age of the annuitant at the time of surrender or the date of vesting of the policy.

  1. When can I surrender my policy?

The plan can be surrendered any time after three months from the date of issue or after the expiration of the free-look time.

  1. Do I need medical documents for this policy?

No medical examination or documents are required to enroll in the policy.

  1. Can I buy more than one policy over this plan?

Yes, if you think that you require more life cover, then you can buy more than one policy.

  1. How can I check my policy status via SMS?

To know your status via SMS, type ‘ASKLIC’ followed by <Policy Number>, then the inquiry code and send it to 56767877

  1. How can I check my Surrender Value?

Basic Sum Assured (Total number or payable/paid premiums) + (Total Bonus Received) x (Surrender Value)

  1. Can I get a free-look?

Yes, the free-look period is of 15 days or 30 days if the policy is purchased online. If you are dissatisfied or do not agree to the terms and conditions, you can leave any time within this period.

  1. Where can I write to, if I want to check my policy status?

Write to us at online_dm@licindia.com

  1. Will I be covered internationally?

Yes, when the policy becomes active, you will be covered all over the world.

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