LIC Jeevan Akshay-VII 

A Non-Linked, Non-Participating, Individual Immediate Annuity Plan.

This 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. The annuity rates are guaranteed at the inception of the policy, and annuities are payable throughout the lifetime of the Annuitant(s). This plan can be purchased offline as well as online. 

Types of Annuity

A –  Annuity for Life

B – Annuity guaranteed for 5 yrs and life thereafter

C – Annuity guaranteed for 10 years and life thereafter

D – Annuity guaranteed for 15 years and life thereafter

E – Annuity guaranteed for 20 years and life thereafter

F – Annuity for life with return of purchase price

G – Annuity for life, increasing at a simple rate of 3% p.a.

H – Annuity for life with a provision for 50% of the annuity to the spouse on the death of the annuitant

I – Annuity for life with a provision for 100% of the annuity to the spouse on the death of the annuitant

J – Annuity for life with a provision for 50% of the annuity to the spouse on the death of the annuitant with return of purchase price on the death of the last survivor

MODE OF PREMIUM PAYMENT:

• The one-time premium is payable at the beginning of the plan.

MODES OF ANNUITY PAYMENT :

• Yearly, half-yearly, Quarterly, or Monthly – to be decided at the beginning of the plan itself.

Cooling-off Period: 

• • If a policyholder is not satisfied with the ‘Terms and Conditions of the policy, he/she may return the policy within 15 days from the date of receipt of the policy.

LIC Jeevan Akshay-VII ELIGIBILITY CONDITIONS:

• • MIN AGE: 30 MAX AGE: 85 (100 yrs for Option F)
  • MAX MATURITY AGE: Till Lifetime
  • MAX Sum Assured: No-Limit
  • Premium paying term: 1 time only

SURRENDER VALUE:

• Option F: Surrender shall be allowed after completion of at least one policy year from the date of commencement of the policy.
• For Other Options: No Surrender value will be available under this plan.

LOAN: 

• No loan facility is available under this plan.

LIC Jeevan Akshay-VII is suitable for those who want to get monthly guaranteed returns for a lifetime.

Buy LIC Jeevan Akshay-VII