LIC Jeevan Akshay-VII - Immediate Annuity plan for a life time - NO TDS deduction -

LIC Jeevan Akshay-VII 

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

This is an Immediate Annuity plan wherein the Policyholder has an 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. 

LIC Jeevan Akshay VII has many Annuity options to choose from:

Types of Annuity

A -  Annuity for Life

B - Annuity guaranteed for 5 yrs and for life thereafter

C - Annuity guaranteed for 10 yrs and for life thereafter

D - Annuity guaranteed for 15 yrs and for life thereafter

E - Annuity guaranteed for 20 yrs and for life thereafter

F - Annuity for life with return of purchase price

G - Annuity for life increasing at Simple rate 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:

• One time premium 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.

BENEFITS:

• The annuity is assured throughout the period for which it is payable and the first instalment in accordance with the desired mode of the annuity will be paid 1 yr/6 months/3 months/1 month after the date of purchase of the annuity

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.

ELIGIBILITY CONDITIONS:

• MIN AGE: 30 MAX AGE: 85 ( 100 yrs for Option F )
• MIN TERM: 0
• MAX MATURITY AGE: Till Lifetime
• MAX TERM: 0
• MAX SA: No-Limit
• Premium paying term: 1

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 a plan for those who want to invest safely for guaranteed returns for a lifetime.