LIC Jeevan Akshay VII Plan: Pensions, Premiums And Other Benefits Here

LIC Pension Plan Policy: LIC's Jeevan Akshay VII is an immediate annuity or pension plan wherein the policy holder has an option to choose type of annuity from 10 available options on payment of a lump sum amount.

LIC Jeevan Akshay VII Plan: Pensions, Premiums And Other Benefits Here

LIC Jeevan Akshay VII plan: Minimum entry age of the LIC Jeevan Akshay VII plans is 30 years

Life Insurance Corporation (LIC) of India, the country's largest life insurance company, which offers various insurance policies including term plans, money back plans, endowment policies and unit linked plans also offers pension plans. The LIC's latest pension plan offering - LIC Jeevan Akshay VII pension policy was launched on August 25 by the state-run insurer. LIC's Jeevan Akshay VII comes after it withdrew LIC Jeevan Akshay VI policy. LIC's Jeevan Akshay VII is an immediate annuity or pension plan wherein the policy holder has an option to choose type of annuity from 10 available options on payment of a lump sum amount.

Here are eligibility criteria for LIC's Jeevan Akshay-VII pension plan:

Any individual between the age of 30 and 85 years can buy LIC Jeevan Akshay-VII pension plan with a minimum purchase price of Rs 1 lakh. Under this plan LIC offers minimum annuity of Rs 1,000 per month, LIC said.

Minimum entry age of the LIC Jeevan Akshay VII plans is 30 years and maximum age is 85 years.

LIC Jeevan Akshay VII Plan: Here are details of pension plans to choose from:

  • Option A: Immediate Annuity for life.
  • Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
  • Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
  • Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
  • Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
  • Option F: Immediate Annuity for life with return of Purchase Price.
  • Option G: Immediate Annuity for life increasing at a simple rate of 3 per cent per annum.
  • Option H: Joint Life Immediate Annuity for life with a provision for 50 per cent of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
  • Option I: Joint Life Immediate Annuity for life with a provision for 100 per cent of the annuity payable as long as one of the Annuitant survives.
  • Option J: Joint life immediate annuity for life with a provision for 100 per cent of the annuity payable as long as one of the annuitant survives and return of purchase price on death of last survivor.

Annuity option once chosen cannot be altered, LIC added.

LIC's Jeevan Akshay-VII Pension Plan: Here are the benefits of pension options under the policy:

Annuity Option A

The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment.

On death of Annuitant, nothing shall be payable and the annuity payment shall cease immediately

Annuity Option B,C,D,E

The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment.

On death of the Annuitant during the guaranteed period of 5/10/15/20 years, the annuity shall be payable to the nominee(s) till the end of the guaranteed period.

On death of the Annuitant after the guaranteed period, nothing shall be payable and the annuity payment shall cease immediately.

Option F

The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment.

On death of the annuitant, the annuity payment shall cease immediately and purchase price shall be payable to nominees.

Option G

The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. The annuity payment will be increased by a simple rate of 3 per cent per annum for each completed policy year.

On death of annuitant nothing shall be payable nd the annuity payment shall cease immediately.

Option H

The annuity payments shall be made in arrears for as long as the Primary Annuitant is alive, as per the chosen mode of annuity payment

On death of Primary Annuitant, 50 per cent of the annuity amount shall be payable to the surviving Secondary Annuitant as long as the Secondary Annuitant is alive. The annuity payments will cease on the subsequent death of the Secondary annuitant

If the secondary annuitant predeceases the primary annuitant, the annuity payments shall continue to be paid and will cease upon the death of the primary annuitant

Option I

100 per cent of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment

On death of the last survivor, the annuity payments will cease immediately and nothing shall be payable

Option J

100 per cent of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment.

On death of the last survivor, the annuity payments will cease immediately and purchase price shall be payable to the nominee(s) as per the option exercised by the Primary Annuitant.