LIC Jeevan Akshay VII: A Detailed Guide
Life Insurance Corporation of India (LIC) is known for offering a variety of insurance and investment products that cater to different financial needs. One of its most popular annuity plans is LIC Jeevan Akshay VII. This is an immediate annuity plan, LIC Jeevan Akshay VII: A Detailed Guide designed to provide a steady income for policyholders after a one-time lump sum investment. In this guide, we will explore all the details of LIC Jeevan Akshay VII, including its features, benefits, eligibility criteria, annuity options, and other key aspects.What is LIC Jeevan Akshay VII?
LIC Jeevan Akshay VII is a non-linked, non-participating, individual, immediate annuity plan. It offers policyholders a guaranteed pension (annuity) for life in exchange for a single premium payment. Unlike regular pension plans that require multiple contributions over time, this plan provides an immediate annuity, making it suitable for retirees and individuals seeking regular income.Key Features of LIC Jeevan Akshay VII
- Immediate Annuity: The policyholder starts receiving annuity payments immediately after purchasing the plan.
- Multiple Annuity Options: LIC offers ten different annuity options to suit different financial needs.
- Lifetime Income: The policy ensures a lifelong income stream for the annuitant.
- Single Premium: Requires only a one-time premium payment.
- Flexibility: Policyholders can choose between different payout modes—monthly, quarterly, half-yearly, or yearly.
- No Medical Examination Required: Anyone can purchase this plan without undergoing medical tests.
- Loan Facility: Available under certain annuity options.
- Return of Purchase Price: Some options provide a refund of the initial investment amount to nominees after the policyholder’s demise.
- Online & Offline Availability: The plan can be purchased both online and through LIC agents.
Annuity Options in LIC Jeevan Akshay VII
LIC Jeevan Akshay VII provides ten annuity options, allowing policyholders to choose a suitable payout structure:- Life Annuity with Uniform Payments: Annuity is paid at a uniform rate throughout the policyholder’s life.
- Life Annuity with Return of Purchase Price: Lifetime annuity payments, with the initial premium returned to the nominee after the annuitant’s death.
- Life Annuity with 3% Increasing Payments: The annuity amount increases by 3% per year.
- Joint Life Annuity: Annuity payments continue for the spouse even after the primary annuitant’s demise.
- Joint Life with Return of Purchase Price: Annuity continues for the spouse, and the initial purchase price is returned to the nominee after both policyholders pass away.
- Life Annuity with 5, 10, 15, or 20 Years Certain: Annuity is guaranteed for a fixed period (5 to 20 years), even if the policyholder passes away.
- Other Customizable Options: LIC allows modifications in certain cases based on the buyer’s financial requirements.
Eligibility Criteria
| Criteria | Details |
|---|---|
| Minimum Age | 30 years |
| Maximum Age | 85 years |
| Minimum Purchase Price | Varies based on annuity option |
| Minimum Annuity Payout | Rs. 12,000 per year |
| Maximum Annuity Payout | No limit |
Benefits of LIC Jeevan Akshay VII
1. Guaranteed Lifetime Income
Once the plan is purchased, annuity payments continue for life, ensuring a stable income source.2. Multiple Payout Frequencies
Policyholders can choose the frequency of annuity payments—monthly, quarterly, half-yearly, or annually.3. Financial Security for Spouse/Nominee
In options that include joint annuity or return of purchase price, financial security is extended to the spouse or legal heirs.4. Loan Facility
After three policy years, a loan can be availed under certain annuity options.5. Tax Benefits
The premium paid is eligible for tax deduction under Section 80CCC of the Income Tax Act. However, the annuity income is taxable as per the policyholder’s income slab.Who Should Buy LIC Jeevan Akshay VII?
This plan is suitable for:- Retirees looking for a steady pension.
- Individuals with lump sum funds who wish to convert them into regular income.
- People who want a risk-free annuity plan with assured payouts.
- Individuals seeking financial security for their spouse.
How to Purchase LIC Jeevan Akshay VII?
You can buy this plan through:- LIC’s Official Website: Online purchase available with a hassle-free process.
- LIC Branch Offices: Visit the nearest branch for offline purchase.
- LIC Agents: Connect with an LIC agent for personalized assistance.
