LIC Jeevan Akshay VII (857) - Features, Eligibility & Benefits
This plan offers an Immediate Annuity, allowing the Policyholder to select from 10 available annuity options by making a lump sum payment. • The annuity rates are fixed at the policy’s outset, ensuring regular payments throughout the Annuitant(s)’ lifetime. • This plan is available for purchase both offline and online.
Benefits
| Option A | • Annuity payments are made in arrears for the Annuitant's lifetime, based on the chosen payment mode.
• In the event of the Annuitant's death, no further payments are made. | |
| Options B, C, D, E | • Annuity payments are made in arrears for the Annuitant's lifetime, based on the chosen payment mode.
• If the Annuitant passes away during the guaranteed period of 5/10/15/20 years, the annuity continues to be paid to the nominee(s) until the end of the guaranteed period. • If the Annuitant passes away after the guaranteed period, no further payments are made. |
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| Option F | • Annuity payments are made in arrears for the Annuitant's lifetime, based on the chosen payment mode.
• Upon the Annuitant's death, annuity payments cease immediately, and the Purchase Price is paid to the nominee(s) as specified by the Annuitant. |
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| Option G | • Annuity payments are made in arrears for the Annuitant's lifetime, based on the chosen payment mode.
• The annuity payment increases by a simple rate of 3% per annum for each completed policy year. • In the event of the Annuitant's death, no further payments are made. |
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| Option H | • Annuity payments are made in arrears for the Primary Annuitant's lifetime, based on the chosen payment mode.
• If the Primary Annuitant passes away, 50% of the annuity amount is payable to the surviving Secondary Annuitant for their lifetime. Payments cease upon the Secondary Annuitant's subsequent death. • If the Secondary Annuitant predeceases the Primary Annuitant, annuity payments continue and cease upon the Primary Annuitant's death. |
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| Option I | • 100% of the annuity amount is paid in arrears for the lifetime of the Primary Annuitant and/or Secondary Annuitant, based on the chosen payment mode.
• Upon the death of the last survivor, annuity payments cease immediately, and no further payments are made. |
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| Option J | • 100% of the annuity amount is paid in arrears for the lifetime of the Primary Annuitant and/or Secondary Annuitant, based on the chosen payment mode.
• Upon the death of the last survivor, annuity payments cease immediately, and the Purchase Price is paid to the nominee(s) as specified by the Primary Annuitant. |
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Eligibility Conditions
| 25 years to 29 years | Rs 10,00,000/- |
| 30 years and above | 1,00,000/- subject to Minimum Annuity as specified below |
Payment Options Available
| Mode of Instalment payment | Minimum instalment amount | |
| Monthly | Rs 5,000/- | |
| Quarterly | Rs 15,000/- | |
| Half-Yearly | Rs 25,000/- | |
| Yearly | Rs 50,000/- | |
