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LIC Jeevan Akshay 7- A Policy to Secure Your Future

Annuity plans are one of the most preferred retirement plans. LIC Jeevan Akshay 7 is one of them. It can be purchased by paying a lump-sum amount. It offers an annuity payout right after the premium payment, ensuring a financially secured retired life. It also offers a stated amount during the lifetime of the annuitant. It also makes several options of the mode and type of payment available to the insured.

LIC Jeevan Akshay 7 has various features. Let’s move ahead and know about them.

Features of the LIC Jeevan Akshay 7 policy

Here are a few features of the plan:

  • Jeevan Akshay is an immediate annuity plan where the pension starts immediately after the premium payment from the chosen date.
  • You can choose to cover only for a single life (life of the policyholder) but also for joint lives (policyholder and spouse).
  • No medical check-ups are needed for this policy.
  • Higher annuity rates are offered for online purchases.
  • Annuity rates are higher for the purchase price of Rs. 2,50,000 and above.

Benefits of the LIC Jeevan Akshay 7

The policy offers benefits to the policyholder and also to the other beneficiaries as mentioned in the contract. Here are the most important ones:

Death Benefit

The benefit is availed by the beneficiary based on the clause chosen by the policyholder or the assured.

Income Tax Benefit

Under section 80CCC of the Income Tax act, 1961 tax benefits can be availed by the policyholder on the premium paid.

 

Eligibility Criteria for the policy

  • The minimum entry age for the policy is 30 years.
  • The maximum entry age allowed is 65 years.

Expected returns

Suppose if the policy is purchased for Rs 10 Lakhs, here’s the return that one can expect:

Annuity Option

Amount

Immediate Annuity for life

 63,950

 

Immediate Annuity with guaranteed

period of 5 years and life thereafter

 

63,850

 

Immediate Annuity with guaranteed

period of 10 years and life thereafter

 

63,650

Immediate Annuity with guaranteed

period of 15 years and life thereafter

 

63,350

 

Immediate Annuity with guaranteed

period of 20 years and life thereafter

62,750

 

Immediate Annuity for life with

return of Purchase Price

 

53,150

Immediate Annuity for life

increasing at a simple rate of 3% p.a.

 

47,150

Joint Life Immediate Annuity for

life with a provision for 50% of the annuity

to the Secondary Annuitant on the death of the primary Annuitant

 

60,550

Joint Life Immediate Annuity for

life with a provision for 100% of the annuity

payable as long as one of the Annuitant

survives

 

57,550

Joint Life Immediate Annuity for

life with a provision for 100% of the annuity

payable as long as one of the Annuitant

survives and return of Purchase Price on

death of the last survivor

 

52,750


LIC Jeevan Akshay 7 not just offers a regular income but can also relieve you from worrying about your better half in your absence along with benefitting your family if you choose the right options.

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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