LIC Jeevan Akshay-VII is an an Immediate Annuity plan wherein the Policyholder has an option to choose type of annuity from 10 available options on payment of a lump sum amount.
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New Delhi: Life Insurance Corporation of India (LIC) in February this year launched the LIC Jeevan Akshay-VII –an annuity plan for monthly pension.
LIC Jeevan Akshay-VII is an an Immediate Annuity plan wherein the Policyholder has an option to choose 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 life time of Annuitant(s). This plan can be purchased offline as well as online.
LIC Jeevan Akshay-VII Annuity Options:
LIC says that the annuity option once chosen cannot be altered. The available annuity options under this plan are as follows:
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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% p.a.
Option H: Joint Life Immediate Annuity for life with a provision for 50% 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% 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% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.
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LIC Jeevan Akshay-VII Benefits
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.
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 nominee(s) as per the option exercised by the Annuitant as specified by LIC.
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 annum for each completed policy year.
• On death of annuitant nothing shall be payable and 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% 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% 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% 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 as specified by LIC
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LIC Jeevan Akshay-VII Eligibility Criteria:
Minimum Purchase Price
Age at entry (in completed years) Minimum Purchase Price: 25 years to 29 years Rs 10,00,000
30 years and above: Rs 1,00,000/- subject to Minimum Annuity as specified below
Maximum Purchase Price: No Limit
Minimum Age at Entry : 25 years (completed) subject to minimum Purchase Price as specified by LIC
Maximum Age at Entry : 85 years (completed) except Option F 100 years (completed) for Option F
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LIC Jeevan Akshay-VII Annuity Mode
Monthly Annuity: Rs 1,000 per month
Quarterly Annuity: Rs 3,000 per quarter
Halfyearly Annuity: R 6,000 per half year
Annual Annuity: Rs 12,000 per annum
Joint Life: The joint life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings.
The modes of annuity available are yearly, half-yearly, quarterly, and monthly. The Annuity shall be payable in arrears i.e. the annuity payment shall be after 1 year, 6 months, 3 months and 1 month from the date of commencement of policy depending on whether the mode of annuity payment is Yearly, Half yearly, Quarterly and Monthly respectively.
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Here is an example of the annuity you will recieve as per the choice and purchase price you make for LIC Jeevan Akshay-VII
Purchase Price : Rs 10 lakh (excluding applicable taxes)
Age of Annuitant at entry: 45 years (completed)
Annuity Mode : Yearly
Age of Secondary Annuitant at entry : 35 years (completed) (applicable for Joint life annuity only)
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LIC Jeevan Akshay-VII : Check Annuity Option and Annuity Amount
Option A: Immediate Annuity for life Rs 74,200
Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter Rs 74,100
Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter Rs 73,800
Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter Rs 73,300
Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter Rs 72,800
Option F: Immediate Annuity for life with return of Purchase Price Rs 64,800
Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a. Rs 56,400
Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant Rs 70,700
Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives Rs 67,500
Option J: 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 last survivor Rs 63,900
