LIC is known for meeting the demands of the common people and their future needs. That is why LIC keeps bringing new schemes on the basis of demand. One such plan is Jeevan Akshay. Tell you about it…
Life Insurance Corporation (LIC) has launched its LIC Jeevan Akshay-VII plan with ‘Zindagi Ke Saath Bhi and Zindagi Ke Baad Bhi’. This plan is a non-linked, non-participating, individual immediate annuity plan, which was launched on February 28, 2023.
10 options to choose an annuity
This plan is an immediate annuity plan where the policyholder can choose the 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 every eligible person gets the benefit of this
What are those ten options?
In the first option, you get an immediate annuity for life, which ceases after death.
In the second option, you will get a guaranteed period of 5 years and then an immediate annuity for life. After the death of the annuitant within the guarantee period, the annuity will be given to the nominee.
In the third option, you will get a guaranteed period of 10 years and then an immediate annuity for life. After the death of the annuitant within the guarantee period, the annuity will be given to the nominee.
In the fourth option, you will get a guaranteed period of 15 years and then an immediate annuity for life. After the death of the annuitant within the guarantee period, the annuity will be given to the nominee.
In the fifth option, a guaranteed period of 20 years will be available and thereafter immediate annuity for life. After the death of the annuitant within the guarantee period, the annuity will be given to the nominee.
The sixth option Immediate annuity for life with a return on the purchase price.
In the seventh option, the immediate annuity for life is increasing at a simple rate of 3% per annum.
In the eighth option, on the death of the primary annuitant, a joint life immediate annuity is given for life with a provision of 50% of the annuity to the secondary annuitant.
The ninth option offers 100% of the annuity payable until one of the annuitants survives.
The tenth option offers Joint Life Immediate Annuity for life with 100% of the annuity as long as one survivor survives, and the purchase price is returned on the death of the last survivor.
Eligibility and Payment
The minimum age limit required to buy this policy is 25 to 29 years and the maximum age limit is 85 years, which is 100 years for the sixth option. The minimum purchase price is Rs 10 lakh. There is no limit on the purchase price.
