About the Plan
LIC Jeevan Akshay 7 is an Immediate Annuity plan wherein the Policyholder has an option to choose type of annuity from 10 available different 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 lifetime of Annuitant(s).
LIC Jeevan Akshay plan can be purchased offline as well as online.
Other type of Pension plans are Deferred Annuity Plans wherein the Pension or Annuity starts after a fixed period. LIC has got LIC New Jeevan Shanti plan in this category.
Another very popular but not so lucrative Immediate Annuity plan is Saral Pension Plan under which LIC has also launched LIC Saral Pension Yojana 2021.
Plan Options
There are 10 different Plan options available in this plan as follows
Option A: Immediate Annuity for life.
• 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: 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.
• 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: Immediate Annuity for life with return of Purchase Price.
• 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.
Option G: Immediate Annuity for life increasing at a simple rate of 3% p.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. 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: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant
on death of the Primary Annuitant.
• 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: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
•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: 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.
• 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.
Maturity Benefits
Noted in above Section
Death Benefits
Noted in Above Section
Eligibility Criteria
REAL Returns
Real returns
Other Similar Plans
LIC New Jeevan Shanti Deferred Annuity Plan Review
LIC Saral Pension Plan Review- Watch Here
Useful Links
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