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Jeevan Akshay VII (Plan No.: 857)
A Non-Linked, Non-Participating, Individual Immediate Annuity Plan
Single Premium Deffered Annuity Plan
This is a single premium Deferred Annuity plan wherein the Policyholder has an option to choose between Single life and Joint life Deferred annuity.
Profit Sharing as per Valuation
Every year, LIC declares valuation results.
As per valuation result declared by LIC, profit is being shared among all policyholders as bonus.
Profit Sharing as per Valuation
Every year, LIC declares valuation results.
As per valuation result declared by LIC, profit is being shared among all policyholders as bonus.
Advantages
Eligibility Criteria
Minimum Purchase Price: Rs 1,00,000/- subject to Minimum Annuity as specified below.
Maximum Purchase Price: No Limit
Minimum Annuity:
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Annuity Mode
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Monthly
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Quarterly
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Half-yearly
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Annual
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Rs 1000 per month
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Rs 3000 per quarter
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Rs 6000 per half-year
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Rs 12000 per annum
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Death Benefit
Maximum Annuity: No Limit
Minimum Age at Entry: 30 years (completed)
Maximum Age at Entry: 85 years (completed) for all Options except Option F
100 years (completed) for Option F
Annuity options under this plan are as under:
- 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
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
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Option
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Survival Benefit from Age 20 to 24 Years
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Option A
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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.
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Option B,C,D,E
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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
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Option F
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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
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Option G
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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.
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Option H
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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.
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Option I
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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
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Option J
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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
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Death Benefit
Under the annuity options where the benefit is payable on death i.e. Option F and Option J, the Annuitant(s) will have to choose one of the following options for the payment of the death benefit to the nominee(s).
a. Lumpsum Death Benefit: It will be paid in Lumpsum
b. Annuitisation of Death Benefit : It will be converted into Annuity at prevailing Interest Rates
c. Installments : Death Benefit can be taken in 5/10/15 Installment.
d. Option to take Annuity by NPS subscriber
e. Option to take the plan for the benefit of dependent person with disability (Divyangjan)
Surrender Option
Only under the following annuity options, the policy can be surrendered at any time after three months from the completion of policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later...
Option F: Immediate Annuity for life with return of Purchase Price.
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.
The surrender value payable shall depend on the age (last birthday) of the Annuitant at the time of surrender of the policy.
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