LIC’s Jeevan Akshay-VII is a Non-Linked, Non-Participating, Individual, Immediate Annuity plan. The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s).1 This is a non-participating product under which benefits payable on death or survival are guaranteed and fixed (as per the chosen Annuity Option) irrespective of actual experience. Hence the policy is not entitled to any discretionary benefits like bonus etc. or share in Surplus.
This Plan can be purchased Offline through agents / other intermediaries as well as Online directly through the website www.licindia.in.
Key Features:
Single Premium Immediate Annuity Plan.
Wide range of annuity options to suit your needs.
Flexibility to choose from Single Life Annuity and Joint Life Annuity.
Flexibility to choose Mode of Annuity payments (yearly, half-yearly, quarterly, and monthly).
Annuity Options:
The available annuity options under this plan are as under:
| Option | Description |
|---|---|
| Option A | Immediate Annuity for life. |
| Option B | Immediate Annuity with a guaranteed period of 5 years and life thereafter. |
| Option C | Immediate Annuity with a guaranteed period of 10 years and life thereafter. |
| Option D | Immediate Annuity with a guaranteed period of 15 years and life thereafter. |
| Option E | Immediate Annuity with a guaranteed period of 20 years and life thereafter. |
| Option F | Immediate Annuity for life2 with a 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 on3 the death of the Primary Annuitant. |
| Option I | Joint Life Immediate Annuity for life with a provision for 100% of the annuity4 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 Annuitant5 survives and returns of Purchase Price on death of the last survivor. |
Annuity option once chosen cannot be altered.
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