LIC Jeevan Akshay 7 Pension Plan (Table 857) Key Features
- Minimum Purchase Price – Rs 1,00,000
- Maximum Purchase Price – No Limit
- Annuity Payable Mode – Monthly, Quarterly, Half-yearly & Yearly
- Minimum Entry Age – 30 years
- Maximum Entry Age – 85 years
- Joint life cover – Available
- Minimum Annuity – Rs.1000 / month
- Maximum Annuity – No Limit
- Joint Life Cover – Allowed
- Mode of Purchase – Online & Offline
LIC Jeevan Akshay VII offers 10 different annuity options that are classified into five different categories.
- Immediate Annuity for Life – Annuity is payable immediately to the policyholder and annuity payment period is lifetime up to survival of policyholder.
- Immediate Annuity with guaranteed period and life – Annuity is payable up to a guaranteed period of 5 to 20 years and life thereafter. The annuity amount would be higher for the guaranteed period and reduces thereafter.
- Immediate Annuity for life with return of Purchase price –Immediate annuity for a lifetime along with the return of premium payment.
- Immediate Annuity for life increasing at 3% – Annuity for a lifetime with an increasing rate of 3% until the survival of policyholder.
- Joint Life Immediate annuity – Joint-life option is available with provision to pay an annuity to the second annuitant with various options.
Pension benefit – Policyholder receive a pension as per the choice of the annuity. There are 10 options for the selection of annuity
Maturity benefit – No maturity benefit available
Surrender Benefit – Pension holders are eligible to surrender this pension plan after 3 months.