LIC’s Jeevan Akshay VII (Table No. 857)
INTRODUCTION:- LIC’s Jeevan Akshay VII (Table no. 857) is a non-linked, non-participating, single premium annuity plan wherein policyholder is having an option to choose various annuity options from A to G and H, I, J for Joint Life and also you can opt for increasing pension every year. In today’s time when there is no pension for old age even in government jobs, and children are also not taken care of in old age, then LIC’s Jeevan Akshay policy is a best option for such times.
Eligibility Conditions and Features of LIC’s Jeevan Akshay VII (Table no. 857): –
(a) Minimum Age at entry:- 30 years last Birthday
(b) Maximum Age at entry:- 85 years last Birthday 100 years last Birthday for annuity option F
(c) Minimum Purchase Price:- Rs.1, 00,000/-
(d) Maximum Purchase Price: – No Limit
Type of Annuities available: – Annuity options available under Immediate Annuity option are as under:-
1. Annuity for life
2. Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
3. Annuity with return of purchase price
4. Annuity for life increasing at a simple rate of 3% p.a.
5. Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.
6. Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant.
7. Annuity for life with a provision for 100% of the annuity payable to spouse on death of annuitant with return of purchase price on death of the last survivor.
Modes of Annuity Payments: – Annuity can be paid in yearly, half-yearly, quarterly or monthly installments, subject to a minimum annuity amount for monthly, quarterly, half-yearly and yearly mode will be Rs.1000/-, Rs.3000/-, Rs.6000/- and Rs.12000/- respectively.