Jeevan Akshay VII (Plan 857) is an immediate annuity (pension plan) from LIC of India. This plan, which is the successor of Jeevan Akshay VI, replaces the immediate annuity option Jeevan Shanti (Scheme No. 850) Effective from 25 August 2020. Jeevan Akshay to be precise is a non-linked, non-participating, individual immediate annuity plan.
The plan offers ten immediate annuity options.
|annuity option||annuity statement|
|Option A||Immediate annuity for life.|
|option B||Immediate annuity with a guarantee period of 5 years and life thereafter.|
|option C||Immediate annuity with a guarantee period of 10 years and life thereafter.|
|Option D||Immediate annuity with a guarantee period of 15 years and life thereafter.|
|Option E||Immediate annuity with 20 years guarantee period and life thereafter.|
|Option F||Immediate annuity for life with return of purchase price.|
|option g||Immediate annuity for life growing at a simple rate of 3% per annum|
|Option H||Joint Life Immediate Annuity for life with provision of 50% annuity for secondary annuity on death of primary annuitant.|
|Option I||Joint Life Immediate Annuity With a provision of 100% payable annuity for life as long as the annuitant is alive.|
|option j||Joint Life Immediate Annuity with a provision of 100% payable annuity for life as long as one of the annuitants survives and return of purchase price on death of the last survivor.|
Jeevan Akshay VII – Key Features
- Single Premium – The premium is paid as a lump sum payment.
- Pension mode can be selected from yearly, half yearly, quarterly and monthly mode.
- Pension/Annuity will be paid in arrears (after the last prescribed mode.)
- No maturity benefit is given under this policy
- Joint Life Annuity can be taken between any two descendants (grandparents, parents, children, grandchildren) or spouse or siblings of a family.
Jeevan Akshay VII (Plan 857) -Eligibility Conditions & Restrictions
|purchase price||1,00,000||No limits|
|age at entry||30 years (lbd)||Option F. for 100 years|
|85 years for all other options|
|annuity mode||Monthly||quarterly||half yearly||annual|
|minimum annuity||Rupee. 1,000 per month||Rupee. 3,000 per quarter||Rupee. 6,000 per half yearly||12,000 per annum|
Jeevan Akshay VII – Plan 857 – Premium & Benefit Calculator
This section is under construction and will be available soon.
Exception for Minimum Sum Assured of 1,00,000
If the scheme is purchased for the benefit of the dependent person of the disabled person (Divyangjan), the offer will be allowed up to a minimum purchase price of Rs.50,000 without restriction on the minimum annuity.
Jeevan Akshay 857 – Discounts and Incentives
Under this scheme special incentive is provided for higher purchase price. If the purchase price is greater than or equal to ₹ 5,00,000, the annuity rates will increase by the following rates.
|method of annuity||1000 purchase price for Rs.|
|5,00,000 to 9,99,999||10,00,000 to 24,99,999||25,00,000 to 49,99,999||50,00,000 to 99,99,999||1,00,000 and more|
Jeevan Akshay VII – Surrender of Policy
The policy can be surrendered at any time after the completion of the policy or three months after the end of the free look period, whichever is later. Therefore, the policy can be surrendered after 3 months, effectively from the date of issue of the policy.
Surrender is allowed only on
- Option F: Immediate Annuity for life with return of purchase price
- Option J: Joint Life Immediate Annuity for life, with a provision of 100% of the annuity payable as long as one of the annuitants survives and return of purchase price on the death of the last survivor.
Loan – Jeevan Akshay VII (Plan 857)
Loan is allowed at any time after completion of three months of policy issuance. Loan will be available only on Option F and option j Policies The maximum loan that can be granted under the policy shall be such that the effective annual interest payable on the loan does not exceed 50% of the annual annuity amount payable under the policy and subject to a maximum of 80% of the surrender value.
General requirements for a death claim
- Claim Form prescribed by the Corporation.
- Original policy document.
- Claimant’s NEFT mandate form for depositing claim in bank account.
- proof of death.
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