Jeevan Akshay VII (Scheme 857) is an immediate annuity (pension scheme) from LIC of India. The scheme, which is the successor of Jeevan Akshay VI, replaces the immediate annuity option of Jeevan Shanti (Plan No. 850) with effect from 25 August 2020. Jeevan Akshay is a non-linking, non-participation, individual immediate annuity plan to be precise.
The plan offers ten immediate annuity options.
|Annuity Options||Annuity statement|
|Option a||An 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||Guarantee period of 20 years and immediate annuity of life thereafter.|
|Option f||An immediate annuity for life with a return of the purchase price.|
|Option G.||An immediate annuity for life increasing at a simple rate of 3% per month|
|Option h||Joint Life Immediate Annuity for life with provision for 50% of secondary annuity in death of primary life-giver.|
|Option I||The annuity is payable with a provision for 100% for joint annuity life as long as one of the annuities survives.|
|Option j||Immediate annuity for life payable for 100% of joint life immediate annuity, as long as one of the annuities survives and the return of the purchase price on the death of the last survivor.|
Jeevan Akshay VII – Key Features
- Single premium – Premium is paid as a one-time single payment.
- Pension mode can be selected from annual, half-yearly, quarterly and monthly modes.
- Pension / annuity will be paid in arrears (after last fixed mode)
- No maturity benefit is given under this policy
- A joint life annuity can be taken between any two descendant descendants / a family (grandparents, parents, children, grandchildren) or spouse or siblings.
Jeevan Akshay VII (Scheme 857) – Conditions of availability and restrictions
|Purchase price||1,00,000||No limits|
|Age at entry||30 years (LBD)||100 years for option F|
|85 years for all other options|
|Annuity mode||Monthly||Quarterly||Half yearly||Annual|
|Minimum annuity||Rupees. 1,000 per month||Rupees. 3,000 per quarter||Rupees. 6,000 per half year||12,000 per year|
Jeevan Akshay VII – Plan 857 – Premium and Profit Calculator
This section is under construction and will be available soon.
Exception for minimum amount of Rs.1,00,000
If the scheme is purchased for the benefit of the dependent person with disability (PwD), the offer will be allowed without a restriction on the minimum annuity up to the minimum purchase price of Rs 50,000.
Jeevan Akshay 857 – Rebates and Incentives
Under this scheme special incentives are provided for high purchase prices. The annuity rate will increase with lower rates if the purchase rate is greater than or equal to 500,000.
|Method of annuity||For Rs. 1000 purchase price|
|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||1,00,00,000 and above|
Jeevan Akshay VII – Surrender of Policy
The policy can be surrendered anytime after three months after the completion of the policy or the end of the free look period. So in effect the policy can be surrendered after 3 months from the date of issue of the policy.
Surrender is allowed only
- Option F: An immediate annuity for life with a return of the purchase price
- Option J: Joint life is payable for immediate annuity life with a provision of an annual amount for 100% as long as one of the annuities survives and the return of the purchase price on the death of the last survivor.
Debt – Jeevan Akshay VII (Scheme A5A)
The loan is allowed at any time after the completion of three months from the issuance of the policy. Will be available on loan only Option f And Option j Policies. The maximum loan given under the policy shall be such that the effective annual interest amount payable on the loan shall not exceed 50% of the annual annuity amount payable under the policy and shall be subject to a maximum of 80% surrender value.
General Requirements for Death Claim
- Claim Form prescribed by the Corporation.
- Basic Policy Document.
- NEFT mandate of claimant to deposit claim in bank account.
- Evidence of death.