Life Insurance LIC of India LIC’s Jeevan Akshay VII

LIC’s Jeevan Akshay VII Policy

LIC’s Jeevan Akshay VII

LIC Jeevan Akshay (Plan No. 857, UIN No. 512N337V02) is the plan which is designed to cover a wide range of financial needs of the insured. The plan is a single premium, non-participating and non-linked immediate annuity plan. The plan offers a joint life cover and pays a pension to the policyholder at annuity age. LIC Jeevan Akshay was launched on February 1, 2022, and has brought increased annuity rates on offer for its existing and potential customers. Besides the annuity rate revisions, LIC’s Jeevan Akshay VII is available through Common Public Service Center (CPSC-SPV) as well as other current distribution channels.

Features of LIC Jeevan Akshay VII

The single premium annuity plan offered by LIC is stacked with features and benefits which gives it an edge over plans previously offered by LIC. Listed below are some of the features of LIC Jeevan Akshay VII.

The LIC Jeevan Akshay VII Plan is inclusive of as many as 10 annuity plan options to suit the emerging needs of the customers. The plans include an immediate annuity for life, immediate annuity for life with return of purchase price, and immediate annuity with guaranteed period and life among others.

The plan it’s offered both offline and online for the customers to make a purchase. Customers can either visit LIC’s nearest branch or visit their website to make a purchase.

LIC Jeevan Akshay VII plan offers loan facility from three months after the date of issuance of the policy or after the expiry of free-look period, whichever is later.

The plan guarantees annuity rates at the inception of the policy and annuities are payable throughout the lifetime of the beneficiary.

The plan ensures an incentive for a purchase price of Rs 5,00,000 and above. The incentive has a compound effect on the annuity rate and enhances the rate.

Customers get a free-look period of 15 days attached to this plan. In case the purchase is made online, a free-look period is available upto 30 days. During this period, the customer must review the plan and decide whether or not they agree with the terms and conditions of the plan.

The plan includes a surrender offer for customers who might need encashing beforehand.

The plan includes the option for lump sum payment.

Annuity Plan and Its Benefits

LIC Jeevan Akshay VII covers myriad benefits including benefits on survival or death. The table given below reflects the various kinds of annuity plans on the offer and the benefit that corresponds to these plans:

Annuity Option	Annuity Description	Plan Type	Benefit Payable on Survival	Benefit Payable on Death
A	Immediate annuity for life	Single life	Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.	Nothing will be payable on the death of the annuitant. The annuity shall cease and the policy shall terminate.
B	Immediate annuity with guaranteed period of 5 years and life thereafter.	Single Life	Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.	The annuity will continue to be payable to the nominee till the expiry of the guaranteed period. Post the guaranteed period, the payment shall cease immediately and the policy shall terminate.
C	Immediate annuity with guaranteed period of 10 years and life thereafter	Single Life	Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.	The annuity will continue to be payable to the nominee till the expiry of the guaranteed period. Post the guaranteed period, the payment shall cease immediately and the policy shall terminate.
D	Immediate annuity with guaranteed period of 15 years and life thereafter	Single Life	Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.	The annuity will continue to be payable to the nominee till the expiry of the guaranteed period. Post the guaranteed period, the payment shall cease immediately and the policy shall terminate.
E	Immediate annuity with guaranteed period of 20 years and life thereafter	Single Life	Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.	The annuity will continue to be payable to the nominee till the expiry of the guaranteed period. Post the guaranteed period, the payment shall cease immediately and the policy shall terminate.
F	Immediate annuity for life with a return of purchase price	Single Life	Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.	The annuity payment will cease at the death of the annuitant. The purchase price will be payable to the nominee as per the option exercised by the annuitant as specified in the Condition 3 of Part D of this document.
G	Immediate annuity for life increasing at a simple rate of 3% p.a.	Single Life	Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed. The annuity payment will be enhanced by 3% p.a.	Nothing shall be payable on the death of an annuitant. The payment shall cease immediately and the policy will terminate.
H	Joint Life Immediate annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on the death of Primary Annuitant.	Joint Life	As long as the Primary Annuitant or/ and the Secondary Annuitant is alive, the applicable annuity will be paid in arrears in the mode prescribed.	On the death of primary annuitant: As long as the Secondary annuitant is alive, 50% of the annuity amount shall be payable. The annuity payments will cease on the death of Secondary annuitant and the policy will terminate. On the death of Secondary annuitant: The annuity payment continues to be paid and will cease upon the death of the primary annuitant and the policy will terminate.
I	Joint Life Immediate annuity for life with a provision for 100% of the annuity payable as one of the annuitants survives.	Joint Life	As long as the Primary Annuitant or/ and the Secondary Annuitant is alive, the applicable annuity will be paid in arrears in the mode prescribed.	On First Death: As long as one of the annuitants is alive, 100 of the annuity amount shall be paid. On Death of Last Survivor: The annuity payment will cease immediately and the policy will terminate.
J	Joint Life Immediate annuity for life with a provision of 100% of the annuity payable as long as one of the annuitant survives and return of purchase price on the death of last survivor.	Joint Life	As long as the Primary Annuitant or/ and the Secondary Annuitant is alive, the applicable annuity will be paid in arrears in the mode prescribed.	On First Death: As long as one of the annuitants is alive, 100 of the annuity amount shall be paid. On Death of Last Survivor: The annuity payment will cease immediately and the policy will terminate. The purchase price will be paid to the Nominees as per the options exercised by the annuitant.

Eligibility Conditions

Given in below is the eligibility criteria for purchasing LIC Jeevan Akshay VII:

Parameters	Eligibility Criteria
Entry Age	30-85/100 years
Purchase Price	1,00,000-no limit
Minimum annuity	Rs.1000/month, Rs.3000/quarter Rs.6000/half-yearly, Rs.12,000/annual
Mode of annuity payment	1 year, 6 months, 3 months, and 1 month

Illustration To Help Understand LIC Jeevan Akshay VII Plan

To understand more about the premium and expected return from LIC Jeevan Akshay VII plan, let us take a look at the table given below:

Purchase Price – Rs 1,00,000; Primary Holder’s Age – 30 years

Pension Type

Calculated GST

Final One Time Deposit

(Deposit Amount + GST in Rs)

Pension Amount

Single Life

1800

101800

Yearly: 5600, Half Yearly: 2760

Quarterly: 1370, Monthly: 454

Understanding Incentive Scheme Under LIC Jeevan Akshay VII Plan

As discussed above, the incentive is applicable on the purchase price of 5 lakhs and above. Let’s understand this better with the help of a table.

Mode of annuity	5,00,000 to 9,99,9999	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 & above
Yearly	1.25	1.85	2.20	2.35	2.45
Half-yearly	1.15	1.75	2.10	2.25	2.35
Quarterly	1.10	1.70	2.05	2.20	2.30
Monthly	1.05	1.65	2	2.15	2.25

*For per INR 1000 purchase price

How To Invest in LIC Jeevan Akshay VII Plan?

Once the customer has checked his eligibility, he can purchase this policy online or offline. For online purchases, here’s the process.

Visit the official website of LIC and scroll down to find ‘Buy Online Policies’. Tap on ‘Click Here’.
Among all the policies, you can see ‘Jeevan Akshay VII’. Tap on ‘Click Here To Buy’.
Click on ‘Pension’ to find the policy. Click on ‘Buy Online’ under LIC’s Jeevan Akshay VII.
Once you tap on ‘Click To Buy Online’, you will be asked to fill out some information related to COVID and contact details.
You’ll be required to enter the OTP shared on your mobile number. Once that’s done, fill out the required details (personal and product) and click on ‘Calculate Premium’.
Pay the premium and the policy is yours to take home.

The customer also has an option to visit the nearest LIC branch or call the LIC agent to purchase LIC Jeevan Akshay VII Plan offline. Before investing in a plan, it is wise to consult your financial advisor. Ensure that your policy qualifies as the one that fulfills your financial goals.

Documents Required

Given below are some of the documents required for buying LIC Jeevan Akshay VII:

Age proof
Proof of Income
Proof of Address
Photo ID proof
A recent photograph

Frequently Asked Questions

1. Is there a maturity benefit under the LIC Jeevan Akshay Policy?

No, there is no maturity benefit under the plan. Buyers can avail of annuity and death benefits from the policy.

2. Can I receive the benefit amount payable on death in installments?

Yes, installments are payable on the benefit amount due on death. The mode of installments can be monthly, quarterly, half-yearly, and annually.

3. When can the policy be surrendered?

The policy can be surrendered anytime after the completion of 3 months of the issuance of the policy or after the expiry of the free-look period, whichever is later.