LIC’s Jeevan Akshay – VII
This is an Immediate Annuity plan wherein the Policyholder has an option to choose type of annuity from 10 available options on payment of a lump sum amount.
The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of Annuitant(s).
Description
This plan offers a variety of annuity options to cater to different needs. Here are the available annuity options:
- Immediate Annuity for life.
- Immediate Annuity with guaranteed period of 5 years and life thereafter.
- Immediate Annuity with guaranteed period of 10 years and life thereafter.
- Immediate Annuity with guaranteed period of 15 years and life thereafter.
- Immediate Annuity with guaranteed period of 20 years and life thereafter.
- Immediate Annuity for life with return of Purchase Price.
- Immediate Annuity for life increasing at a simple rate of 3% p.a.
- Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
- Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitants survives.
- Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitants survives and return of Purchase Price on death of the last survivor.
Eligibility Criteria:
i. Minimum Purchase Price*:
Age at entry (in completed years) Minimum Purchase Price
25 years to 29 years `10,00,000/-
30 years and above `1,00,000/- subject to Minimum
Annuity as specified below
Note: The above mentioned minimum purchase price would be increased appropriately to meet minimum annuity criterion as specified below:
• For Purchase Price less than ` 1,50,000/-,annuity
ii. Maximum Purchase Price: No Limit
iii. Minimum Age at Entry : 25 years (completed) subject to minimum Purchase Price
. as specified under 4(i) above
iv. Maximum Age at Entry : 85 years (completed)except Option F
for Option F 100 years (completed)
Annuity option once chosen cannot be altered.
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