LIC Jeevan Akshay Plan

1. Annuity Options: This plan offers various annuity options tailored to the policyholder's needs, including an immediate annuity for life, an immediate annuity with a guaranteed period, an immediate annuity with a return of the purchase price, and an immediate annuity with an increasing annuity amount. 

1. Premium Payment: A lump-sum payment is required as the premium, which is used to purchase the annuity. The premium amount is influenced by factors such as the policyholder's age and the selected annuity option. 

1. Annuity Payout Modes: Policyholders can choose from several payout modes for their annuity, including monthly, quarterly, half-yearly, or yearly payments, based on their preferences. 

1. Eligibility: The minimum age to purchase the plan is typically 30 years, while the maximum age can vary depending on the selected annuity option. 

1. Tax Benefits: Premiums paid for LIC's Jeevan Akshay - VII plan may qualify for tax benefits under Section 80CCC of the Income Tax Act, 1961, in accordance with current tax laws. 

Benefits of LIC Jeevan Akshay Plan 

LIC's Jeevan Akshay - VII is an immediate annuity plan that provides various advantages for individuals seeking a stable income during retirement. Here are some key benefits of the plan: 

1. Guaranteed Income: Jeevan Akshay - VII offers a lifelong guaranteed income. Policyholders receive regular annuity payments right after purchasing the plan, ensuring financial stability and peace of mind during retirement. 

1. Financial Security: This plan provides a consistent and secure income stream, allowing policyholders to cover living expenses, medical bills, and other financial obligations throughout their retirement years. 

1. Nomination Facility: The plan includes a nomination feature, enabling policyholders to designate a beneficiary who will receive the annuity benefits upon their demise. This ensures that loved ones continue to receive financial support. 

1. No Medical Examination Required: A significant advantage of this plan is that it does not necessitate a medical examination. This accessibility allows individuals with pre-existing health conditions to benefit from the scheme. 

1. Inflation Protection: The plan includes an annuity option that allows for an increase in the annuity amount, helping policyholders to counteract the effects of inflation and ensuring their income keeps up with the rising cost of living. 

1. Peace of Mind: With Jeevan Akshay - VII, policyholders can enjoy the assurance of a reliable and guaranteed income source during retirement, enabling them to focus on enjoying their post-retirement life without financial worries. 

Eligibility Criteria for LIC Jeevan Akshay Plan 

The following are the eligibility requirements for LIC Jeevan Akshay, particularly for senior citizens: 

Key Advantages of LIC Jeevan Akshay Plan

Listed below are the benefits of LIC Jeevan Akshay plan.

1. Death benefit- Death benefit is paid depending on the plan option chosen by the assured.
2. Maturity benefit-There is no maturity benefit under this plan.
3. Income tax benefit-The plan offers tax benefits. Premiums paid under this plan are exempted from tax under section 80C of the Income Tax Act.
4. The plan offers 6 options to choose from.

LIC Jeevan Akshay Premium Payment

LIC Jeevan Akshay is a single premium payment plan, meaning that the premium has to be paid in lump sum at once. The annuity can be paid annually, biannually, quarterly or monthly depending on what the assured chooses. Listed below is an illustration of annuity payouts for Rs.1 lakh for different options of the plan.

Example of Annuity Calculation

Mr. Arjun, a 30 year old working professional buys the LIC Jeevan Akshay policy with a purchase annuity of Rs.50,000. Given below are the annuity options and rates for three of the plan options.

Option 1:

Annuity payable for life- Under this option Mr.Arjun will earn pension till he is alive.

Option 1:

Annuity with return of purchase price on death- Pension is paid till Mr.Arjun is alive and after the death of the assured the remaining amount will be paid to the nominee.

Option 3:

Annuity for life with a provision of 100% of the annuity payable to spouse during their lifetime on death of annuitant. The purchase price will be returned on the death of last survivor.