Benefits and Features of LIC Jeevan Akshay-VII Plan for Secure Retirement

LIC (Life Insurance Corporation of India) offers various schemes to cater to the diverse needs of citizens, and one such popular plan is the LIC Jeevan Akshay-VII plan.

This plan is specifically designed to address the financial requirements of individuals after retirement. Let’s delve into the complete details related to this scheme.

LIC Jeevan Akshay-VII Plan Overview

LIC Jeevan Akshay-VII is a non-linked, non-participating, individual immediate annuity plan that provides policyholders with a regular income stream post-retirement.

The plan allows individuals to choose from 10 different annual options, offering flexibility to align with their specific needs.

It can be purchased both online and offline, making it convenient for policyholders.

Benefits of LIC Jeevan Akshay-VII Plan

1. Regular Income After Retirement: The plan ensures a continuous income stream even after retirement. It operates on a single premium payment basis, and the annuity rates are guaranteed from the inception of the policy. The chosen annuity option determines the amount and frequency of the annual payments.
2. Multiple Annual Options: The plan offers 10 different annual options to suit the policyholder’s requirements. This allows individuals to select the option that best aligns with their financial goals and preferences.
3. Loan Facility: Policyholders can avail of a separate loan facility, which becomes available three months after the end of the free look tenure or the date of policy issuance, whichever is later.
4. No Medical Examination: No medical examination is required to purchase the policy, making it easily accessible to individuals of varying health conditions.
5. Lump Sum Incentive: Policyholders who make a lump sum payment of Rs 5 lakhs or more receive an incentive.
6. Guaranteed Annuity Rates: The policy offers guaranteed annuity rates, ensuring a steady and reliable income stream.

Eligibility for LIC Jeevan Akshay-VII Plan

Anyone above 30 years of age can purchase this policy, while individuals up to 85 years of age can take advantage of this scheme.

Moreover, plan variant F allows individuals up to 100 years of age to benefit from the policy.

LIC Jeevan Akshay-VII Plan is an excellent choice for individuals planning their retirement and seeking a secure and regular income source.

With its multiple options, guaranteed annuity rates, and convenient features, it aims to provide financial stability during the post-retirement phase.