Life Insurance Corporation of India (LIC) is a trusted company that provides future protection to its customers.
With its diverse range of plans, LIC has been catering to the needs of people for many years, including monthly income and pension plans.
Recently, there has been a lot of buzz surrounding a plan from LIC, called LIC Jeevan Akshay-7.
Launched on February 28, 2023, this non-linked, non-participating, individual immediate annuity plan can be purchased both online and offline.
An instant annuity plan, the policyholder can select the type of annuity from ten available options upon payment of a lump sum amount. The annuity rates are guaranteed at the beginning of the policy.
LIC’s Life Akshaya-VII Annuity Options
The following annuity options are available under this plan:
1) Immediate Annuity for life. 2) Immediate annuity with a guaranteed period of five years and thereafter for life.
3) Immediate annuity with a guaranteed period of ten years and life thereafter. 4) Immediate annuity with a guaranteed period of fifteen years and life thereafter.
5) Immediate annuity with a guaranteed period of twenty years and life thereafter. 6) Immediate Annuity for life with return of purchase price.
7) Immediate Annuity for life 3: Increasing at a simple rate of p.a.
8) Joint Life Immediate Annuity for life with provision of 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
9) Joint Life Immediate Annuity for life with provision for 100% of the annuity as long as one of the annuitants survives.
10) Joint Life Immediate Annuity for life with provision for 100% of the annuity as long as one of the annuitants survives and return of purchase price on death of the last survivor.
LIC Jeevan Akshay-7 is an excellent choice for those seeking a reliable and flexible immediate annuity plan to secure their future.
