LIC Jeevan Akshay VII plan 857
LIC New Jeevan Akshay - VII is an Immediate Annuity plan, which can be purchased by paying a lump sum amount in advance. This plan provides for annuity payments for a lifetime as stated.
LIC Jeevan Akshay VII plan 857 Eligibility conditions:
- Minimum Age: 30 Years
- Minimum SA: ₹ 100000
- Premium Paying Term: 1 Year
- Maximum Age: 85 (100 for Option F)
- Maximum SA: No Limit
- Maximum Maturity Age: Till Lifetime
- MODE OF PREMIUM: One-time Payment
- Mode Minimum Annuity:
| Yearly ₹ 12000 | Half Yearly ₹ 6000 | Quarterly ₹ 3000 | Monthly ₹ 1000 |
LIC Jeevan Akshay VII plan 857 annuity options:
A) Annuity for Life
B) Annuity guaranteed for 5 years and life thereafter
C) Annuity guaranteed for 10 years and life thereafter
D) Annuity guaranteed for 15 years and life thereafter
E) Annuity guaranteed for 20 years and life thereafter
F) Annuity for life with return of purchase price
G) Annuity for life, increasing at a simple rate of 3% p.a.
H) Annuity for life with a provision for 50% of the annuity to the spouse on the death of the annuitant
I) Annuity for life with a provision for 100% of annuity to the spouse on the death of the annuitant
J) Annuity for life with a provision for 50% of annuity to the spouse on the death of the annuitant with return of purchase price on the death of last survivor Option Benefits payable on Survival Benefits payable on Death
The annuity option once chosen cannot be altered.
SURRENDER:
Option F & J: Policy can be surrendered at any time during the policy term after three months from the date of issuance of the policy. Surrender value equal to higher of Guaranteed Surrender Value or Special Surrender Value shall be payable.
Guaranteed Surrender Value : (Purchase Price x Surrender Value Factor ) - Total annuity amount paid till the date of surrender Other Options Surrender value: No Surrender facility is available under this option.
LOAN:
Option F & J: Loan facility is available at any time after three months from the date of issuance of the policy. The maximum loan amount shall be such that the effective annual interest amount payable on the loan does not exceed 50% of the annual annuity amount up to 80% of the Surrender Value. The rate of interest for the loan amount shall be determined from time to time by the Corporation.
For Other Options: No loan facility is available under this option.
Buy LIC Jeevan Akshay VII plan 857
