New Delhi: Life Insurance coverage Company of India (LIC) in February this yr launched the LIC Jeevan Akshay-VII –an annuity plan for month-to-month pension.
LIC Jeevan Akshay-VII is an an Fast Annuity plan whereby the Policyholder has an choice to decide on kind of annuity from 10 obtainable choices on fee of a lump sum quantity. The annuity charges are assured on the inception of the coverage and annuities are payable all through the life time of Annuitant(s). This plan might be bought offline in addition to on-line.
LIC Jeevan Akshay-VII Annuity Choices:
LIC says that the annuity choice as soon as chosen can’t be altered. The obtainable annuity choices underneath this plan are as follows:
Possibility A: Fast Annuity for all times.
Possibility B: Fast Annuity with assured interval of 5 years and life thereafter.
Possibility C: Fast Annuity with assured interval of 10 years and life thereafter.
Possibility D: Fast Annuity with assured interval of 15 years and life thereafter.
Possibility E: Fast Annuity with assured interval of 20 years and life thereafter.
Possibility F: Fast Annuity for all times with return of Buy Worth.
Possibility G: Fast Annuity for all times growing at a easy price of three% p.a.
Possibility H: Joint Life Fast Annuity for all times with a provision for 50% of the annuity to the Secondary Annuitant on dying of the Major Annuitant.
Possibility I: Joint Life Fast Annuity for all times with a provision for 100% of the annuity payable so long as one of many Annuitant survives.
Possibility J: Joint Life Fast Annuity for all times with a provision for 100% of the annuity payable so long as one of many Annuitant survives and return of Buy Worth on dying of final survivor.
LIC Jeevan Akshay-VII Advantages
Possibility A
• The annuity funds shall be made in arrears for so long as the Annuitant is alive, as per the chosen mode of annuity fee.
• On dying of Annuitant, nothing shall be payable and the annuity fee shall stop instantly.
Possibility B,C,D,E
• The annuity funds shall be made in arrears for so long as the Annuitant is alive, as per the chosen mode of annuity fee.
• On dying of the Annuitant in the course of the assured interval of 5/10/15/20 years, the annuity shall be payable to the nominee(s) until the top of the assured interval.
• On dying of the Annuitant after the assured interval, nothing shall be payable and the annuity fee shall stop instantly.
Possibility F
• The annuity funds shall be made in arrears for so long as the Annuitant is alive, as per the chosen mode of annuity fee.
• On dying of the annuitant, the annuity fee shall stop instantly and Buy Worth shall be payable to nominee(s) as per the choice exercised by the Annuitant as specified by LIC.
Possibility G
• The annuity funds shall be made in arrears for so long as the Annuitant is alive, as per the chosen mode of annuity fee. The annuity fee shall be elevated by a easy price of three% every year for every accomplished coverage yr.
• On dying of annuitant nothing shall be payable and the annuity fee shall stop instantly.
Possibility H
• The annuity funds shall be made in arrears for so long as the Major Annuitant is alive, as per the chosen mode of annuity fee.
• On dying of Major Annuitant, 50% of the annuity quantity shall be payable to the surviving Secondary Annuitant so long as the Secondary Annuitant is alive. The annuity funds will stop on the next dying of the Secondary Annuitant.
• If the Secondary Annuitant predeceases the Major Annuitant, the annuity funds shall proceed to be paid and can stop upon the dying of the Major Annuitant.
Possibility I
• 100% of the annuity quantity shall be paid in arrears for so long as the Major Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity fee.
• On dying of the final survivor, the annuity funds will stop instantly and nothing shall be payable.
Possibility J
• 100% of the annuity quantity shall be paid in arrears for so long as the Major Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity fee.
• On dying of the final survivor, the annuity funds will stop instantly and Buy Worth shall be payable to the nominee(s) as per the choice exercised by the Major Annuitant as specified by LIC
LIC Jeevan Akshay-VII Eligibility Standards:
Minimal Buy Worth
Age at entry (in accomplished years) Minimal Buy Worth: 25 years to 29 years Rs 10,00,000
30 years and above: Rs 1,00,000/- topic to Minimal Annuity as specified beneath
Most Buy Worth: No Restrict
Minimal Age at Entry : 25 years (accomplished) topic to minimal Buy Worth as specified by LIC
Most Age at Entry : 85 years (accomplished) besides Possibility F 100 years (accomplished) for Possibility F
LIC Jeevan Akshay-VII Annuity Mode
Month-to-month Annuity: Rs 1,000 monthly
Quarterly Annuity: Rs 3,000 per quarter
Halfyearly Annuity: R 6,000 per half yr
Annual Annuity: Rs 12,000 every year
Joint Life: The joint life annuity might be taken between any two lineal descendant/ascendant of a household (i.e. Grandparent, Father or mother, Kids, Grandchildren) or partner or siblings.
The modes of annuity obtainable are yearly, half-yearly, quarterly, and month-to-month. The Annuity shall be payable in arrears i.e. the annuity fee shall be after 1 yr, 6 months, 3 months and 1 month from the date of graduation of coverage relying on whether or not the mode of annuity fee is Yearly, Half yearly, Quarterly and Month-to-month respectively.
Right here is an instance of the annuity you’ll recieve as per the selection and buy worth you make for LIC Jeevan Akshay-VII
Buy Worth : Rs 10 lakh (excluding relevant taxes)
Age of Annuitant at entry: 45 years (accomplished)
Annuity Mode : Yearly
Age of Secondary Annuitant at entry : 35 years (accomplished) (relevant for Joint life annuity solely)
LIC Jeevan Akshay-VII : Test Annuity Possibility and Annuity Quantity
Possibility A: Fast Annuity for all times Rs 74,200
Possibility B: Fast Annuity with assured interval of 5 years and life thereafter Rs 74,100
Possibility C: Fast Annuity with assured interval of 10 years and life thereafter Rs 73,800
Possibility D: Fast Annuity with assured interval of 15 years and life thereafter Rs 73,300
Possibility E: Fast Annuity with assured interval of 20 years and life thereafter Rs 72,800
Possibility F: Fast Annuity for all times with return of Buy Worth Rs 64,800
Possibility G: Fast Annuity for all times growing at a easy price of three% p.a. Rs 56,400
Possibility H: Joint Life Fast Annuity for all times with a provision for 50% of the annuity to the Secondary Annuitant on dying of the Major Annuitant Rs 70,700
Possibility I: Joint Life Fast Annuity for all times with a provision for 100% of the annuity payable so long as one of many Annuitant survives Rs 67,500
Possibility J: Joint Life Fast Annuity for all times with a provision for 100% of the annuity payable so long as one of many Annuitant survives and return of Buy Worth on dying of final survivor Rs 63,900
