Minimal entry age of the LIC Jeevan Akshay VII plans is 30 years and most age is 85 years.
Life Insurance coverage Company (LIC) of India, the nation’s largest life insurance coverage firm, which provides numerous insurance coverage insurance policies together with time period plans, a reimbursement plans, endowment insurance policies and unit linked plans additionally provides pension plans. The LIC’s newest pension plan providing – LIC Jeevan Akshay VII pension coverage was launched on August 25 by the state-run insurer. LIC’s Jeevan Akshay VII comes after it withdrew LIC Jeevan Akshay VI coverage. LIC’s Jeevan Akshay VII is a direct annuity or pension plan whereby the coverage holder has an possibility to decide on kind of annuity from 10 obtainable choices on fee of a lump sum quantity.
Listed below are eligibility standards for LIC’s Jeevan Akshay-VII pension plan:
Any particular person between the age of 30 and 85 years should buy LIC Jeevan Akshay-VII pension plan with a minimal buy worth of Rs 1 lakh. Below this plan LIC provides minimal annuity of Rs 1,000 monthly, LIC stated.
Minimal entry age of the LIC Jeevan Akshay VII plans is 30 years and most age is 85 years.
LIC Jeevan Akshay VII Plan: Listed below are particulars of pension plans to select from:
- Choice A: Fast Annuity for all times.
- Choice B: Fast Annuity with assured interval of 5 years and life thereafter.
- Choice C: Fast Annuity with assured interval of 10 years and life thereafter.
- Choice D: Fast Annuity with assured interval of 15 years and life thereafter.
- Choice E: Fast Annuity with assured interval of 20 years and life thereafter.
- Choice F: Fast Annuity for all times with return of Buy Worth.
- Choice G: Fast Annuity for all times growing at a easy fee of three per cent each year.
- Choice H: Joint Life Fast Annuity for all times with a provision for 50 per cent of the annuity to the Secondary Annuitant on demise of the Main Annuitant.
- Choice I: Joint Life Fast Annuity for all times with a provision for 100 per cent of the annuity payable so long as one of many Annuitant survives.
- Choice J: Joint life fast annuity for all times with a provision for 100 per cent of the annuity payable so long as one of many annuitant survives and return of buy worth on demise of final survivor.
Annuity possibility as soon as chosen can’t be altered, LIC added.
LIC’s Jeevan Akshay-VII Pension Plan: Listed below are the advantages of pension choices below the coverage:
Annuity Choice 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 demise of Annuitant, nothing shall be payable and the annuity fee shall stop instantly
Annuity Choice 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 demise of the Annuitant through the assured interval of 5/10/15/20 years, the annuity shall be payable to the nominee(s) until the tip of the assured interval.
On demise of the Annuitant after the assured interval, nothing shall be payable and the annuity fee shall stop instantly.
Choice 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 demise of the annuitant, the annuity fee shall stop instantly and buy worth shall be payable to nominees.
Choice 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 will likely be elevated by a easy fee of three per cent each year for every accomplished coverage yr.
On demise of annuitant nothing shall be payable nd the annuity fee shall stop instantly.
Choice H
The annuity funds shall be made in arrears for so long as the Main Annuitant is alive, as per the chosen mode of annuity fee
On demise of Main Annuitant, 50 per cent 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 demise of the Secondary annuitant
If the secondary annuitant predeceases the first annuitant, the annuity funds shall proceed to be paid and can stop upon the demise of the first annuitant
Choice I
100 per cent of the annuity quantity shall be paid in arrears for so long as the Main Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity fee
On demise of the final survivor, the annuity funds will stop instantly and nothing shall be payable
Choice J
100 per cent of the annuity quantity shall be paid in arrears for so long as the Main Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity fee.
On demise 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 Main Annuitant.
