LIC Jeevan Akshay VII Annuity Plan

Everyone knows that Life Insurance Corporation of India (LIC) is one of the known insurance companies that sell a variety of insurance products. Recently it has launched an immediate annuity plan known as the LIC Jeevan Akshay VII Annuity Plan. This plan is Single-Premium, a non-linked individual plan. This plan is suitable for those individuals who are in their retirement age and are looking for income plans. It is an immediate annuity plan in which you will start receiving the income from the next month after the inception of the policy. Let’s explore the features and benefits of this annuity plan and see how it will be helpful for you.

Benefits of Jeevan Akshay VII Annuity Policy

Here are some of the details of this insurance plan that you might explore before buying it. This plan has a variety of benefits that will definitely amaze you.

10 Payout Options

This plan gives you the option to receive the payout in 10 different ways. You will have to choose the payout option at the time of the inception of the policy. Once you have chosen the payout option then you cannot change it during the payout term.

Immediate Annuity

This plan is an immediate annuity plan in which you will start receiving your payout immediately after the inception of the policy. There is no waiting period to receive the payout. The payout term will immediately start from the next month from the date when the policy is purchased.

Single-Premium

It is a single premium plan in which you will have to invest the money as a lump sum. The company will give you the annuity from the next month. The premiums are also affordable and you can increase or decrease as per the income you want to receive.

Convenient to Purchase

The LIC Jeevan Akshay VII Annuity Plan is available online and offline. So, if you want to visit the office and understand the plan from the advisor then you can do so. You can even buy the plan online from the official website of Life Insurance Corporation of India without visiting the branch.

Affordable Investment

The minimum purchase price in this insurance plan is Rs.1 Lac. You can increase the single premium amount as per your convenience. If you are willing to receive a high amount of payout then you must increase the amount of the single-premium.

Multiple Payout Modes

The company offers you to receive the payout on different frequencies. You can take the payout on a monthly basis, yearly basis, quarterly basis, and half-yearly basis. You are free to choose the payout frequency mode as per your needs and convenience.

Free-Look Period

The company also gives you a free-look period of 15 days in which you can return the policy if any of the terms and conditions don’t fit your requirement. The company will return the amount of premium invested after deducting the processing charges.

Loan against Policy

You can take a loan against this policy in case of an emergency. The need for liquid cash can arise anytime so you have the option to borrow the money against the policy. But you can only take a loan against the policy after 6 months from the date of inception of the policy.