Life Insurance Corporation of India has introduced its new LIC’s Jeevan Akshay-VII (Plan 857) which is a single premium, non-linked, non-participating, individual immediate annuity plan which is in effect from Tuesday. The policyholders have an option to choose a type of annuity from 10 available options on payment of a lump sum amount.
The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of annuitant(s). The plan can be purchased offline as well as online.
The minimum purchase price is Rs 1,00,000 (subject to minimum annuity criterion.) The modes of annuity available are yearly, half-yearly, quarterly and monthly. The minimum annuity is Rs 12,000 per annum. There is no ceiling on maximum purchase price. An incentive for purchase price above Rs 5,00,000 is available by way of increase in the annuity rate .The plan is available for ages from 30 to 85 except for option of immediate annuity for life with return of purchase price, where it is till 100 years. The plan can also be purchased for the benefit of handicapped dependent.
In this plan, joint life annuity can be taken between any two lineal descendant/ascendant of a family.
Loan facility shall be available at any time after three months from the completion of policy or after expiry of the free-look period, whichever is later, subject to terms and conditions.
