Jeevan Akshay Of LIC – Know Plan Features & Benefits Of Jeevan Akshay VII Plan

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Jeevan Akshay Of LIC: LIC Jeevan Akshay is an instant annuity plan offered by the Life Insurance Corporation of India (LIC). The Life Insurance Corporation (LIC) of India, was established in 1956, is an investment corporation owned by the Ministry of Finance. It is a single premium policy and has to be purchased by paying a single amount at one time. The amount can be paid monthly, quarterly or annually as chosen.

LIC Jeevan Akshay VII is an immediate annuity plan wherein the Policyholder has an option to choose type of annuity from 10 available options on payment of a lump sum amount. This plan can be purchased offline as well as online. But, once the individual select an option, it can not be changed during as the payout starts immediately with the plan. This article covers the features & benefits of Jeevan Akshay 7 plan.

Jeevan Akshay Of LIC Annuity Options

The available annuity options under Jeevan Akshay Of LIC plan are as under:-

  • Immediate annuity till the insured is alive.
  • Immediate annuity along with a guarantee period of 5 years and life thereafter.
  • Immediate annuity along with a guarantee period of 10 years and life thereafter.
  • Immediate annuity along with a guarantee period of 15 years and life thereafter.
  • Immediate annuity along with a guarantee period of 20 years and life thereafter.
  • Immediate annuity for life with refund of purchase price.
  • Immediate Annuity for life increasing at a simple rate of 3% per annum.
  • Joint Life Immediate Annuity Plan, 50% of lifetime annuity payable to secondary policyholder on death of primary policyholder.
  • Joint Life Immediate Annuity, 100% of lifetime annuity payable as long as one of the Annuitant survives.
  • Joint Life Immediate Annuity, 100% of lifetime annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor. 

Jeevan Akshay VII Plan:- Policy Brochure

Purchased Plan

Jeevan Akshay Of LIC

Jeevan Akshay Of LIC: Eligibility

Here is some of the eligibility mentioned below to qualify for the plan –

  • You must be an Indian citizen in order to buy this plan.
  • The minimum age limit to buy this plan is 30 years.
  • The maximum age limit to buy this plan is 85 years.
  • The minimum purchase price of this plan is Rs. 1,00,000.
  • There no limit for maximum purchase.

Required Documents

The documents mentioned below are required to buy Jeevan Akshay Of LIC Plan –

  • A recent photograph
  • Proof of age
  • Proof of address
  • Proof of income
  • Photo ID proof

Features & Benefits Of Jeevan Akshay VII Plan

The main features & benefits of Jeevan Akshay 7 Plan is listed below –

  • LIC Jeevan Akshay is an instant annuity plan with different annuity options according to your need.
  • Policyholder can purchased by paying a single amount at one time.
  • This plan can be purchased offline as well as online.
  • The amount can be paid monthly, quarterly or annually as chosen.
  • There is 10 available options on payment of a lump sum amount. 
  • There is no maturity benefit under Jeevan Akshay VII Plan.

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How to Buy Jeevan Akshay Of LIC Plan?

You can purchase this plan both online & offline. Do you want to buy Jeevan Akshay Of LIC online, then follow these steps below –

  • Step 1: Visit the official website of Life Insurance Corporation of India.
  • Step 2: On the homepage, you will find “Pension Plan” under ‘Products’ option.
  • Step 3: Click on the link and a new page will open where you will find “Apply ” button.
  • Step 4: Fill up the registration form with your name, mobile number.
  • Step 5: Submit the application form and a 9-digit access id will receive to your mobile number.
  • Step 6: Now open the Jeevan Akshay 7 application form with access id.
  • Step 7: Now fill up the application form and upload documents.
  • Step 8: Submit the application form and you will receive an acknowledge and policy number.
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