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Jeevan Akshay- VII is a single premium, non-linked and non-participating immediate annuity plan. It pays annuity or pension to the policyholder on annuity age.
LIC's Jeevan Akshay-VII
(A Non-Linked, Non-Participating, Individual Immediate Annuity Plan)
1. Introduction:
1. This 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.
2. The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s).
2. Annuity Options:
The available annuity options under this plan are as under:
Option A: Immediate Annuity for life.
Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.
Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.
Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.
Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.
Option F: Immediate Annuity for life with return of Purchase Price.
Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.
Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.
Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.
Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.
