The LIC Jeevan Akshay VII Plan (Plan No. 857), is another pension plan offered by Life Insurance Corporation of India (LIC). As it is effective from November 1, 2024, here are the salient features, benefits, and details concerning this plan based on the general framework of similar LIC products:
Key Features of LIC Jeevan Akshay VII Plan (Plan No. 857)
1. Product Type:
The LIC Jeevan Akshay VII Plan (Plan No. 857) is an immediate annuity plan.
2. Effective Date:
The plan becomes effective from November 1, 2024.
3. Eligibility:
Age: Typically available for individuals aged 25 years. The upper age limit can be around 85 years, offering coverage for a wide age group.
4. Annuity Payment Options:
The policyholder can choose from various annuity options, typically including:
Annuity for Life: A fixed amount paid periodically for the annuitant's lifetime.
Annuity Certain: Payments for a specified period, regardless of whether the annuitant survives the period or not.
Joint Life Annuity: Annuity payments continue till the death of both the annuitant and the spouse.
Other Options such as enhanced amounts for certain conditions or varying frequency of annuity payments (monthly, quarterly, half-yearly, or yearly).
5. Sum Assured:
The minimum and maximum sum assured can vary; typically, the minimum might be around ₹1 lakh, with higher limits depending on the policyholder’s preference and as per LIC norms.
6. Payout Frequencies:
Annuity payments can usually be received monthly, quarterly, half-yearly, or annually, depending on the annuity option selected.
7. No Maturity Benefit:
As this is an immediate annuity plan, maturity benefits are not applicable. The primary focus is on providing immediate and regular income.
8. Tax Benefits
Premiums paid may be eligible for tax benefits under section 80CCC of the Income Tax Act, while the annuity received may be taxable as income.
Considerations:
Medical Underwriting: This may not always be necessary, but it can vary based on age and health of the applicant.
Nomination: The policyholder can nominate a beneficiary for the proceeds in case of death.
Important Notes:
Consultation: For detailed information on all options, benefits, and the policy's terms and conditions, it is advisable to consult a LIC representative or financial advisor.
Policy Documentation: Always review the official LIC documentation to understand specific details, exclusions, and conditions that may apply.
This summary provides an overview of the LIC Jeevan Akshay VII Plan. Be sure to check the most current and comprehensive policy guidelines, as they may have specific eligibility criteria and details subject to change after the stated effective date.
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