LIC Policy: Know About This Monthly Pension Plan, Check Benefits And Eligibility Here

LIC Jeevan Akshay-VII is a highly sought-after pension plan designed to cater to the post-retirement needs of individuals. It is a non-linked, non-participating, individual immediate annuity plan that offers both online and offline purchase options. Launched on February 28 this year, this plan provides policyholders with the flexibility to choose from 10 different annuity options based on their specific requirements.

With LIC Jeevan Akshay-VII, you can secure a regular income stream after retirement. The plan operates on a single premium payment basis, and the annuity rates are guaranteed from the formation of the policy.

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The chosen annuity option determines the amount and frequency of annuity payments, ensuring financial stability and peace of mind during retirement. With its comprehensive features, eligibility criteria, and benefits, LIC Jeevan Akshay-VII stands as an attractive choice for individuals seeking a reliable and secure pension plan. The plan provides a hassle-free way to secure a regular income post-retirement, ensuring financial well-being and stability in the golden years of life.

The LIC Jeevan Akshay VII policy offers several benefits to policyholders, as mentioned by Policy Bazaar:

1. Variety of Annuity Options: The policy provides a choice of 10 different annuity options, allowing policyholders to select the one that best suits their needs. These options include immediate annuity of life, immediate annuity for life with the return of the purchase price and immediate annuity of life with a period of guarantee.

2. Loan Facility: Policyholders of the return of purchase price variants can avail of a separate loan facility. This option becomes available three months after the end of the free-look period or the policy issuance date, whichever is later.

3. No Medical Examination: There is no requirement for a medical examination to purchase the policy, making it more convenient for applicants.

4. Incentive: Policyholders who make a purchase price or initial lump sum payment of Rs 5 lakh or more are eligible for an incentive. This incentive increases the rate of the annuity, providing an additional advantage.

5. Annuity Rates Guarantee: The policy offers guaranteed annuity rates, ensuring a stable income stream. The annuities are payable throughout the lifespan of the annuitant, providing financial security.

These benefits make the LIC Jeevan Akshay VII policy an attractive option for individuals looking for immediate annuity plans.

Eligibility

The eligibility criteria for purchasing the LIC Jeevan Akshay VII policy are as follows:

1. Minimum Age: The policy can be purchased by individuals who are 30 years of age or above.

2. Maximum Age: The upper age limit for purchasing the policy is 85 years, except for plan variant F, which allows individuals up to 100 years of age.