LIC’s Jeevan Akshay-VII
LIC’s Jeevan Akshay-VII is an immediate annuity plan that provides a guaranteed pension income starting immediately after a one-time investment, ensuring financial independence and lifelong income security.
Plan Overview
LIC’s Jeevan Akshay-VII is designed for individuals seeking instant pension income without the need for long-term accumulation. Upon making a single premium payment, pension payouts begin immediately, offering predictable income throughout life.
Key Features
Immediate Pension
Pension starts immediately after purchase of the policy.
Lifetime Income
Ensures regular income throughout the lifetime of the annuitant.
Multiple Annuity Options
Choice of annuity types including single life and joint life.
Government-Backed Security
Offered by LIC under IRDAI regulatory framework.
Annuity Options Available
| Option | Description |
|---|---|
| Single Life Annuity | Pension payable as long as annuitant is alive. |
| Joint Life Annuity | Pension continues to spouse after death of annuitant. |
| Annuity with Return of Purchase Price | Purchase price returned to nominee after death. |
| Increasing Annuity | Pension increases at a predefined rate. |
Eligibility & Age Criteria
| Criteria | Details |
|---|---|
| Minimum Entry Age | 30 Years |
| Maximum Entry Age | 85 Years |
| Policy Term | Lifetime |
| Premium Type | Single Premium |
Purchase Price & Premium Structure
The annuity amount depends on the purchase price, annuity option selected, age at entry, and prevailing LIC annuity rates at the time of purchase.
Tax Benefits & Compliance
Tax benefits under LIC’s Jeevan Akshay-VII are applicable as per prevailing Income Tax laws. Pension income is taxable according to applicable tax slabs. The plan operates under IRDAI and Government of India regulations.
Conclusion & Official Assistance
LIC’s Jeevan Akshay-VII is suitable for retirees and senior citizens seeking immediate, guaranteed, and lifelong pension income with the reliability of LIC.