LIC Jeevan Akshay VII Pension Plan (857) – Features, Benefits and Eligibility
LIC Jeevan Akshay VII Pension Plan 857 – LIC Jeevan Akshay VII Pension Scheme (857) is starting from 25, August 2020. It is an immediate pension scheme. At the same time, LIC of India is immediately shutting down Jeevan Shanti (850).
Due to decreasing of the Repo Rate of the Reserve Bank of India and the decreasing interest rate of banks, LIC has decided to launch LIC Jeevan Akshay VII Pension Scheme (857), by discontinuing its existing annuity plan Jeevan Shanti 850. LIC Jeevan Akshay VII Scheme also provides the facility of surrender and loans.
Key Features
- Premium is paid one time only.
- Minimum purchase price or premium paid is Rs 100,000 for offline channels other than Rs. 150,000 for purchased online.
- Annuity may be paid monthly, quarterly, half yearly or yearly intervals depending on how you choose initially.
- Different annuity payment options may either be chosen for a single policyholder or jointly for policyholder and spouse.
- Annuity will be calculated at higher rates for plan purchased online and lump sum premium (or purchase price) of Rs 10,00,000 or higher.
- No medical examination is required.
- No upper limit for purchase price or annuity under the plan.
LIC Jeevan Akshay VII Pension Plan (857) Parameters / Eligibility
| Minimum Entry Age | 30 Years |
|---|---|
| Maximum Entry Age | 100 years for option F, 85 years for other options. Options will be discussed in detail below. |
| Minimum Purchase Price | 1.5 lakh rupees (on online purchase), and 1 lakh rupees on offline purchase, but the minimum pension must be 1,000 monthly, quarterly 3,000, half yearly 6,000 and Yearly 12,000. |
| Maximum Purchase Price | No Limit |
| Pension Payment | monthly, quarterly, half-yearly Yearly |
| Loan | Loan is available under LIC Jeevan Akshay VII |
| GST | 1.8% GST is charged on your premium. If you want to buy a plan of 10 lakh rupees, then you have to pay 10 lakh 18 thousand rupees means GST rupees of 18,000 . |
| Medical Test | No medical examination is required while taking LIC Jeevan Akshay plan 857. |
Also read ⇒ Get 7.66% yearly interest in this plan of LIC
Can we take a loan from this plan?
Yes, you can also take a loan on the policy after 3 months of taking only option (F) of this plan.
Can we surrender of this plan?
Yes, you can surrender this policy after 3 months of taking only option (F) of this plan.
Annuity Options in Jeevan Akshay VII
There are 10 Annuity Options in this plan. We will explain each option with the following example:
Option A – Annuity for Life: where pension is paid till the policyholder is alive. The pension received regularly is uniform and does not change.
Option B, C, D, E – Annuity Guaranteed for Certain Periods: where pension is definitely paid for 5/10/15 or 20 years as chosen, whether the policyholder is alive or not during this period. Post this period, pension is paid as long as annuitant is alive. Hence this option will have 4 effective options:
Option F – Annuity with Return of Purchase Price on Death: pension is paid till the policyholder is alive and the “Purchase Price” or the amount initially invested is paid to the nominee as death benefit.
Option G – Increasing Annuity: pension is paid till the policyholder is alive at an increasing simple rate of 3% per annum.
Option H – Joint Life Last Survivor Annuity with 50% for Spouse: pension is paid till the policyholder is alive. On the death of the policyholder, 50% of the pension is payable to spouse for his/her lifetime. All benefits stop on death of the spouse also.
Option I – Joint Life Last Survivor Annuity with 100% for Spouse: pension is paid till the policyholder is alive. On the death of the life insured, 100% of the pension is payable to spouse for his/her lifetime. All benefits stop on death of the spouse also.
Option J – Joint Life Last Survivor with Return of Purchase Price: pension is paid till the policyholder is alive. On the death of the policyholder, 100% of the pension is payable to spouse for his/her lifetime. The purchase price is returned on death of the policyholder and the spouse.
Once any of the above Options are chosen, it cannot be changed. So please be careful at the very purchasing.
Also read ⇒ Prime Minister Atal Pension Yojana
How much interest is received in LIC Jeevan Akshay VII?
Jeevan Akshay has 10 options and all the options have different interest rates.
Tax Benefit
On investing in LIC Jeevan Akshay, you get a tax benefit under Section 80CCC. But on the pension you get, you have to pay tax according to your tax slab.
How to buy LIC Jeevan Akshay Plan?
You can buy this plan by going to LIC branch or with the help of any LIC agent. You can also buy LIC Jeevan Akshay Plan 7 online. You have to go to the LIC website.
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