Life Insurance Corporation of India (LIC) has brought a new policy. This is Jeevan Akshay-7 (Plan Number 857) of LIC. It is a single premium annuity plan, non-participating, non-linked and individual instant annuity scheme. It will be effective from August 25, 2020. On payment of a lump sum, shareholders have the option to choose any one of the 10 available annuity options. In this plan, annuity rates are guaranteed at the beginning of the policy and the annuity payer is paid throughout the life of the annuity recipient. This plan can be purchased both types online and offline.
The minimum purchase price for this plan is Rs 1 lakh (according to the minimum annuity criteria). Types of annual, half-yearly, quarterly and monthly annuities are available in the policy. The minimum annuity is Rs 12,000 annually. There is no maximum purchase price limit. Also, the incentive is available in the form of an increase in annuity rate for the purchase price of more than five lakhs.
The plan is available for age from 30 years to 85 years of policyholder, with the option of immediate annuity for life with a refund of the purchase price. In the former, it is for a hundred years. The scheme can also be purchased to benefit the handicapped (handicapped dependent).
In this scheme, a joint-life annuity can be taken between any two descendants, descendants of the same family (grandparents, parents, children, grandchildren), spouses or siblings. The loan facility will be available anytime after three months from the date of issue of policy or after the expiry of the free-look period (whichever is later).
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