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Overview
Jeevan Akshay VII (Table No. 857) is a single premium, non-linked, and non-participating immediate annuity plan. It pays an annuity or pension to the policyholder at the annuity age. The plan also allows joint life cover and provides annuity payments of a stated amount throughout the lifetime of the annuitant.
LIC Jeevan Akshay VII Plan offers various annuity options for policyholders to choose from, along with a range of benefits:
- Annuity Options
- Whole life cover
- Loan Facility
- Guaranteed Annuity Rates
- Incentives
- No Medical Examination
Benefits of LIC Jeevan Akshay VII
There are various benefits to buying the LIC Jeevan Akshay VII Plan. Let’s understand each of them in detail:
No Medical Examination
There is no need for a medical examination to invest in Jeevan Akshay VII.
Loan Facility
A loan facility will be available after three months from the date of issuance of the policy or after the expiry of the free-look period, whichever is later.
Surrender Value
Available anytime after three months of policy completion.
Free Look Period
It is available within 30 days from policy commencement.
Incentives for Choosing High Sum Assured
LIC Jeevan Akshay VII Plan offers incentives if you choose a high sum assured value with your plan.
Guaranteed Annuity Rates
The annuity rates are guaranteed at the inception of the policy, and annuities are payable throughout the lifetime of the Annuitant(s).
Multiple Annuity Options
The plan comes with 10 annuity options that include immediate annuity for life, an immediate annuity with a guaranteed period and life, and immediate annuity for life with return of purchase price.
Tax Benefits
LIC Jeevan Akshay offers term insurance tax benefits under Section 80C of the Income Tax Act, 1961, for up to ₹1.5 Lakhs of the total premium paid in the same financial year.
How to Buy LIC Jeevan Akshay VII Online via PolicyX.com
- Visit the official website of PolicyX.com.
- Click on the ‘Investment’ tab.
- A new page will appear on the screen.
- Fill out the form at the top of the page with the necessary details.
- Select your income and city. Click on 'Proceed'.
- Update your education and occupation details.
- Choose your preferred plan and click on 'Buy this plan'.
- Select the policy term, premium period, investment amount, and riders (if required), and then proceed to pay.
How to Buy LIC Jeevan Akshay VII Online via LIC Website
- Visit the official website of Life Insurance Corporation of India.
- Hover over 'Retirement Planning'.
- Click on 'Jeevan Akshay VII'.
- Click on ‘Buy Online’ and you will be redirected to a new page.
- Enter your name and contact information. One of their representatives will reach out to you to discuss the quotes.
- Once discussed, you can make the premium payment and get the policy documents.
Exclusions
- In case the policyholder commits suicide within 12 months of policy purchase, no death benefits are offered to their family members. Either 80% of the premiums paid to date or the surrender value acquired to date, whichever is higher, is paid.
Documents Required to Buy LIC Jeevan Akshay VII
Here is the list of documents required to buy the LIC Jeevan Akshay VII:
Photo ID Proof
- Passport
- Aadhaar card
- PAN card
- Driving license
Age Proof
- Passport
- Aadhaar card
- PAN card
- Driving license
Address Proof
- Utility bill
- Passport
- Voter ID
- Ration card
Medical Records
- Medical records of the policyholder, if requested.
Income Proof
- Bank statement
- Last three months' salary slips (if salaried)
Plan at a Glance
| What's Good Here | What's Missing |
|---|---|
| Annuity Options | Premium Offset |
| Loan Facility | High Sum Assured Rebate |
| Incentives | Auto Cover Continuance |
| No Medical Examination | Top-up Premium |
In a Nutshell
If you are looking for an annuity plan that can provide financial security during your retirement years, you can consider buying LIC Jeevan Akshay VII. This plan offers multiple annuity options to choose from. If you are still confused about whether this plan is right for you, you can contact us at PolicyX.com.
For more information related to this plan, you can visit PolicyX.com or call us at 1800-420-0269. Our insurance experts listen to your unique needs and suggest the best possible solution for you.
