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LIC Jeevan Akshay VII - Immediate Annuity plan

Jeevan Akshay- VII (Table No. 857) is a single premium, non-linked and non-participating immediate annuity plan. It pays annuity or pension to the policyholder on annuity age. The annuity plan also allows joint life cover. The plan provides annuity payments of a stated amount throughout the lifetime of the annuitant.

Eligibility Criteria

Entry Age30 years to 85 years
Purchase priceMinimum: Rs.1 lakh
Maximum: No-limit
Minimum annuityRs.12,000/year
Annuity payment modesYearly, half-yearly, quarterly and monthly

Jeevan Akshay 7: Key Features

Annuity Options: The plan comes out with 10 annuity options that include immediate annuity for life, an immediate annuity with guaranteed period and life, immediate annuity for life with return of purchase price, among others.

Loan Facility: 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.

Guaranteed Annuity Rates: The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s).

Incentive: An incentive for a purchase price of Rs. 5,00,000 & above is available. It will increase the annuity rate.

No Medical Examination: There is no need for a medical examination to invest in Jeevan Akshay- VII.

Jeevan Akshay 7 Sample Annuity Rates

Amount of annuity payable at yearly intervals, which can be purchased for Rs.10,00,000 under different options for Immediate Annuity is as under:

Age(A)(B)(C)(D)(E)(F)(I)
3058970586645376841426577465662453666
4062438620305407445200607045897053870
5068966677425438051932659066325454176
6081002768205499263968758007121054686
70105176891625580888040955888773455400
80171578960985662415199414669012812656318

How To Buy Jeevan Akshay VII?

To invest in Jeevan Akshay 7, you should follow the below-mentioned process.

  • Visit the official website of LIC.
  • Scroll down a little to find the 'Buy Policy Online' section and click on 'Jeevan Akshay 7'.
  • Click on the tab 'Buy Online' under LIC's Jeevan Akshay-VII.
  • Scroll down and click on the tab ' Click to Buy Online'.
  • Submit the required details such as your name, DOB, number, among others.
  • Confirm the details and click on the tab 'Calculate Premium'.
  • Submit the OTP that you received on the registered mobile number.
  • Provide some more details and click on the tab 'Calculate Premium'.
  • Confirm the details and click on the tab 'Confirm & Proceed'.
  • If you are a registered user of LIC, click on 'Yes'. If you aren't, click on 'No'.
  • Click on the tab 'Proceed'.
  • Again click on the tab 'Proceed'.
  • Submit the details and click on the tab 'Next'.
  • Provide bank account and nominee details. Click on the tab 'Next'.
  • Check the premium details and click on the tab 'Next'.
  • Now you will get three options. Choose 'Proceed to Pay'.
  • Confirm the details and click on the tab 'Proceed'.
  • Click on the tab 'Proceed'.
  • Make the payment using the available payment mode.
  • The company will share the policy documents on the registered email address.

Note: You can also invest in the same by visiting the nearest branch of the company.

Documents Required To File a Claim

In case of death of the annuitant, the nominee has to submit the following documents-

  • Claim form
  • Original policy document
  • NEFT mandate
  • Proof of title
  • Proof of death
  • Proof of age

Note: The nominee has to inform the insurance company within 90 days from the date of death along with a death certificate.

On Surrender:

If the policyholder wants to surrender the policy, (s)he should submit the discharge form along with the original policy document, NEFT mandate, and proof of age.

Jeevan Akshay 7: FAQs

1. Can I surrender my policy?

A person can surrender the policy at any time after three months from the completion of policy or after the expiry of the free-look period, whichever is later.

2. Is there any Free Look period?

If an insured is not satisfied with the policy, he/she can return the policy to the company within 15 days (30 days if this policy is purchased online) from the date of receipt of the policy.

3. Can I buy one more online policy?

Yes, you can invest another plan in your name if you want wider coverage.

4. If I travel abroad for business/vacation, will I be covered?

Yes, once the policy is issued to you, you become liable to get coverage across the globe.

5. Where can I contact/write to know the status of my application?

You can write to the company at online_dm@licindia.com or call on 022-67819288 / 67819287.

6. How can I get a refund of my deposit under my policy?

You can put a mail to online_dm@licindia.com for a refund.

Last updated on 13-10-2020