LIC Jeevan Akshay VII Pension Plan (Desk 857)

LIC Jeevan Akshay VII is a brand new Pension Plan by LIC. Jeevan Akshay VII plan is changing the present single premium pension plan LIC Jeevan Shanti (Plan 850). It’s an instantaneous annuity plan with extra enhancements and adjustments. Jeevan Akshay is non-linked, non-participating, single premium Annuity Plan. On this plan, you simply have to pay a lump sum quantity as soon as and you’ll be paid pension based mostly on a particular possibility. This plan may be bought for self & joint life. You should be eager to learn about – How LIC Jeevan Akshay VII Pension plan works? Right here is full details about LIC Jeevan Akshay plan together with key options advantages and assessment. 

I’m positive that after going by this publish, you’ll in a greater place to determine that – Must you purchase LIC Jeevan Akshay VII Pension plan or not? Earlier than taking a look at Jeevan Akshay coverage allow us to have a look at varied LIC Pension Insurance policies. 

LIC Pension Insurance policies

LIC Pension Insurance policies are insurance policies which might be designed to pay a pension at an acceptable interval throughout your previous age. A lot of these plans are also referred to as an instantaneous annuity plan. An annuity is a contract between you and an insurance coverage firm. In annuity plan, you pay one-time lump-sum premium or common premium to the insurance coverage firm at varied intervals. You’ll obtain quick annuity at a sure age or common disbursement based mostly on the selection made by you.

As of now, LIC is providing two such pension insurance policies (1) LIC Jeevan Shanti (850) (2) Pradhan Mantri Vaya Vandana Yojana. For extra details about these plans, you may check with our earlier publish.

LIC Jeevan Akshay VII Pension Plan (Desk 857) Key Options

  • Minimal Buy Worth – 1 Lakh
  • Most Buy Worth – No Restrict
  • Minimal Entry Age – 30 Years
  • Most Entry Age – 85 Years
  • Annuity Mode – Month-to-month, Quarterly, Half Yearly, Yearly
  • Minimal Annuity – Rs.1000 per 30 days
  • Most Annuity – No Restrict
  • Joint Life Cowl – Allowed
  • Mode of Buy – On-line & Offline 

How does LIC Jeevan Akshay 7 Plan work?

LIC Jeevan Akshay VII

LIC Jeevan Akshay 7 is an instantaneous annuity plan. This implies you on annuity age LIC will begin paying annuity or pension to the policyholder.

This plan gives an choice to the policyholder for the collection of annuity. LIC Jeevan Akshay 7 provides 10 totally different annuity choices which might be categorised into 5 totally different classes.

  1. Quick Annuity for Life – On this possibility annuity is payable instantly to the policyholder and annuity fee interval is lifetime as much as survival of policyholder.
  2. Quick Annuity with assured interval and life – On this possibility annuity is payable as much as assured interval of 5 to twenty years and life thereafter. The annuity quantity could be increased for the assured interval and reduces thereafter.
  3. Quick Annuity for all times with return of Buy value – On this possibility, you’ll get quick annuity for lifetime together with return of premium fee.
  4. Quick Annuity for all times rising at 3% – Right here you’ll get annuity for lifetime with rising charge of three% till the survival of policyholder.
  5. Joint Life Quick annuity – Underneath this feature, joint life possibility is obtainable with provision to pay annuity to second annuitant with varied choices.

Annuity Choices & Advantages

LIC Jeevan Akshay VII

Pension profit – Coverage holder obtain pension as per selection of annuity. There are 10 choices for the collection of annuity. 

Maturity profit – There isn’t a maturity profit obtainable on this pension plan. 

Give up Profit – Pension holders are eligible to give up this pension plan after 3 months beneath Choices F and J. Others can’t give up pension plan. 

LIC Jeevan Akshay VII Charge of Curiosity and Premium

The speed of curiosity payable on LIC Jeevan Akshay 7 plan isn’t but declared. Nonetheless, taking a look at present scenario the speed of curiosity is prone to stay low. One can count on charge of curiosity within the vary of 5 to six%. The premium charge and annuity calculator is but not but printed by LIC. As soon as particulars can be found I’ll replace this part.

Must you purchase LIC Jeevan Akshay 7?

LIC Jeevan Akshay provides excellent advantages by way of pension. Nonetheless, earlier than shopping for this coverage it’s best to think about following factors.

  • The returns provided by this coverage is prone to be within the vary of 5 to 7%. This return may be very low.
  • The pension provided by this coverage is taxable as per your tax slab. This implies publish tax return could be nonetheless decrease.
  • Along with tax largest enemy right here could be inflation. If you’re happy with very low returns you may think about this plan.

It’s best to think about your age, risk-taking capability, and retirement corpus requirement earlier than taking any name on this coverage. If you’re younger and with excessive risk-taking capability, it’s best to keep away from this plan. It’s best to make investments your cash in fairness and mutual funds. You’ll get increased returns in comparison with this coverage and it is possible for you to to construct a better retirement corpus.

If you’re about to succeed in your retirement age and in search of pension revenue, you may plan to speculate a part of cash in Jeevan Akshay Plan. The remaining cash may be invested in senior citizen saving scheme and debt mutual funds.

Be aware – This text is printed based mostly on the restricted info obtainable about Jeevan Akshay Plan. I might replace this publish, as soon as extra details about this coverage is obtainable.