New Delhi: Life Insurance Corporation of India has brought a new policy. This is Jeevan Akshay-7 (Plan Number 857) of LIC. It is a single premium, non-linked, non-participating 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 of the 10 available annuity options. 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 online and offline.
The minimum purchase price for this plan is Rs 1 lakh (as per 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, incentives are available in the form of increase in annuity rate for purchase price of more than five lakhs.
The plan is available for age from 30 years to 85 years, 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 differently-abled (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 expiry of free-look period
