LIC Jeevan Akshay vii Plan Review (PLAN 857)
If you are looking for the best Immediate plan with highest returns, then this LIC Jeevan Akshay vii Plan is your ideal choice. We had done a full research in the market and worked upon various insurance companies’ Immediate annuity plan and had written a post on Best Annuity plan India in 2020.
If you choose LIFE annuity, LIC Jeevan Akshay vii Plan is the best in the market.
In the LIFE Annuity with return of purchase price, LIC stands second after ICICI Prudential Immediate Annuity Plan.
In all other categories, LIC Jeevan Akshay vii Plan is giving the best percentage.
LIC Jeevan Akshay vii Plan Annuity Rate
|
Total Pension (Online) [Basic + Addl(High PP + Online 1% extra)] |
||||
| Annuity Option | Yearly | Half-Yearly | Quarterly | Monthly |
| Annuity payable for life | 92220 | 44950 | 22198 | 7345 |
| Annuity payable for life with ROC on death of annuitant | 68182 | 33184 | 16390 | 5426 |
| Annuity payable for life with 100% annuity payable to spouse on death of annuitant | 78989 | 38587 | 19092 | 6326 |
| Annuity payable for life with 100% annuity payable to spouse on death of annuitant with ROC on death of Last Survivor | 67374 | 32931 | 16289 | 5392 |
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PRODUCT SPECIFICATION |
|
| Type Of Plan | IMMEDIATE ANNUITY PLAN |
| Return Type | GUARANTEED |
| Tenure | LIFE TIME |
| Minimum Term | 1 |
| Maximum Term | LIFE TIME |
| Premium Flexibility | SINGLE |
| Minimum Premium | RS.150000 |
| Maximum Premium | No Limit |
| Minimum Age at Entry | 30 |
| Maximum Age at Entry | 85 |
| Riders Available | NIL |
|
CHARGE STRUCTURE |
|
| Policy Allocation Charge | NOT APPLICABLE |
| Policy Administration Charge | NOT APPLICABLE |
| Fund Management Charge | NOT APPLICABLE |
| Surrender Charge | NOT APPLICABLE |
| Mortality Charge | NOT APPLICABLE |
|
BENEFITS |
|
| Life Coverage( Sum assured) | NIL |
| IRR | NOT APPLICABLE |
| Life Covered Till(Maximum) | NOT APPLICABLE |
| Maturity Benefit | NIL |
| Death Benefit | RETURN OF PURCHASE AMOUNT (ONLY IF SELECTED AT INCEPTION) |
| Waiver of premium | NIL |
| Survival Benefit | LIFE LONG INCOME |
| Lapse Benefit | NIL |
|
INVESTMENT |
|
| Loyalty Additions | NOT APPLICABLE |
| Fund options available | NOT APPLICABLE |
| Systematic Transfer Plan | NOT APPLICABLE |
| Automatic Asset Allocation | NOT APPLICABLE |
| Top -ups in between | NOT POSSIBLE |
|
TAX BENEFITS |
|
| Section 80C(On premium paid) | NOT AVAILABLE |
| Section 10(10d) on Maturity | NOT AVAILABLE |
|
LIQUIDITY OPTIONS |
|
| Systematic Partial withdrawal | NOT AVAILABLE |
| Partial Withdrawal | NOT POSSIBLE |
| Loans | NOT POSSIBLE |
| Surrender Before Maturity | |
| Money Back In-between | REGULAR INCOME (MONTHLY, QUARTERLY, HALF YEARLY AND YEARLY OPTION AVAILABLE). |
| LIC-s-Jeevan-Akshay-VII-Sales-Brochure | PREMIUM CALCULATOR |
What happens if you discontinue your premiums?
This is a single premium policy and hence there is no point in discussing about discontinuing premium inbetween.
Liquidity
- Loan facility shall be available at any time after three months from the completion of policy (i.e. 3 months from the date of issuance of policy) or after expiry of the free-look period, whichever is later, subject to terms and conditions as the Corporation may specify from time to time.
- As per current provisions, policy loan shall be allowed under the following annuity options only: • Option F: Immediate Annuity for life with return of Purchase Price.
- Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.
- The maximum amount of loan that can be granted under the policy shall be such that the effective annual interest amount payable on loan does not exceed 50% of the annual annuity amount and shall be subject to maximum of 80% of Surrender Value. Loan interest will be recovered from annuity amount payable under the policy.
- The loan outstanding shall be recovered from the claim proceeds at the time of exit.
- The loan interest rate for all the loans commencing during the 12 months’ period from 1st May to 30th April, shall be annual effective rate not exceeding 10 year G-Sec rate p.a. compounding half- yearly plus 300 basis points. The 10 year G-Sec rate shall be as at last trading date of previous financial year.
- The calculated interest rate shall be applicable for full term of Loan. For the loan sanctioned during the 12 months’ period commencing from 1st May, 2020 to 30th April, 2021, the applicable interest rate is 9.50% p.a. effective for entire term of the loan. Any change in basis of determination of interest rate for policy loan shall be subject to prior approval of IRDAI.
If You want to surrender the policy
Only under the following annuity options, the policy can be surrendered at any time after three months from the completion of policy (i.e., 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later:
- Option F: Immediate Annuity for life with return of Purchase Price.
- Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.
The surrender value payable shall depend on the age (last birthday) of the Annuitant at the time of surrender of the policy. If the chosen annuity option is other than specified above, surrender of policy shall not be allowed. On the payment of the surrender value, the policy shall terminate and all other benefits shall cease. The Surrender Value is reviewable and shall be determined by the Corporation from time to time subject to prior approval of IRDAI. The Corporation may review conditions of surrender from time to time as per its policy in this regard. In case of NPS or QROPS, the surrender provisions shall be further subject to any specific provisions regarding procedures as per Rules and Regulations of the respective Regulator/Authority (PFRDA/HMRC).
Note: The insurance policy being a long-term contract should be taken from the long-term perspective of continuing the policy. While there is provision for surrender under various annuity options mentioned above, it may be noted that there can be significant loss on surrender of a policy and hence, it is advisable to continue the policy.
**Disclaimer:
This post on LIC Jeevan Akshay vii Plan is just a review of what the plan offers to the customers. We aim at educating ins and outs of this plan. We are trying to simplify the product and make it easy to understand. The Returns provided in this post are for Illustrative purpose only. The waytoinsurance score is given by our own metrics of calculation and are no way related to the performance of this plan. All these details are derived from the below links. We are aiming at providing financial literacy for the common man.
| You can also read our post on Top 10 Annuity Rates India in 2020 |
