LIC Jeevan Akshay VII Plan-857 is a popular, single-premium annuity plan from the Life Insurance Corporation of India (LIC). Designed to secure your retirement, this plan allows you to pay just one premium and receive a regular pension throughout your life.
It’s a straightforward choice for anyone looking to ensure a steady income during retirement without the hassle of multiple payments. With flexible options and reliable payouts, LIC Jeevan Akshay VII offers peace of mind and financial security for you and your loved ones.
What is LIC Jeevan Akshay VII Plan-857?
LIC Jeevan Akshay VII Plan-857 is a non-linked, non-participating annuity plan, which means that it doesn’t depend on the stock market and isn’t eligible for LIC’s bonuses. With this plan, you invest a lump sum amount, and in return, LIC provides you with a regular annuity or pension for life. You can choose how frequently you want to receive your annuity—monthly, quarterly, half-yearly, or yearly—based on your lifestyle and financial needs.
This plan is ideal if you’re nearing retirement or have a substantial amount to invest for a steady income. It also provides flexibility with ten different annuity options, allowing you to pick the payout structure that suits you best.
Key Features of LIC Jeevan Akshay VII Plan-857
- Single Premium Payment: Pay just once and receive lifelong pension benefits.
- Choice of Annuity Options: Choose from ten different annuity options based on your financial needs, including options for joint life.
- Guaranteed Regular Income: Get a steady income for life without market-linked fluctuations.
- Flexible Payout Options: Decide how frequently you’d like to receive your annuity (monthly, quarterly, half-yearly, or yearly).
- Return of Purchase Price Options: Certain options allow the return of the initial investment (purchase price) to your nominee in case of your demise.
Why Choose LIC Jeevan Akshay VII Plan?
- Reliable Retirement Income: With LIC’s guarantee, you know your pension is secure, giving you and your family financial stability.
- Customizable Options: Ten different annuity options allow you to design your plan to best suit your retirement lifestyle.
- Peace of Mind: Knowing you have a steady income that doesn’t depend on the stock market brings confidence and peace in your golden years.
- Financial Security for Loved Ones: Options like the return of purchase price or joint life annuities ensure that your family remains financially supported.
- Immediate Annuity: Annuity payments start immediately after the first premium, so you begin receiving your pension right away.
Eligibility for LIC Jeevan Akshay VII Plan
| Feature | Details |
|---|---|
| Minimum Entry Age | 30 years |
| Maximum Entry Age | 85 years |
| Minimum Purchase Price | ₹1 lakh (varies for different options) |
| Annuity Payment Frequency | Monthly, Quarterly, Half-Yearly, or Yearly |
Annuity Options in LIC Jeevan Akshay VII
LIC Jeevan Akshay VII offers ten distinct annuity options, including single-life and joint-life annuities. Here are a few popular options:
- Option 1: Annuity for life with a guaranteed period of 5, 10, 15, or 20 years, depending on your choice.
- Option 2: Annuity for life with a return of purchase price on death, providing an inheritance for your loved ones.
- Option 3: Joint Life Last Survivor Annuity, where the pension continues for the spouse after the policyholder’s demise.
These options give flexibility, allowing you to select one that aligns with your personal and family needs.
Benefits of LIC Jeevan Akshay VII Plan
With LIC Jeevan Akshay VII, you receive several key benefits that make it an attractive choice for retirement planning:
- Lifelong Income: Receive a regular pension throughout your life, regardless of market conditions.
- Customizable Annuity Options: Choose from a range of options, including the return of purchase price or joint life annuity, for added security.
- Immediate Payouts: Unlike other plans that defer payments, LIC Jeevan Akshay VII starts paying immediately after premium payment.
- Guaranteed Returns: Since it’s not market-linked, your pension remains stable and guaranteed.
- Security for Nominee: Certain options provide a return of the purchase price to the nominee, offering additional security to your family.
How to Apply for LIC Jeevan Akshay VII Plan-857?
Applying for LIC Jeevan Akshay VII Plan-857 is simple:
- Visit your nearest LIC office or visit LIC’s official website.
- Choose your annuity option and decide on the payment frequency (monthly, quarterly, etc.).
- Complete the application form and submit required documents, such as proof of age and identity.
- Make your one-time premium payment.
- Your annuity payments will start as per your chosen frequency.
FAQs
1. What is the purpose of LIC Jeevan Akshay VII?
- LIC Jeevan Akshay VII provides a lifelong pension through a single premium payment, helping secure your retirement with a steady income.
2. Can I receive my pension monthly?
- Yes, LIC Jeevan Akshay VII allows you to choose from monthly, quarterly, half-yearly, or yearly payouts according to your convenience.
3. What if I pass away after taking this plan?
- Certain options, like the return of purchase price or joint-life annuity, ensure that your nominee or spouse receives financial support in case of your demise.
4. Is the pension amount fixed, or can it increase?
- The pension amount is fixed and does not increase over time, as LIC Jeevan Akshay VII is a non-participating plan without bonuses or market-linked growth.
5. Are there tax benefits for this plan?
- Yes, the premium paid may be eligible for tax deductions under Section 80C, but the annuity income is taxable as per your applicable tax bracket.
Conclusion
The LIC Jeevan Akshay VII Plan-857 is an ideal choice for individuals who want a guaranteed, stable income during retirement. Its one-time premium payment makes it convenient, and the flexible annuity options ensure it can be tailored to suit different needs and family structures.
With reliable payouts and a choice of options for legacy and joint coverage, LIC Jeevan Akshay VII is a strong plan for anyone seeking financial security and peace of mind in their retirement years.
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