Life Insurance Corporation of India has come up with a new policy. This is LIC's Jeevan Akshay-VII (Plan No. 857). It is a single premium, non-linked, non-participating, and personal instant annuity scheme. It will be effective from 25th August 2020. On payment of the lump-sum amount, shareholders can choose one of the 10 available annuity options. Annuity rates are guaranteed at the beginning of the policy, and annuity is paid to the annuity. This plan can be purchased both online and offline.
This plan's minimum purchase price is Rs. 1 lakh (as per minimum annuity criteria). The policy provides the types of annual, half-yearly, quarterly, and monthly annuity. The minimum annuity is Rs. 12,000 per annum. There is no limit on the maximum purchase price. The incentive is also available in the form of an increase in the annuity rate for a purchase price of more than five lakh. This plan is available for the age of 30 years to 85 years except for the option of immediate annuity for life with a refund of the purchase price. In the earlier situation, it is for a hundred years. The scheme can also be purchased to benefit persons with disabilities (handicapped dependents).
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 at any time (whichever later) after three months of issuance of the policy or after the free-look period's expiry.
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