LIC’s Jeevan Akshay Plan-VII

Mode of annuity payment

Monthly, quarterly, half-yearly, and annually from the date of commencement of the policy

Surrender value

1. For option F and J, the policy can be surrendered after the expiry of free-look period or three months, whichever is later.
2. The surrender value of the policy depends upon the age of the annuitant during the time of surrender.           
3. Surrender option not available for other options.

Death benefit

Under the annuity option F and J, annuitants can choose three options for the payment of death benefit to the nominee(s):

1.    Lumpsum amount: Purchase price paid in lumpsum

1.    Annuitization: Purchase price shall be utilized to purchase an immediate annuity for nominee(s) from Corporation

1.    In instalments: Purchase price will be paid over the chosen five years in instalments

Loan

1. Loan options available only for option F and J.
2. Loan can be availed after expiry of free-look period or three months, whichever is later.         
3. The maximum loan amount granted should not exceed 50% of the annual annuity and will be subject to a maximum 80% of the surrender value.

Free look Period

30 days

A

1. As per the chosen mode of payment, annuity will be paid in arrears as long as the annuitant is alive.

2. Annuity payment will cease on death of annuitant.

B, C, D, and E

1.  Annuity will be paid in arrears as per the chose mode of payment as long as the annuitant lives.

2.  Annuity will be paid to the nominee(s) on the death of annuitant.

3. Annuity payment will be continued till the end of the guaranteed period if the annuitant dies during the guaranteed period (5, 10, 15, or 20 years).

4. Annuity will cease if annuitant dies after the guaranteed period.

F

1. Annuity will be paid as per the chose mode of payment in arrears as long as the annuitant survives.

2. Annuity payment will cease on death of the annuitant.

3. The purchase price will be paid to the nominee(s) as per the option chosen.

G

1. Annuity payment will be made in arrears as long as the annuitant survives.

2. For each completed policy year, the annuity payment will increase at a rate of 3.00% p.a.

3. Annuity payment will cease on the death of annuitant.

H

1. As long as primary annuitant survives, annuity payment will be made in arrears.

2. As long as the secondary annuitant lives, individual will be paid 50% of the annuity on death of the primary annuitant.

3. If the secondary annuitant dies before the primary annuitant, then the latter will continue to receive annuity.

4. On death of the both the annuitants the payment will cease.

I

1. As per the chosen mode of payment, 100% of the annuity will be paid in arrears as long as either of the annuitants or both remains alive.

2. Annuity payment will be ceased on death of the last survivor.

J

1. As long as either of the annuitants or both remains alive, 100% of the annuity will be paid in arrears.

2. Annuity payment will cease upon death of the last survivor.

3. As per the option chosen by the primary annuitant, the purchase price shall be returned to the nominee(s).