Life Insurance Corporation of India has introduced its new LIC’s Jeevan Akshay-VII
(Plan No.857) which is a Single Premium, Non-linked, Non-participating, Individual
Immediate Annuity plan with effect from 25 th August, 2020.The Policyholders have an
option to choose a type of annuity from 10 available options on payment of a lump sum
The annuity rates are guaranteed at the inception of the policy and annuities are
payable throughout the life time of Annuitant(s).
This plan can be purchased offline as well as online.
The Minimum Purchase Price is Rs.1, 00,000/- (subject to minimum annuity criterion.)
The modes of annuity available are yearly, half-yearly, quarterly, and monthly. The
minimum annuity is Rs.12,000 per annum. There is no ceiling on Maximum Purchase
Price. An Incentive for Purchase price above Rs 5,00,000/- is available by way of
increase in the annuity rate .The plan is available for ages from 30 yrs to 85 yrs except
for option of Immediate Annuity for life with return of Purchase Price, where it is till 100 yrs.
The plan can also be purchased for the benefit of Divyangjan (Handicapped
In this plan, joint life annuity can be taken between any two lineal
descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or
spouse or siblings.
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.
Dated at Mumbai on the 24th August, 2020
For further Information please contact: Executive Director (CC)
LIC of India, Central Office, Mumbai Email id : firstname.lastname@example.org
Visit us at www.licindia.in