Monday, August 24, 2020

LIC OF INDIA launches LIC’s Jeevan Akshay-VII (Annuity Plan)

 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 :

Visit us at

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