LIC launches Jeevan Akshay-VII annuity plan take a look at particulars

Life Insurance coverage Company of India has launched its new Jeevan Akshay- VII annuity plan with additional enhancements and adjustments. The annuity plan, which is single premium, is non-linked and non-participating in nature. Since Jeevan Akshay-VII is a direct annuity plan, it should begin paying annuity or pension to the policyholder on annuity age.

“The policyholders have an possibility to decide on a kind of annuity from 10 out there choices on fee of a lump sum quantity,” LIC mentioned on Monday. The choices embody quick annuity for all times, quick annuity with assured interval and life, quick annuity for all times with return of buy value, amongst others.

Whereas the minimal buy value is Rs 1 lakh, the utmost has no restrict. Minimal entry age is 30 years and the utmost age has been set at 85 years. The modes of annuity out there are yearly, half-yearly, quarterly, and month-to-month. The annuity plan additionally permits for joint life cowl. The plan may be bought on-line in addition to offline.

The speed of curiosity payable on the plan has not but been declared by the life insurer.

LIC additionally mentioned {that a} mortgage facility will probably be out there at any time after three months from the coverage issuance or after expiry of the free-look interval, whichever is late.

In the meantime, LIC had launched Jeevan Akshay- VI earlier than Jeevan Akshay-VII annuity plan. The previous is a direct annuity plan (pension plan), which may be bought by paying a lump sum quantity. The plan offers for annuity funds of a said quantity all through the lifetime of the annuitant.

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