Car Insured - Yes, Phone Insured - Yes, What About Your Life ? Save Rs 4000/M & Get Life Cover + Maturity Benefit of Rs. 39 Lac + Tax Benefit.
Car Insured - Yes, Phone Insured - Yes, What About Your Life ? Save Rs 4000/M & Get Life Cover + Maturity Benefit of Rs. 39 Lac + Tax Benefit.
Jeevan Akshay- VII (Table No. 857) is a single premium, non-linked and non-participating immediate annuity plan. It pays annuity or pension to the policyholder on annuity age. The annuity plan also allows joint life cover. The plan provides annuity payments of a stated amount throughout the lifetime of the annuitant.
| Entry Age | 30 years to 85 years |
| Purchase price | Minimum: Rs.1 lakh Maximum: No-limit |
| Minimum annuity | Rs.12,000/year |
| Annuity payment modes | Yearly, half-yearly, quarterly and monthly |
Annuity Options: The plan comes out with 10 annuity options that include immediate annuity for life, an immediate annuity with guaranteed period and life, immediate annuity for life with return of purchase price, among others.
Loan Facility: Loan facility will be available after three months from the date of issuance of the policy or after the expiry of the free-look period, whichever is later.
Guaranteed Annuity Rates: The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of Annuitant(s).
Incentive: An incentive for a purchase price of Rs. 5,00,000 & above is available. It will increase the annuity rate.
No Medical Examination: There is no need for a medical examination to invest in Jeevan Akshay- VII.
Amount of annuity payable at yearly intervals, which can be purchased for Rs.10,00,000 under different options for Immediate Annuity is as under:
| Age | (A) | (B) | (C) | (D) | (E) | (F) | (I) |
| 30 | 58970 | 58664 | 53768 | 41426 | 57746 | 56624 | 53666 |
| 40 | 62438 | 62030 | 54074 | 45200 | 60704 | 58970 | 53870 |
| 50 | 68966 | 67742 | 54380 | 51932 | 65906 | 63254 | 54176 |
| 60 | 81002 | 76820 | 54992 | 63968 | 75800 | 71210 | 54686 |
| 70 | 105176 | 89162 | 55808 | 88040 | 95588 | 87734 | 55400 |
| 80 | 171578 | 96098 | 56624 | 151994 | 146690 | 128126 | 56318 |
To invest in Jeevan Akshay 7, you should follow the below-mentioned process.
Note: You can also invest in the same by visiting the nearest branch of the company.
In case of death of the annuitant, the nominee has to submit the following documents-
Note: The nominee has to inform the insurance company within 90 days from the date of death along with a death certificate.
If the policyholder wants to surrender the policy, (s)he should submit the discharge form along with the original policy document, NEFT mandate, and proof of age.
1. Can I surrender my policy?
A person can surrender the policy at any time after three months from the completion of policy or after the expiry of the free-look period, whichever is later.
2. Is there any Free Look period?
If an insured is not satisfied with the policy, he/she can return the policy to the company within 15 days (30 days if this policy is purchased online) from the date of receipt of the policy.
3. Can I buy one more online policy?
Yes, you can invest another plan in your name if you want wider coverage.
4. If I travel abroad for business/vacation, will I be covered?
Yes, once the policy is issued to you, you become liable to get coverage across the globe.
5. Where can I contact/write to know the status of my application?
You can write to the company at online_dm@licindia.com or call on 022-67819288 / 67819287.
6. How can I get a refund of my deposit under my policy?
You can put a mail to online_dm@licindia.com for a refund.
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See More Life Insurance Articles
Last updated on July, 2020
