What is LIC Jeevan Akshay VII policy?

What is LIC Jeevan Akshay VII policy?

LIC Jeevan Akshay- VII is a pension plan that provides immediate Annuity. It is available in 10 different options plans, and customers can choose any option as per their convenience and requirement. Other important additional benefits include the different modes of annuity payment available.

Which is better Jeevan Shanti or Jeevan Akshay 7?

1. Jeevan Shanti Vs Jeevan Akshay: As described above, Jeevan Shanti provides both immediate and deferred annuity option, while Jeevan Akshay provides only immediate annuity. So, a person who needs immediate pension may choose any of the two plans. But the annuity rate is slightly higher in Jeevan Akshay.

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What is SBI new pension scheme?

The New Pension Scheme is a contribution-based scheme that provides market-linked returns to pensioners. Initially, it was aimed at the Central Government employees only. However, NPS was subsequently extended by the Pension Fund Regulatory and Development Authority (PFRDA) to all citizens.

What is LIC Jeevan Nidhi policy?

LIC New Jeevan Nidhi is a traditional participating deferred annuity plan offered by the Life Insurance Corporation of India. It provides the dual benefits of savings and protection along with pension. Under this plan, the pensioner can avail multiple pension options for different phases of life.

What is LIC Jeevan Akshay plan?

LIC Jeevan Akshay is an Immediate Annuity plan offered by Indian Life insurance and investment company Life Insurance Corporation of India (LIC). It is a single premium policy and has to be purchased by paying a lumpsum amount at once.

What is Jeevan Akshay- VII annuity?

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.

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Is medical examination required to invest in Jeevan Akshay- VII?

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:

Who is Anish L J?

Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute (CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.