(Last Updated On: August 26, 2020)Jeevan Akshay VII (Plan 857) is a right away annuity (Pension Plan) from LIC of India. This plan, which is a successor of Jeevan Akshay VI replaces the speedy annuity possibility of Jeevan Shanti (Plan No 850) with impact from 25th August 2020. Jeevan Akshay is a non-linked, Non-Participating, Individual Immediate annuity plan to be exact.The plan supplies ten speedy annuity choices.Annuity OptionsAnnuity DescriptionOption AImmediate Annuity for all times.Option BImmediate Annuity with assured interval of 5 years and Life thereafter.Option CImmediate Annuity with assured interval of 10 years and Life thereafter.Option DImmediate Annuity with assured interval of 15 years and Life thereafter.Option EImmediate Annuity with assured interval of 20 years and Life thereafter.Option FImmediate Annuity for all times with return of buy value.Option GImmediate Annuity for all times rising at a easy charge of three% p.a.Option HJoint life Immediate Annuity for all times with a provision for 50% of annuity to the Secondary annuitant in dying of Primary Annuitant.Option IJoint Life speedy Annuity for all times with a provision for 100% of the annuity payable so long as one of many Annuitant survives.Option JJoint Life speedy Annuity for all times with a provision for 100% of the annuity payable so long as one of many Annuitant survives and return of buy value on dying of final survivor.Jeevan Akshay VII – Salient Features Single premium – Premium is paid as a one-time single fee.Pension mode will be chosen from Yearly, Half Yearly, Quarterly, and month-to-month modes.Pension/Annuity shall be paid in arrears (After the top stipulated mode.)No maturity profit is paid below this policyA joint-life annuity will be taken between any two lineal descendants/ ascendant of a household(Grandparent, mother or father, Children, Grandchildren) or partner or siblings.Jeevan Akshay VII (Plan 857) -Eligibility circumstances and restrictionsConditionMinimumMaximumPurchase Price1,00,000No LimitAge at entry30 Years (LBD)100 Years for possibility F85 years for all different choicesAnnuity ModeMonth-to-monthQuarterlyHalf-YearlyAnnualMinimum AnnuityRs. 1,00Zero per 30 daysRs. 3,00Zero per quarterRs. 6,00Zero per half 12 months12,00Zero every yearJeevan Akshay VII – Plan 857 – Premium and Benefit CalculatorThis part is below development and can be out there quickly.Exceptions for minimal sum assured of 1,00,000If the plan is bought for the advantage of dependent particular person with incapacity(Divyangjan), the proposal shall be allowed with out restriction on minimal annuity as much as a minimal buy value of Rs.50,000.Jeevan Akshay 857 – Rebates and IncentivesUnder this plan particular incentive is offered for increased buy costs. Annuity charges will get elevated by the next charges in case the acquisition value is increased than or equal to five,00,000.Mode of AnnuityFor Rs. 1000 buy price5,00,00Zero to 9,99,99910,00,00Zero to 24,99,99925,00,00Zero to 49,99,99950,00,00Zero to 99,99,9991,00,00,00Zero and aboveYearly1.251.852.202.352.45Half Yearly1.151.7220.127.116.11Quarterly1.101.702.052.202.30Monthly1.051.652.002.152.25Jeevan Akshay VII – Surrender of coverageThe coverage will be surrendered any time after three months from the completion of the coverage or expiry of free look interval, which ever is later. So successfully coverage will be surrenderred after Three months from the date of issuance of the coverage.Surrender is allowed solely onOption F: Immediate Annuity for all times with return of Purchase PriceOption J: Joint life speedy annuity for all times with a provision for 100% of the annuity payable so long as one of many Annuitant survives and return of Purchase Price on dying of final survivor.Loan – Jeevan Akshay VII (plan 857)The mortgage can also be allowed any time after the completion of three months from the issuance of the coverage. The mortgage can be out there solely on Option F and Option J insurance policies. The most mortgage that may be granted below the coverage shall be such that the efficient annual curiosity quantity payable on mortgage doesn’t exceed 50% of the annual annuity quantity payable below the coverage and shall be topic to a most of 80% of Surrender Value.Normal Requirements for Death ClaimClaim kinds prescribed by the company.Original coverage paperwork.NEFT Mandate type of the claimant for crediting the declare to the checking account.Proof of dying.Read extra: Retirement Planning in India – Guide with calculatorAnish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He can also be a finance, insurance coverage and software program advisor. He totally follows the developments in finance, insurance coverage, and different associated sectors.