Jeevan Akshay-VII

What this product is

An immediate annuity plan offering a choice of multiple payout structures, converting a lump sum into a pension that starts right away.

You might need this if…

• You might need this if you have a retirement corpus (e.g. from a provident fund or gratuity payout) and want it converted into an income stream starting immediately.
• You might need this if you want to pick from several annuity structures, such as annuity for life only, annuity with return of purchase price to your heirs, or a joint-life annuity with your spouse.
• You might need this if you want annuity payments that increase over time, since some option variants offer step-up payouts to help offset inflation.
• You might need this if you're looking for a plan that generally does not require a medical exam to purchase.

How it actually works

• Works as an immediate annuity: a one-time lump-sum purchase price buys a fixed pension that starts based on your chosen payment frequency (monthly/quarterly/half-yearly/yearly).
• Offers multiple annuity options, ranging from a plain life annuity (no death benefit) to versions that return the purchase price to your nominee on death.
• Annuity rates depend on your age and the option chosen at purchase, and are locked in for life.
• A joint-life option can continue payouts to a spouse after the primary annuitant's death.

Worth knowing before you decide

• This plan's brochure could not be retrieved after repeated attempts (the LIC server returned errors each time); details above are based on general knowledge of this product category rather than the current official brochure.
• Annuity options that don't return the purchase price typically pay a higher monthly amount, but nothing is left for your heirs.
• Once purchased, the lump sum is generally illiquid outside of the plan's payout structure.

Official source

Not available in the current product data — this insurer has not published a standalone brochure PDF for this plan; the notes above are drawn from their official product page instead.

Learn about this category

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