Life Insurance Corporation of India launches Jeevan Akshay-VII

GUWAHATI: Life Insurance Corporation of India (LICI) has introduced its new LIC's Jeevan Akshay-VII (Plan No. 857) which is a single premium, non-linked, non-participating, individual immediate annuity plan with effect from August 25, 2020. The policy holders have an option to choose a type of annuity from 10 available options on payment of a lump sum amount.

According to a press release, the annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of annuitant(s). This plan can be purchased offline as well as online. The minimum purchase price is Rs.1,00,000 (subject to minimum annuity criterion.) The modes of annuity available are yearly, half-yearly, quarterly, and monthly. The minimum annuity is Rs.12,000 per annum. There is no ceiling on maximum purchase price, the release added.

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