- Introduction to LIC Jeevan Akshay-VII
- Features of LIC Jeevan Akshay-VII
- Benefits of LIC Jeevan Akshay-VII
- Who is Eligible for LIC Jeevan Akshay-VII?
- How to Calculate Premium for LIC Jeevan Akshay VII?
- Tax Benefits with LIC Jeevan Akshay VII
Are you looking for a reliable and secure way to plan your post-retirement life? Then look no further than LIC Jeevan Akshay-VII! With its guaranteed income stream, tax benefits, and flexibility, this pension plan has become one of the most popular choices among retirees. In this blog post, we will explore the many benefits of choosing LIC Jeevan Akshay-VII and why it could be the perfect investment option for you. So sit back, relax and read on to find out more!
Introduction to LIC Jeevan Akshay-VII
LIC Jeevan Akshay-VII is a popular retirement planning product offered by LIC (Life Insurance Corporation of India). It is a single premium annuity plan which provides guaranteed income for life after retirement. The minimum entry age for this plan is 30 years and the maximum entry age is 85 years. The policy term is 10 years.
The main features of LIC Jeevan Akshay-VII are as follows:
1) Guaranteed income for life: The annuity payments under this plan are guaranteed for life. No matter how long you live, you will continue to receive the annuity payments.
2) Immediate or deferred annuity options: You can choose to receive the annuity payments immediately after retirement or at a later date (deferred annuity).
3) Flexible payment options: You can choose to receive the annuity payments monthly, quarterly, half-yearly or yearly.
4) Survival benefit: In case of death of the policyholder before commencement of annuity payments, the nominee will receive the sum assured along with accrued bonuses, if any.
5) Tax benefits: The premiums paid towards this policy are eligible for tax deductions under Section 80C of the Income Tax Act. The annuity payments received are also exempt from tax.
Features of LIC Jeevan Akshay-VII
Are you looking for an annuity plan that will give you regular income after retirement? If so, LIC Jeevan Akshay-VII could be a good option for you. In this article, we’ll take a look at some of the features of this plan and explain why it could be a good choice for you.
LIC Jeevan Akshay-VII is an immediate annuity plan from Life Insurance Corporation of India (LIC). It can be bought by anyone aged 45 years or above. The minimum annuity that can be bought under this plan is Rs.1,000 per month, and the maximum is Rs.20,000 per month. You can choose to receive your annuity payments monthly, quarterly, half-yearly, or yearly.
One of the main advantages of this plan is that it offers guaranteed income for life. No matter how long you live, you will continue to receive your annuity payments until the end of your life. This makes it a very secure investment option, especially if you’re worried about outliving your savings in retirement.
Another advantage of LIC Jeevan Akshay-VII is that it offers flexible payment options. You can choose to receive your payments as a lump sum at maturity or as an annuity for a certain period of time. This flexibility gives you the freedom to choose how you want to receive your income in retirement.
This plan also provides death benefits.
Benefits of LIC Jeevan Akshay-VII
LIC Jeevan Akshay-VII is a unique and extremely beneficial life insurance policy offered by LIC (Life Insurance Corporation of India). It offers several advantages which are not available under any other similar policies in the market. Some of the key benefits of this policy are as follows:
1. Tax Benefits: One of the biggest advantages of LIC Jeevan Akshay-VII is that it offers tax benefits under section 80C of the Income Tax Act, 1961. This means that you can avail a tax deduction of up to INR 1.5 lakhs on the premiums paid towards this policy.
2. Death Benefit: In case of death during the policy term, the nominee will receive an amount equal to the sum assured plus all accumulated bonuses. This ensures that your loved ones are financially secure even in your absence.
3. Maturity Benefit: On survival till the end of the policy term, you will receive an amount equal to the sum assured plus all accumulated bonuses. This lump sum can be used for meeting various financial goals such as child’s education, retirement planning etc.
4. Flexible Policy Term and Sum Assured: The policy term under LIC Jeevan Akshay-VII ranges from 5 to 20 years, giving you considerable flexibility in choosing a tenure as per your convenience. You also have the option to choose from 4 different sum assured levels – INR 2 lakhs, INR
Who is Eligible for LIC Jeevan Akshay-VII?
The LIC Jeevan Akshay-VII is a whole life annuity plan that offers guaranteed lifetime income. It is open to all Indian citizens between the ages of 60 and 85. The minimum entry age is 60 years and the maximum entry age is 85 years. The policy term is for the whole life of the annuitant.
How to Calculate Premium for LIC Jeevan Akshay VII?
When you are looking at life insurance policies, it is important to calculate the premium for the policy. This will help you determine if the policy is affordable and if it will provide the coverage that you need. There are a few different ways to calculate premium for LIC Jeevan Akshay-VII.
The first way is to use the online calculator. This tool will ask you for some basic information about yourself and your coverage needs. It will then provide you with a quote for your premium.
Another way to calculate premium is to contact an agent. They will be able to help you determine what coverage you need and how much it will cost.
You can also visit the website of the company that offers Jeevan Akshay-VII. There, you can find a calculator tool that will help you determine your premium.
Once you have calculated your premium, you can compare it to other policies available. This will help you choose the right policy for your needs and budget.
Tax Benefits with LIC Jeevan Akshay VII
LIC Jeevan Akshay VII is a non-linked, non-participating, single premium annuity plan which offers you an immediate income for life. This means that you will receive a regular income for as long as you live, regardless of how long you live.
One of the main benefits of this plan is that it offers tax benefits. Under section 80C of the Income Tax Act, 1961, the premium paid towards this policy is eligible for deduction from your total taxable income. This deduction is subject to a maximum limit of INR 1.5 lakhs in a financial year. In addition, the annuity payments received under this policy are completely exempt from tax.
In conclusion, LIC Jeevan Akshay-VII policy is a great choice for anyone looking for a secure retirement. This plan offers financial protection against increasing inflation, as well as tax benefits and death benefit options. Furthermore, the policy also allows you to choose from multiple annuity plans that can help you maximize your retirement savings. Therefore, if you are looking for an insurance plan with great benefits and security then consider investing in LIC Jeevan Akshay VII.