If you want profit every month then invest in this scheme of LIC, check all the details of the scheme

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New Delhi: Life Insurance Corporation (LIC) has launched its LIC Jeevan Akshay-VII plan with ‘Zindagi Ke Saath Bhi Aur Zindagi Ke Bari Bhi’. The scheme is a non-linked, non-participating, individual immediate annuity plan, which was launched on February 28, 2023.

10 options to choose annuity

If you want to take this plan, then you can buy it both offline and online. This is an immediate annuity plan wherein the policyholder has the option to choose the type of annuity from 10 options available at lump sum payment. Annual rates are guaranteed at the inception of the policy and each eligible individual gets the benefit.

What are those ten options?

• • In the first option, you get an immediate annuity for life, which closes after death.

• • In the second option you will get annuity to the nominee after the death of the annuitant within the guarantee period of 5 years and then immediate annuity for life.
  • In the third option you will get a guaranteed term of 10 years and then immediate annuity for life. Annuity will be paid to the nominee after the death of the annuitant within the guarantee period.

• In the fourth option you will get a guaranteed term of 15 years and then immediate annuity for life. Annuity will be paid to the nominee after the death of the annuitant within the guarantee period.
• The 5th option will have a guaranteed term of 20 years and immediate annuity for life thereafter. Annuity will be paid to the nominee after the death of the annuitant within the guarantee period.
• Option 6: Immediate annuity for life with return of purchase price.
• In the seventh option, the immediate annuity for life is compounded at a simple rate of 3% per annum.
• In the eighth option, on the death of the primary annuitant, compound annuity for life with a provision of 50% of the annuity is given to the secondary annuitant.
• In the ninth option, it is offered with a provision of 100 per cent of the annuity payable as long as one of the annuitants survives.
• The tenth option offers compound immediate annuity for life, with an annual provision of 100% for as long as annuitant is alive and the purchase price is returned on the death of the last beneficiary.

pay on merit

The minimum age limit required to buy this policy is 25 to 29 years and the maximum age limit is 85 years, which is 100 years for the sixth option. The minimum purchase price is Rs 10 lakh. There is no limit on the maximum purchase price.