LIC Jeevan Akshay VII Pension Plan

 LIC Jeevan Akshay VII is a single premium, non-linked and non-participating immediate annuity plan. It offers 10 annuity options that allow policyholders to choose the plan that best suits their needs.

Features of LIC Jeevan Akshay VII:

• Guaranteed annuity rates: The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of the annuitant(s).
• Multiple annuity options: The plan offers 10 annuity options to choose from, including immediate annuity for life, immediate annuity with guaranteed period and life, immediate annuity for life with return of purchase price, among others.
• Joint life cover: The plan also offers joint life cover, which means that both the policyholder and the spouse are covered under the policy.
• Loan facility: Loan facility is available after three months from the date of issuance of the policy or after the expiry of the free-look period, whichever is later.
• Tax benefits: The policy offers tax benefits under Section 80C and 10(10D) of the Income Tax Act, 1961.

Benefits of LIC Jeevan Akshay VII:

• Guaranteed income: The plan offers guaranteed annuity rates, which means that policyholders can be assured of a regular income throughout their lifetime.
• Flexibility: The plan offers multiple annuity options, so policyholders can choose the plan that best suits their needs.
• Life cover: The plan also offers life cover, which can provide financial security to the policyholder's family in the event of their death.
• Tax benefits: The policy offers tax benefits, which can help policyholders save on their taxes.

Who should consider LIC Jeevan Akshay VII?

LIC Jeevan Akshay VII is a good option for policyholders who are looking for a guaranteed income throughout their lifetime. The plan is also a good option for policyholders who want to save on taxes.

Here are some specific examples of people who may benefit from LIC Jeevan Akshay VII:

• Retirees: Retirees who are looking for a guaranteed income stream to supplement their pension.
• Self-employed individuals: Self-employed individuals who want to secure a regular income for themselves and their families.
• High-net-worth individuals: High-net-worth individuals who want to save on taxes and create a guaranteed income stream for their retirement.

If you are considering LIC Jeevan Akshay VII, it is important to consult with a financial advisor to get personalized advice.