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LIC Jeevan Akshay 857

LIC Jeevan Akshay 857, (UIN No. 512N337V02)  is a popular life insurance plan offered by leading insurance providers. It is a non-linked, non-participating immediate annuity plan designed to provide a regular income stream for life. The plan allows individuals to invest a lump sum amount and receive guaranteed annuity payouts, ensuring financial stability during retirement or any chosen period

jeevan Akshay 857
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Features of LIC Jeevan Akshay 857

LIC Jeevan Akshay 857 comes with several noteworthy features that make it an attractive choice for individuals seeking a regular income stream. The plan’s main components are listed below:

IMMEDIATE ANNUITY

The plan offers immediate annuity payouts, providing a reliable source of income from the very beginning.

MULTIPLE ANNUITY OPTIONS

Policyholders have the flexibility to choose from various annuity options based on their financial goals and requirements.

LUMP SUM INVESTMENT

LIC Jeevan Akshay 857 requires a one-time lump sum investment, making it convenient and hassle-free.

LIFETIME ANNUITY OPTIONS

The plan ensures a regular income stream for life, offering financial security during retirement or any chosen period.

JOINT LIFE OPTIONS

Policyholders can opt for the joint-life option, where the annuity continues to be paid to the surviving spouse after the demise of the primary annuitant.

Annuity Plan and Its Benefits

LIC Jeevan Akshay 857 covers myriad benefits including benefits on survival or death. The table given below reflects the various kinds of annuity plans on the offer and the benefit that corresponds to these plans:

Annuity
Option
Annuity DescriptionPlan
Type
Benefit Payable on
Survival
Benefit payable on Death
AImmediate annuity for
life
Single
Life
Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.Nothing will be payable on the death of the annuitant.
The annuity shall cease and
the policy shall terminate.
BImmediate annuity with guaranteed period of 5 years and life thereafter.Single
Life
Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.The annuity will continue to
be payable to the nominee till
the expiry of the guaranteed
period. Post the guaranteed
period, the payment shall
cease immediately and
the policy shall terminate.
CImmediate annuity with guaranteed period of 10 years and life thereafterSingle
Life
Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.The annuity will continue to
be payable to the nominee till
the expiry of the guaranteed
period. Post the guaranteed
period, the payment shall
cease immediately and the
policy shall terminate.
DImmediate annuity with guaranteed period of 15 years and life thereafterSingle
Life
Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.The annuity will continue to
be payable to the nominee till
the expiry of the guaranteed
period. Post the guaranteed
period, the payment shall
cease immediately and the
policy shall terminate.
EImmediate annuity with guaranteed period of 20 years and life thereafterSingle
Life
Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.The annuity will continue to
be payable to the nominee till
the expiry of the guaranteed
period. Post the guaranteed
period, the payment shall
cease immediately and the
policy shall terminate.
FImmediate annuity for life with a return of purchase priceSingle
Life
Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed.The annuity payment will
cease at the death of the
annuitant. The purchase price
will be payable to the
nominee as per the option
exercised by the annuitant as
specified in the Condition 3 of
Part D of this document.
GImmediate annuity for life increasing at a simple rate of 3% p.a.Single
Life
Annuity payments made in arrear while annuitant is alive, in the mode of payment prescribed. The annuity payment will be enhanced by 3% p.a.Nothing shall be payable on
the death of an annuitant.
The payment shall cease
immediately and the policy
will terminate.
HJoint Life

Immediate annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on the death of Primary Annuitant.
Joint
Life
As long as the Primary Annuitant or/ and the Secondary Annuitant is alive, the applicable annuity will be paid in arrears in the mode prescribed.On the death of primary
annuitant:

As long as the Secondary
annuitant is alive, 50% of the
annuity amount shall be
payable. The annuity
payments will cease on the
death of Secondary annuitant
and the policy will terminate.

On the death of Secondary
annuitant:

The annuity payment
continues to be paid and will
cease upon the death of the
primary annuitant and the
policy will terminate.

IJoint Life

Immediate annuity for life with a provision for 100% of the annuity payable as one of the annuitants survives.
Joint
Life
As long as the Primary Annuitant or/ and the Secondary Annuitant is alive, the applicable annuity will be paid in arrears in the mode prescribed.On First Death:

As long as one of the
annuitants is alive, 100 of the annuity amount shall be paid.

On Death of Last Survivor:

The annuity payment will
cease immediately and the
policy will terminate.
JJoint Life

Immediate annuity for life with a provision of 100% of the annuity payable as long as one of the annuitant survives and return of purchase price on the death of last survivor.
Joint
Life
As long as the Primary Annuitant or/ and the Secondary Annuitant is alive, the applicable annuity will be paid in arrears in the mode prescribed.On First Death:

As long as one of the
annuitants is alive, 100 of the
annuity amount shall be paid.

On Death of Last Survivor:

The annuity payment will
cease immediately and the
policy will terminate. The
purchase price will be paid to
the Nominees as per the
options exercised by the
annuitant.

Eligibility Conditions

Given in below is the eligibility criteria for purchasing LIC Jeevan Akshay VII:

ParametersEligibility Criteria
Entry Age30-85/100 years
Purchase Price1,00,000-no limit
Minimum AnnuityRs.1000/month, Rs.3000/quarter

Rs.6000/half-yearly, Rs.12,000/annual
Mode of annuity payment 1 year, 6 months, 3 months, and 1 month

Illustration To Help Understand LIC Jeevan Akshay 857 Plan

To understand more about the premium and expected return from LIC Jeevan Akshay VII plan, let us take a look at the table given below:

Pension TypeCalculated GSTFinal One Time Deposit

(Deposit Amount + GST in Rs.)
Pension Amount
Single Life1800101800Yearly: 5600, Half Yearly: 2760

Quarterly: 1370, Monthly: 454

Understanding Incentive Scheme Under LIC Jeevan Akshay 857 Plan

As discussed above, the incentive is applicable on the purchase price of 5 lakhs and above. Let’s understand this better with the help of a table.

Mode of
Annuity
5,00,000 to
9,99,9999
10,00,000 to
24,99,999
25,00,000 to
49,99,999
50,00,000 to
99,99,999
1,00,00,000 &
above
Yearly1.251.852.202.352.45
Half-Yearly1.151.752.102.252.35
Quarterly1.101.702.052.202.30
Monthly1.051.6522.152.25

*For per INR 1000 purchase price

Benefits of LIC Jeevan Akshay 857 POLICY

LIC Jeevan Akshay 857 offers a range of benefits that provide financial security and peace of mind. Here are the key benefits of the plan:

GUARANTEED ANNUITY

The plan provides a guaranteed annuity payout throughout the chosen annuity period, ensuring a stable income stream for life.

IMMEDIATE INCOME

With LIC Jeevan Akshay 857, policyholders start receiving annuity payouts immediately after making the lump sum investment, offering immediate financial support.

CHOICE OF ANNUITY OPTIONS

Policyholders can select the most suitable annuity option based on their preferences, allowing them to customize their income stream as per their needs.

JOINT LIFE OPTION

The plan offers a joint life option, where the annuity continues to be paid to the surviving spouse after the demise of the primary annuitant, ensuring financial support for the entire lifetime of both individuals.

Functioning Of LIC Jeevan AKSHAY Policy

To better understand the benefits and workings of Jeevan Akshay 857, let’s consider a couple of examples:

Example 1: Mr. Sharma, aged 65, chooses the Lifetime Annuity option with a purchase price of Rs. 20,00,000. As per the prevailing rates, he will receive a monthly annuity payout of Rs. 12,000 for his lifetime.

Example 2: Mrs. Gupta, aged 60, opts for the Joint Life Annuity option with Return of Purchase Price. She invests Rs. 15,00,000 and selects a quarterly annuity frequency. The annuity payouts for her and her spouse would be Rs. 15,000 per quarter for their lifetimes. In case of the demise of either annuitant, the surviving spouse will continue to receive the same annuity amount.

ANNUITY OPTIONS

LIC Jeevan Akshay 857 offers various annuity options to suit different financial requirements. Policyholders can choose the most suitable option based on their needs. Here are some common annuity options available:

LIFETIME ANNUTIY

Under this option, policyholders receive annuity payouts throughout their lifetime.

LIFETIME ANNUITY WITH RETURN OF PURCHASE PRICE

With this option, in case of the demise of the annuitant, the purchase price is returned to the nominee.

JOINT LIFE ANNUITY

This option provides annuity payouts for the entire lifetime of the primary annuitant. After the demise of the primary annuitant, the surviving spouse continues to receive the annuity payouts for life.

JOINT LIFE ANNUITY WITH RETURN OF PURCHASE PRICE

In this option, annuity payouts are provided for the lifetime of the primary annuitant. Upon the demise of both annuitants, the purchase price is returned to the nominee.

ANNUITY FOR FIXED PERIOD

Under this option, annuity payouts are provided for a fixed period chosen by the policyholder, irrespective of survival.

ELIGIBILITY AND APPLICATION

To be eligible for Jeevan Akshay 857, individuals need to fulfill certain criteria set by the insurance provider. The eligibility criteria usually include minimum and maximum entry ages, minimum purchase price, and other specific requirements. The application process involves filling out the necessary forms, providing the required documents, and undergoing the relevant medical procedures as per the guidelines of the insurance company.

TAX BENEFITS

LIC Jeevan Akshay 857 offers tax benefits as per the prevailing tax laws. The annuity income received is subject to taxation as per the applicable tax laws. Policyholders are advised to consult with a tax advisor or chartered accountant to understand the tax implications and benefits associated with the plan.

CONCLUSION

LIC Jeevan Akshay 857 is a comprehensive life insurance plan that provides a reliable and guaranteed source of income for life. With its immediate annuity payouts, flexible annuity options, and various benefits, it ensures financial security and peace of mind during retirement or any chosen period. Before making a purchase decision, it is advisable to assess your financial goals, consult with an insurance advisor, and carefully review the terms and conditions of the plan. Invest in Jeevan Akshay 857 today and secure a worry-free financial future.

How Does the Plan Work?

LIC Jeevan Akshay 857 works on the principle of providing immediate annuity payouts in exchange for a lump sum investment. Policyholders choose the annuity option, investment amount, and other relevant details at the time of policy inception. The chosen amount is invested, and annuity payouts commence immediately as per the selected frequency (monthly, quarterly, half-yearly, or annually). The annuity payouts continue for the chosen annuity period, providing a steady income stream.

FAQ

Most frequent questions and answers

Jeevan Akshay 857 is a popular immediate annuity plan offered by LIC. It provides a regular income stream to the policyholder in the form of annuity payments for their lifetime. It is a non-linked, non-participating plan that can be purchased by individuals aged 30 years and above.

Jeevan Akshay 857 works on the principle of converting a lump sum amount into a guaranteed lifetime income. The policyholder makes a one-time premium payment to purchase the annuity plan. The annuity options available under Jeevan Akshay 857 determine the frequency and amount of annuity payments received by the policyholder.

Jeevan Akshay 857 is available for individuals aged 30 years and above. There is no maximum entry age limit for this plan. It is suitable for retirees, senior citizens, or anyone looking for a regular income stream in their retirement years.

Regular Income: Jeevan Akshay 857 provides a guaranteed income for life, ensuring financial stability during retirement.

Annuity Options: The policy offers various annuity options to choose from based on individual requirements and preferences.

Flexibility: The policyholder can select the mode of annuity payment – monthly, quarterly, half-yearly, or yearly.

Tax Benefits: The premium paid towards Jeevan Akshay 857 is eligible for tax deductions under Section 80CCC of the Income Tax Act, 1961.

To apply for Jeevan Akshay 857, follow these steps:

Visit the official LIC website or approach a nearby LIC branch.

Fill out the application form for Jeevan Akshay 857, providing all the required details.

Submit the form along with the necessary