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Are you looking for a reliable way to ensure a steady income stream during your golden years? Look no further than LIC Jeevan Akshay-VII, a popular pension plan offered by the Life Insurance Corporation of India. As the best LIC agent in Kolkata, I’m here to walk you through everything you need to know about this fantastic retirement solution.
Table of Contents
Key Takeaways
- LIC Jeevan Akshay-VII offers guaranteed lifetime income.
- Multiple annuity options cater to diverse retirement needs.
- Minimum entry age is 25 years, with no upper limit on purchase price.
- Tax benefits may be available under applicable sections.
- As your LIC agent in Kolkata, I provide expert guidance and personalized service.
What is LIC Jeevan Akshay-VII?
LIC Jeevan Akshay-VII is a non-linked, non-participating, individual immediate annuity plan. In simpler terms, it’s a pension scheme that provides you with a guaranteed regular income for life in exchange for a lump sum payment. This plan is designed to offer financial security and peace of mind during your retirement years.
Key Features:
- Immediate Annuity: Start receiving payments right away
- Guaranteed Income: Fixed annuity rates for life
- Flexible Options: Choose from various annuity options to suit your needs
- Tax Benefits: Enjoy tax advantages under applicable sections of the Income Tax Act
Why Choose LIC Jeevan Akshay-VII?
- Reliable Income Source: With LIC’s strong financial backing, you can count on regular payments.
- Customizable: Multiple annuity options to match your specific requirements.
- No Market Risk: Your annuity amount is fixed and guaranteed, regardless of market fluctuations.
- Lifetime Security: Receive payments for as long as you live.
Annuity Options Explained
LIC Jeevan Akshay-VII offers a range of annuity options to cater to different needs. Let’s break them down:
- Option A: Immediate Annuity for Life
- Receive payments for life
- Payments cease upon death
- Option B-E: Annuity with Guaranteed Period
- Choose a guaranteed period of 5, 10, 15, or 20 years
- Payments continue to nominee if death occurs during the guaranteed period
- Option F: Annuity for Life with Return of Purchase Price
- Lifetime payments
- Purchase price returned to nominee upon death
- Option G: Increasing Annuity
- Annuity increases by 3% simple interest per year
- Ideal for countering inflation
- Option H: Joint Life Annuity (50%)
- Payments continue to spouse at 50% after primary annuitant’s death
- Option I: Joint Life Annuity (100%)
- Full payments continue as long as one annuitant survives
- Option J: Joint Life Annuity with Return of Purchase Price
- Full payments continue as long as one annuitant survives
- Purchase price returned to nominee upon death of last survivor
Eligibility and Purchase Price
| Criteria | Details |
|---|---|
| Minimum Age | 25 years (completed) |
| Maximum Age | 85 years (Option F: 100 years) |
| Minimum Purchase Price | ₹1,00,000 (30 years and above) |
| ₹10,00,000 (25-29 years) | |
| Maximum Purchase Price | No limit |
Note: Minimum purchase price may vary to meet minimum annuity criteria.
Benefits of Choosing Me as Your LIC Agent in Kolkata
As the best LIC agent in Kolkata, I offer:
- Expert Guidance: Navigate the complexities of pension planning with ease.
- Personalized Service: Tailored advice based on your unique financial situation.
- Quick Processing: Hassle-free application and faster policy issuance.
- Ongoing Support: Assistance with claims, queries, and policy management.
How to Get Started
- Contact Me: Call me directly at 7980031260 to discuss your retirement goals.
- Evaluate Options: We’ll go through the annuity options to find the best fit for you.
- Choose Purchase Price: Decide on the lump sum you want to invest.
- Complete Application: I’ll assist you in filling out the necessary forms.
- Policy Issuance: Once approved, your policy will be issued, and annuity payments will begin.
Tax Benefits
While LIC Jeevan Akshay-VII offers potential tax benefits, it’s important to consult a tax advisor for the most up-to-date information. Generally:
- The purchase price may be eligible for tax deduction under Section 80C of the Income Tax Act.
- Annuity payments are taxable as income in the year of receipt.
Securing your retirement doesn’t have to be complicated. With LIC Jeevan Akshay-VII and my expertise as the best LIC agent in Kolkata, you can look forward to a financially stable and worry-free retirement. Don’t leave your golden years to chance – call me today at 7980031260 to start planning for a brighter future!
Remember, the right pension plan can make all the difference in your retirement years. Let’s work together to ensure you have the financial security you deserve.
Frequently Asked Questions
Can I surrender my LIC Jeevan Akshay-VII policy?
Surrender is only allowed for Options F and J after three months from the policy issuance date. However, it’s generally advisable to continue the policy for long-term benefits.
Is loan facility available under this plan?
Yes, loans are available for Options F and J after three months from the policy issuance date, subject to terms and conditions.
What happens if I’m not satisfied with the policy?
You have a 30-day free-look period from the date of receiving the policy document to return it if you’re not satisfied.
Can NPS subscribers opt for this plan?
Yes, NPS subscribers can choose LIC Jeevan Akshay-VII as per PFRDA regulations.
Is there any incentive for purchasing a higher value policy?
Yes, there are incentives for higher purchase prices, with increased annuity rates for policies above ₹5 lakhs, ₹10 lakhs, ₹25 lakhs, and ₹1 crore.
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