WHAT IS LIC’S JEEVAN AKSHAY - VII
LIC’s New Jeevan Akshay - VII is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant.
LIC’S NEW JEEVAN AKSHAY – VII PLAN
Once – Enjoy – Forever
to choose from
WHY BUY AN IMMEDIATE ANNUITY PLAN?
Buying an immediate annuity plan can be a smart financial decision for individuals who want to secure a stable and guaranteed income stream starting right away or within a short period after purchasing the plan. Unlike deferred annuities, immediate annuities have a payout phase that begins almost immediately after a lump-sum premium is paid. Here are some reasons why someone might consider purchasing an immediate annuity plan:
IMMEDIATE INCOME STREAM
The primary benefit of an immediate annuity plan is that it provides an immediate and predictable income stream. As soon as the lump-sum premium is paid to the insurance company, the policyholder starts receiving regular annuity payments. This is particularly beneficial for individuals who have just retired and need a reliable source of income.
GUARANTEED INCOME FOR LIFE
Immediate annuities can be structured to offer income for the rest of the policyholder's life, regardless of how long they live. This feature provides protection against the risk of outliving one's retirement savings, ensuring financial security throughout retirement.
PROTECTION FROM MARKET FLUCTUATIONS
Immediate annuities offer protection from market volatility. The annuity payments are not affected by fluctuations in interest rates or investment performance, providing a stable income regardless of economic conditions.
NO INVESTMENT DECISIONS
Immediate annuities eliminate the need for ongoing investment decisions. Once the premium is paid, the insurance company takes care of managing the funds and ensuring regular payouts.
Policyholders can choose from various payout options based on their needs and preferences. These options include life-only annuity (income for life), joint-and-survivor annuity (income for both spouses until the last survivor), period-certain annuity (income for a specific period), and more.
Immediate annuities are straightforward financial products. Policyholders make a single premium payment, and the insurance company handles the rest. This simplicity can be appealing to individuals who prefer a hassle-free retirement income solution.