Govt Notifies New Jeevan Akshay Plan of as the annuity plan of LIC for 80C Deduction
Reetu | Dec 8, 2021 |
Govt Notifies New Jeevan Akshay Plan of as the annuity plan of LIC for 80C Deduction
The Life Insurance Corporation of India’s Jeevan Akshay-VII Plan qualifies for a deduction under section 80C of the Income Tax Act, 1961, as announced by the CBDT in Notification No. 134/2021- Income Tax, dated: 06.12.2021.
In exercise of the powers conferred by clause (xii) of sub-section (2) of Section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the Life Insurance Corporation of India’s Jeevan Akshay-VII Plan, as filed with the Insurance Regulatory and Development Authority, as the annuity plan of the Life Insurance Corporation of India for the assessment years 2021-22 and subsequent years.
Jeevan Akshay- VII (Table No. 857) is a non-linked, non-participating instant annuity plan with a single premium. When the policyholder reaches annuity age, it receives an annuity or pension. In addition, the annuity plan allows for combined life insurance. The plan pays a certain amount of annuity payments for the rest of the annuitant’s life.
Entry Age
30 years to 85 years
Purchase price
Minimum: Rs.1 lakh
Maximum: No-limit
Minimum annuity
Rs.12,000/year
Annuity payment modes
Yearly, half-yearly, quarterly and monthly
Annuity Options : The plan has ten annuity alternatives, including an immediate annuity for life, an immediate annuity with a guaranteed term and life, and an immediate annuity for life with a return of purchase price, among others.
Loan Facility: After three months from the date of policy issuance or the expiration of the free-look period, whichever comes first, a loan facility will be available.
Guaranteed Annuity Rates: Annuity rates are guaranteed from the start of the insurance, and annuities are paid for the rest of the Annuitant’s life (s).
Incentive: An incentive is provided for purchase prices of Rs. 5,00,000 and higher. The annuity rate will rise as a result.
No Medical Exam: A medical test is not required to invest in Jeevan Akshay- VII.
To invest in Jeevan Akshay VII, you should follow the below-mentioned process.
1. Go to the LIC’s official website.
2. Scroll down to the ‘Buy Policy Online’ area and select ‘Jeevan Akshay 7’ from the drop-down menu.
3. Go to LIC’s Jeevan Akshay-VII and click on the ‘Buy Online’ button.
4. Scroll down to the ‘Click to Buy Online’ tab and click it.
5. Fill in the required information, such as your name, date of birth, and phone number.
6. Confirm the information and click the ‘Calculate Premium’ tab.
7. Enter the OTP that was sent to your registered mobile number.
8. Fill in some more information and click the ‘Calculate Premium’ link.
9. Verify the information and click the ‘Confirm & Proceed’ link.
10. Click ‘Yes’ if you are a registered user of LIC. If you aren’t, select ‘No.’
11. Select the ‘Proceed’ tab.
12. Click the ‘Proceed’ tab once more.
13. Fill out the form and click the ‘Next’ button.
14. Give your bank account and nominee information. Select the ‘Next’ tab.
15. Review the premium information and then click the ‘Next’ button.
16. You now have three choices. Select ‘Pay Now’ from the drop-down menu.
17. Review the information and select the ‘Proceed’ button.
18. Select the ‘Proceed’ tab.
19. Select a payment method from the drop-down menu.
20. The policy materials will be sent to the registered email address.
To Read the Notification Download PDF Given Below :
In case of any Doubt regarding Membership you can mail us at [email protected]
Join Studycafe's WhatsApp Group or Telegram Channel for Latest Updates on Government Job, Sarkari Naukri, Private Jobs, Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"
