LIC revised Jeevan Akshay VII and New Jeevan Shanti plans, effective from February 1 - See all you need to know

Life Insurance Corporation of (LIC) has revised the annuity rates of Jeevan Akshay VII and New Jeevan Shanti policies. The modified versions of these plans are being available from February 1, 2022.

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"Revision in annuity rates of annuity plans LIC’s Jeevan Akshay VII (Plan 857) and LIC’s New Jeevan Shanti (Plan 858," LIC tweeted from its official Twitter handle.

Press Release - Revision in annuity rates of annuity plans
LIC’s Jeevan Akshay VII (Plan 857) and LIC’s New Jeevan Shanti(Plan 858 pic.twitter.com/6PnIgw6sS4

— LIC India Forever (@LICIndiaForever) February 1, 2022

The annuity amount under both annuity options of New Jeevan Shanti can be calculated through the calculator provided on LIC’s website as well as through various LIC apps, as per the press release from LIC.

"LIC of India has revised annuity rates in respect of its annuity plans LIC’s Jeevan Akshay VII (Plan 857) and LIC’s New Jeevan Shanti (Plan 858) with effect from 1st Feb 2022," the press release said.

"The modified version of these plans with revised annuity rates shall be available for sale from 1st Feb 2022. The annuity amount under both annuity options of New Jeevan Shanti can be calculated through calculator provided in LIC’s website as well as through various LIC Apps," the release further noted.

In addition to revision of annuity rates LIC’s Jeevan Akshay VII (Plan no 857) can be purchased from new distribution channel Common Public Service Centres (CPSC – SPV) along with other existing distribution channels, it said.

Jeevan Akshay VII plan
Jeevan Akshay VII is an Immediate annuity plan where the policyholder has an option to choose type of annuity from 10 available
options on payment of a lump sum amount. The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of the person.

The New Jeevan Shanti plan
The New Jeevan Shanti plan is a single premium plan where the policyholder has an option to choose between single life and joint life deferred annuity. The annuity rates are guaranteed at the inception of the policy and annuities are payable post deferment period throughout the lifetime of the person.