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Life Insurance Corporation of India has launched its new Jeevan Akshay- VII, which is a single premium, non-linked, non-participating, individual immediate annuity plan.
“The policyholders have an option to choose a type of annuity from 10 available options on payment of a lump sum amount,” LIC said in a statement on Monday.
The plan can be purchased online as well as offline.
The minimum purchase price is ₹1 lakh and the modes of annuity available are yearly, half-yearly, quarterly, and monthly.
Loan facility will also be available at any time after three months from the issuance of the policy or after expiry of the free-look period, whichever is late, LIC further said.
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