RETIREMENT Benefits of LIC Jeevan Akshay - LICInda.in

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LICIndia.in - LIC Jeevan Akshay is a single premium immediate annuity plan. The pension plan is also known as deferred annuity plan and in this plan, you have to purchase the annuity license only once, and then LIC will pay you amounts regularly, for the rest of your life. The regular amount which the LIC will pay to the policy holders is known as annuity.

Retirement Benefits of LIC Jeevan Akshay - LICInda.in

LIC Jeevan Akshay
This plans offers 7 annuity options, which are as follows –
  1. Annuity For Life
  2. Annuity Guaranteed For Certain Period
                    -for 5 years
                    -for 10 years
                    -for 15 years
                    -for 30 years
  1. Annuity With Return Of Purchase Price On Death
  2. Increasing Annuity
  3. Joint Life Last Survivor Annuity With 50% For Spouse
  4. Joint Life Last Annuity With 100% For Spouse
  5. Joint Life Last Annuity With Return Of Purchase Price
The plan contains certain parameters which are as follows -
 
ParticularsMinMax
Entry Age in years3085
Annuity Price purchased100000No Limit
Annuity Payment ModeYearly, monthly, half yearly, quaterly 

Features of the LIC Jeevan Akshay plan includes –

  1. Payment of the premium is to done only at a single time.
  2. No medical examination is required for acquiring the L I C Jeevan akshay plan.
  3. No highest investment limit is offered in this policy.
  4. If you wish to surrender or end up this policy, then no surrender value is offered under the scheme.
  5. If you purchase the policy online, than you have to pay a minimum amount of rs 1.5 lakh and if you buy the policy in any way other than online, than you have to pay an amount of 1 lakh, as a minimum amount to be paid.
  6. No loan facility is offered under this scheme.
  7. Premium is to be given in a lump sump of whole amount.
  8. Policy can be chosen for either as a single policy, just for the policy holder or for the both policy holder and the spouse, that is the joint policy.
  9. There is no question of stopping the further premium plans.
  10. The policy will not get any paid up value.

BENEFITS of the policy LIC Jeevan Alshay plan –

  1. You just have to pay only a single time and in return, after a certain amount of time, you will get paid up regularly by LIC for the amount you invested.
  2. The premium paid by the policy holder are exempted from income tax under a given section 80 c.
  3. Benefits under death, accident mode, or any kind of permanent disability are also available under this scheme, just need to be carefully assorted before carrying out the policy.
These are the most important facts and points about LIC Jeevan Alshay plan and If you are looking for a regular income, even at the end of your life, or after retirement and want just a one time investment, then this one is the right policy for you and you can opt out for this policy by both offline or online mode, the one suits you and your budget, accordingly.

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