LIC Jeevan Akshay Plan - Policy Details

 LIC Jeevan Akshay Plan - Policy Details

LIC Jeevan Akshay is an Immediate Annuity plan offered by Indian Life insurance and investment company Life Insurance Corporation of India (LIC). It is a single premium policy and has to be purchased by paying a lumpsum amount at once.

The annuity can be paid monthly, quarterly, biannually or annually as chosen. This pension plan has 6 options to choose from. Once the individual chooses an option, it can't be changed during as the payout starts immediately with the plan.
Key Features and Highlights of LIC Jeevan Akshay Plan:

Listed below are the features and highlights of LIC Jeevan Akshay.It is an annuity pension plan.
Premium has to be paid in lumpsum.
Offers 6 options to choose from-Annuity for life- Pension is paid till the insured is alive.
Annuity guaranteed for a certain period- In this option, the pension is paid for a certain period of time irrespective of whether the life assured is alive or not.
Annuity with return of purchase price on death- Pension is paid till the life assured is alive and after the death of the assured the remaining amount will be paid to the nominee.
Increasing Annuity- Pension is paid at an increasing rate of 3% p.a. till the assured is alive.
Joint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant
Joint Life Last Survivor Annuity - 1000% of the annuity payable to spouse during his/her lifetime on death of the annuitant
Annuity for life with a provision of 100% of the annuity payable to spouse during their lifetime on death of annuitant. The purchase price will be returned on the death of last survivor.
Annuity payment- Annuity can be paid monthly, annually, biannually as chosen.
Medical examination is not required.
You will be entitled to special incentives if you buy the plan online.
The policy has a cooling off period of 15 days starting from the date of receipt of the policy.
Loan-There is no loan facility available under this particular policy.
Surrender value-The policy has no surrender value.
Additional riders- There are no additional riders available under this plan.
Paid up value- The policy does not acquire any paid up value.
Read More About LIC Life Insurance

Benefits of LIC Jeevan Akshay Plan

LIC જીવન અક્ષય પ્લાન વિષે ગુજરાતી માહિતી વાંચો

Listed below are the benefits of LIC Jeevan Akshay plan.Death benefit- Death benefit is paid depending on the plan option chosen by the assured.
Maturity benefit-There is no maturity benefit under this plan.
Income tax benefit-The plan offers tax benefits. Premiums paid under this plan are exempted from tax under section 80C of the Income Tax Act.
The plan offers 6 options to choose from.

Eligibility Criteria for LIC Jeevan Akshay Plan

Listed below are the conditions expected to be fulfilled by the individual to qualify for the plan.Minimum age at entry: 30 years
Maximum age at entry: 65 years
Minimum purchase price of annuity: Rs.1,00,000
Maximum purchase price of annuity: No limit
LIC Premium Payment modes- Annual, biannual, quarterly, monthly.

Given below is a clearer picture of the eligibility criteria of the policy

Criteria

Minimum

Maximum

Age at entry

30

85

Purchase price of annuity

Rs.1,00,000

No limit

LIC Jeevan Akshay Premium Payment

LIC Jeevan Akshay is a single premium payment plan, meaning that the premium has to be paid in lump sum at once. The annuity can be paid annually, biannually, quarterly or monthly depending on what the assured chooses. Listed below is an illustration of annuity payouts for Rs.1 lakh for different options of the plan.

An Example

Mr. Arjun, a 30 year old working professional buys the LIC Jeevan Akshay policy with a purchase annuity of Rs.50,000. Given below are the annuity options and rates for three of the plan options.

Option 1:

Annuity payable for life- Under this option Mr.Arjun will earn pension till he is alive.

Period

Annually

Biannually

Quarterly

Monthly

Annuity payable

Rs.3,81,250

Rs.1,86,625

Rs.92,313

Rs.30542

Option 1:

Annuity with return of purchase price on death- Pension is paid till Mr.Arjun is alive and after the death of the assured the remaining amount will be paid to the nominee.

Period

Annually

Biannually

Quarterly

Monthly

Annuity Payable

Rs.3,66,250

Rs.1,79,125

Rs.8,86,88

Rs.29,333

Option 3:

Annuity for life with a provision of 100% of the annuity payable to spouse during their lifetime on death of annuitant. The purchase price will be returned on the death of last survivor.

Period

Annually

Biannually

Quarterly

Monthly

Annuity Payable

Rs.3,70,250

Rs.1,81,375

Rs.89,688

Rs.29,708

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017
FAQs on LIC Jeevan Akshay PlanWhen can I cancel the insurance policy?

If at least three months have passed since the policy's start date or the free-look period has ended, whichever comes first, you may surrender the policy at any moment.
Is there a discount available for this insurance that I can use?

Yes, if you buy this policy online, you'll receive a discount in the shape of a larger pension.
What is the duration of the policy's open look period?

If the policy is brought in person, there is a 15-day free look time. A 30-day free look time is provided in the event that the policy is made available online.
How do I submit a request for my money to be returned?

To seek a refund, you can send an email to online_dm@licindia.com.
Does the policy protect me if I travel internationally?

Yes, the policy will provide global coverage even if you are traveling or doing business overseas.
Is it possible that the pension rate could go up?

Yes, you can anticipate that annuity prices will rise as people age.

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