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  • Surrender of LIC Jeevan Akshay Plan

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    Jeevan Akshay Plan offered by LIC is essentially an immediate annuity plan that a customer can purchase through a lump-sum payment. The annuitant is entitled to a fixed sum of money on a monthly, quarterly, annually, and half-yearly (yearly) basis from LIC. One may opt for any mode of payment of Annuity.

    Annuity plans are most suitable for the retirement phase of one’s life as they offer a steady flow of income without much hassle. Since the cash flow is guaranteed and predictable, it imparts a sense of security to the annuitant. There are multiple payment modes in annuity plans that a person can choose from during the purchase.

    Following are some of the features of Jeevan Akshay Plan:

    • Lump-sum premium payment
    • No requirement of a pre-policy medical examination
    • Annuity and purchase prices do not have maximum limits
    • The minimum entry age is 30 years and maximum is 85 years
    • Proof of age is a mandate

    In case the policyholder is in need of a lump-sum amount urgently, it becomes realistically unfeasible to withdraw money from an annuity plan. Therefore, purchasing an annuity plan with a retirement corpus is advisable. However, in case of such dire scenarios, LIC offers a breather with its surrender policy. By surrendering one’s Jeevan Akshay Plan, one can easily obtain a lump-sum amount and thereby take care of the financial situation.

    LIC Jeevan Akshay Plan: Surrender Value

    LIC allows policyholders to surrender Jeevan Akshay Plan only upon completion of one year of the policy. However, this is applicable only when one chooses the option Annuity with return of purchase price’ for any one of the following circumstances:

    • In case the annuitant has been diagnosed with any one of the following illnesses:
      • Lung failure - last stage
      • CABG - open chest
      • Blindness
      • Liver failure - last stage
      • Deafness
      • Severe burns from fire (third degree)
      • Angioplasty
      • Myocardial infarction
      • Open heart surgery or heart valve repairment
      • Regular dialysis for kidney failure
      • Stroke (permanent symptoms)
      • Permanent paralysis of the limbs
      • Bone marrow or some other major organ transplant
      • Speech loss (caused by stroke or some other accident)
      • Head trauma caused by a major accident
      • Sclerosis with symptoms that are persisting
      • Primary pulmonary hypertension
      • Motor neuron disease with symptoms that are permanent
      • Cancer (specific severity)
      • Brain tumour (benign)
      • Loss of all limbs (caused by accident)
    • In case the annuitant is moving to a different country on a permanent deal as displayed in their citizenship proofs and visa. The total value of the surrender factor will be determined by LIC and will be completely dependent on the policyholder’s age during the surrender time.

    In case the policyholder had chosen a different option and not ‘Annuity with return of purchase price’, he/she would not have been entitled to the surrender value.

    Surrender of LIC Jeevan Akshay Plan Reviews

  • Page 1 of 50 1 2 3 4 5
    • ICICI Prudential Life Insurance
      "Worst Policy Provider. Dont Trust them"
      0.5 0.5/5 "Unacceptable"
      one of the unethical and non trusted brand. don't go with icici policy there are lots of hidden clause which these guys hide from you. please avoid going for icici pru policy. I have avail policy in month of January they have hide lots of bad things about policy.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 17, 2018
    • Future Generali Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Future Genrali. I am paying a premium of 12000 per year. Their hasn't been any issues with the policy. The policy is a normal life insurance with out any commendable benefits. They need to improve their customer support services.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 15, 2018
    • Kotak Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Kotak, I am paying a premium of 11000 , they need to work on their promises while purchasing the policy. I am just paying the premium with out any benefits or a proper support. When it comes to serving customers they're all hesitant.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 15, 2018
    • Max Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the Max Life. I am paying a premium of 35K per year, they all provide massive offerings in order to convince the customers but once the customer has taken the policy; the service part becomes pathetic. They need to be more helpful and beneficial form the customer point of view.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 15, 2018
    • Birla Sun Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with Birla Sun Life from last 10-12 years and it is a long term policy. I pay a premium of Rs 6000 once in 6 months and i am convenient with the payment options. The tenure period for this insurance policy is 20 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on Sep 14, 2018
    • LIC Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      My life is insured with LIC from last 12 years and it is s long term policy. The name of the policy is Jeevan anand and the tenure period for this policy. I pay my premium once in 3 months through net banking and the maturity period for this policy is 16 years.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 12, 2018
    • Aviva Life Insurance
      "Best policy"
      0.5 5.0/5 "Blown Away!"
      I have a life insurance policy with AVIVA life from last 6 years, i am happy with the coverage value of this policy. It covers critical illness as well as it has a cashless treatment. A premium of Rs 4500 has to be paid for this policy and i pay it through net banking.
      Was this review helpful? 0
      , pune
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I hold a Money back policy with LIC from last 6-8 years, i get a money back after every 4 years. I pay my premium once in a year by cheque and i am convenient with the payment options. I am happy with the returns and benefits of this policy. The tenure period for this loan is 25 years.
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 4.0/5 "Great!"
      I have a life insurance policy with LIC from last 1 year and it is a long term policy. I am happy with the returns and benefits of this policy. I pay my premium once in 3 months through net banking and i am convenient with the payment options. The maturity period for this policy is 15 years
      Was this review helpful? 0
      , chennai
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Policy"
      0.5 3.5/5 "Pretty good"
      I have a life insurance policy with LIC from last 4 years and it is a long term policy. I am satisfied with the coverage and returns of this insurance policy. I pay my premium on yearly basis and the payment mode is Auto debit. The tenure period for this policy is 15 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Sep 12, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 1
      , lucknow
      Reviewed on Sep 11, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've two life insurance policies with the LIC, I'm paying a premium of 40000 for the two policies. I am making the premium payments online. So far there hasn't been any issues with their services.
      Was this review helpful? 0
      , lucknow
      Reviewed on Sep 11, 2018
    • SBI Life Life Insurance
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I've a life insurance policy with the SBI Life. I am applying a low premium, So far it has been a hassle free experience with the policy. I am just paying the premium. The premium is comparatively low.
      Was this review helpful? 1
      , udaipur
      Reviewed on Sep 11, 2018
    • ICICI Prudential Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the ICICI Prudential Insurance for a while. Their services are good. I am paying the premium regularly. So far there hasn't been any issues with their services so far.
      Was this review helpful? 1
      , bangalore
      Reviewed on Sep 11, 2018
    • Max Life Insurance
      "Good services overall"
      0.5 4.5/5 "Excellent!"
      Max Life Insurance was pretty quick in the response for the term plan. The plan riders come up with good set of critical illness. The insurance procedure was quiet well described and executed. Just wish to add one point for the medical test center guys, please try to maintain cleanliness of the instruments because it will help in creating a hygienic impression of the process.
      Was this review helpful? 2
      , ahmedabad
      Reviewed on Sep 10, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 4.0/5 "Great!"
      I've a life insurance policy with the LIC. I am paying a premium of 3100 quarterly, I am making payments online. The offers flexibility of loans and their services are friendly.
      Was this review helpful? 2
      , bangalore
      Reviewed on Sep 07, 2018
    • LIC Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policies, I am paying a premium 50000 per year, I have 2 policies. I am paying the premium via the LIC portal. So far it has been a good experience with the policies and their services.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 07, 2018
    • SBI Life Life Insurance
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I've a life insurance policy with the SBI life. I am paying a premium of 40000 per year, sum assured is good and the policy features were good. So far it has been a very good experience with the policy and their services.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Sep 07, 2018
    • LIC Life Insurance
      "Very Good Service"
      0.5 4.0/5 "Great!"
      I had taken this insurance policy almost three years back and i had taken this insurance policy with the help of an agent. The process of payments has been nice and i had been making the payments directly with cash, it has been easy. Their customer support and their staff responses also had been good as well.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Sep 07, 2018
    • LIC Life Insurance
      "Very Good Service"
      0.5 3.0/5 "Satisfactory"
      I had taken this Life Insurance policy almost 20 years back and it had been a good experience i had with them. I had been making the payments every month and th payments had been easy since it will be directly deducted from my salary. Their customer support and their staff responses had not been bad and they could improve in their responses.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Sep 07, 2018
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