LIC Jeevan Akshay Plan - Policy Details

Life Insurance
  • Claim up to Rs. 1,50,000 deduction under section 80C*
  • Insurers provide online renewal of policy
  • Choose between annual and monthly premium payment options

LIC Jeevan Akshay is an Immediate Annuity plan offered by Indian 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.

Benefits of LIC Jeevan Akshay Plan

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
  • 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.

Option 7
Age Option 1 Option 2 Option 3 Option 4 Option 5 Option 6
30 7190 7160 6890 5250 7080 6970 6860
40 7510 7440 6930 5610 7310 7120 6890
50 8140 7950 7000 6280 7760 7420 6930
60 9350 8790 7110 7530 8640 8030 7010
70 17880 9830 7260 10220 10560 9370 7130

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 2:

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

This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.


Products you might be Interested


GST of 18% is applicable on life insurance effective from the 1st of July, 2017

 5.0 / 5.0   by 7 users
Used this product? Write a review >>

Fees & Charges

Promised Interest Rate

Plan Benefits

Payment Options

Policy Coverage

Customer Service

Responsiveness

Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

LIC Jeevan Akshay Reviews

Page 1 of 1
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the JEEVAN AKSHAY policy with the LIFE INSURANCE CORPORATION OF INDIA where i am using it since from last 12 years. The customer support is good and they have given the hard copy too for this policy. The premium paying for monthly once with this policy.
    Was this review helpful? 0
    , thane
    Reviewed on May 11, 2019
  • LIC
    LIC Life Insurance
    "Good for insurer and nominees"
    0.5 4.0/5 "Great!"
    Jeevan Akshay has the life term until death, it has tenure of 35 years. I need to pay the premium for whole year around Rs.16,000 per year. After 35 years I get pension very from total sum assured from 8% to 10%. After death whole benefits will be provided to the nominees.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 19, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 5.0/5 "Blown Away!"
    I've a Jeevan Akshay Life insurance policy with the LIC. I make payments at the office. I never had any issues with the policy. I work for LIC so personally it is a recommendable insurance provider.
    Was this review helpful? 0
    , hyderabad
    Reviewed on May 30, 2018
  • LIC Life Insurance
    "Very excellent.."
    0.5 5.0/5 "Blown Away!"
    I have two policies one is jeevan anand and another is jeevan akshay. In subject to jeevan akshay, it is a kind of term insurance where after the death of the policy holder LIC would reimburse one crore to the family members. LIC is providing 80% of loan amount against the life insurance policies.
    Was this review helpful? 0
    , mumbai
    Reviewed on Jan 27, 2016
  • LIC Life Insurance
    "It is good.."
    0.5 5.0/5 "Blown Away!"
    An agent of LIC suggested me to take the Jeevan Akshay and benefits are very good. Returns of my life insurance would be of double to triple to paid amount. LIC is pretty old insurance company and no issues in dealing with them. Till date never got any bad comments against them and everything will be settled on time. Options are very good so I continuing with LIC.
    Was this review helpful? 0
    , bangalore
    Reviewed on Aug 31, 2015
  • LIC Life Insurance
    "Claim is smooth in LIC.."
    0.5 5.0/5 "Blown Away!"
    Three policies are running with LIC for 5 years. One is jeevan akshay and another is money back policy. Accidental benefits are very good in this life insurance and after maturity they give good sum assured. In money back policy I get cheque worth of 30k in every interval of four years.
    Was this review helpful? 0
    , new delhi
    Reviewed on Aug 15, 2015
  • LIC Life Insurance
    "Good"
    0.5 4.0/5 "Great!"
    The life insurance from LIC is good. I do have different kinds of policies and I make around 2 lakhs as premium per annum. I have taken this policy mainly for the tax exemption. The plan names are Jeevan Anand, Jeevan Akshay and some money back policies. After maturity period I am getting a good returns with this company.
    Was this review helpful? 0
    , pune
    Reviewed on Jul 18, 2015
Common Loader Icon
Page 1 of 1
reTH65gcmBgCJ7k
This Page is BLOCKED as it is using Iframes.