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 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.

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.

Age Option 1 Option 2 Option 3 Option 4 Option 5 Option 6 Option 7
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

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