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.
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 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 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.
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