The Life Insurance Corporation of India (LIC) offers various plans as per the needs and the requirement of individuals. One of the famous plans among all is LIC Jeevan Akshay Policy. It is basically an Immediate Annuity plan with various benefits.
Those who want to purchase a plan can direct buy by going online mode by just paying a lump-sum amount. There are four options given by the corporation to pay an annuity that are monthly, quarterly, biannually, and annually. The एलआईसी का जीवन अक्षय प्लान Features, Benefit, Premium, and other necessary details are provided below.
LIC Jeevan Akshay Policy
Eligibly Terms For LIC Jeevan Akshay Policy
Age for Purchase Policy-
|Minimum Age||Maximum Age|
|30 years||65 years|
Features An Benefits of LIC Jeevan Akshay Policy
- It is an annuity pension plan.
- You can pay the premium amount in lumpsum easily.
- The corporation will not demand medical examination before purchasing the policy.
- You can pay the annuity as per your choice that us biannually, annually, or monthly.
- If you purchase the एलआईसी का जीवन अक्षय प्लान online, then you will get the special incentives too.
- The plan does not cover the loan against the policy. That means individuals are not permitted to take a loan against the plan.
- The LIC Jeevan Akshay Policy does not obtain any paid-up value.
- The surrender value will be provided to the policyholder.
The corporation will give the options for the Annuity that are-
- Increasing Annuity
- Joint Life Last Survivor Annuity
- Annuity for life
- Annuity on death
- guaranteed Annuity for a certain period
Annuity Purchase Price
|Minimum Purchase||Maximum Purchase|
LIC Jeevan Akshay Policy- Benefits
- Death benefit
- Maturity benefit
- Income tax benefit
- Death Benefit
The plan holder will get the death benefit as per the rules, and the benefit will purely depend on the type of plan policyholder has taken.
- Maturity Benefit
The policy does not include the maturity benefit, and you are suggested to read the policy documents carefully before going purchasing the plan.
- Income Tax Benefit
The holder of the LIC Jeevan Akshay Plan will get the benefit of the income tax accoeding to section 80C of the Income Tax Act.
You can check the below table and check the LIC Jeevan Akshay Policy annuity pay-outs for Rupees one lakh for various options of the plan.
|Age||Option 1||Option 2||Option 3||Option 4||Option 5||Option 6||Option 7|
Here We Are Providing An Example:
Mrs. Sharma is having an age of 30 years is giving her services to a reputed private organization. She wants to purchase a LIC Jeevan Akshay policy, and she decided to purchase annuity of Rs.50,000.
Now, as per the above example, we will show you the plans, you are suggested to have a look at the provided table.
Annuity payable for life
Mrs. Sharma will get a pension for life, as shown here.
Annuity on death
The company will pay the pension to Mrs. Sharma till her entire life. And after she dies, the remaining amount will be given to the nominee.
Annuity For Life
CA Shivam Channa is a trusted financial writer with deep knowledge of financial systems. He has over 10 years of experience in writing His articles are always well researched and provide great insights into the topic at hand.