LIC Jeevan Akshay Plan is an Immediate Annuity Plan or Pension Plan securing your financial future with regular payouts. It is a onetime payment policy to be purchased by paying lump sum payment. There are 7 pension options under this plan and annuity can be paid monthly, quarterly, biannually or annually as chosen during the start of the plan.
|A||Annuity for life- Pension is paid till the insured is alive.|
|B||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.|
|C||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.|
|D||Increasing Annuity- Pension is paid at an increasing rate of 3% p.a. till the assured is alive.|
|E||Joint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.|
|F||Joint Life Last Survivor Annuity – 100 % of the annuity payable to spouse during his/her lifetime on death of the annuitant.|
|G||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.|
LIC Jeevan Akshay being a single investment plans, surrender is not possible. However, in case of illness as given below, this policy can be surrendered and LIC would decide on the surrender value.
Yes, but only after one year of policy term and only if policy holder is permanently shifting your residence to another country or if you have been diagnosed with certain critical illness.
On the of below given illness treatment, LIC can accept surrender request. Please visit LIC Website at https://www.licindia.in/Products/Withdrawn-Plans/jeevan_akshay
|Cancer of specified severity||Primary(Idiopathic)Pulmonary Hypertension||Myocardial infraction|
|Open Chest CABG||Open Heart Replacement or Repair of Heart Valves||Kidney Failure requiring regular dialysis|
|Stroke resulting in Permanent Symptoms||Major Organ/Bone Marrow Transplant||Permanent Paralysis of Limbs|
|Motor Neurone Disease with Permanent Symptoms||Multiple Sclerosis with Persisting Symptoms||Angioplasty|
|Benign Brain Tumor||Blindness||Deafness|
|End stage Lung failure||End stage liver failure|
|Loss of Limbs||Major Head Trauma|
|Third Degree Burns||Loss of speech|
Pension plans should ideally be taken when you start earning. However, the older you start Jeevan Akshay, you get better returns since the company needs to pay for lesser time.
Yes, the pension is taxable; however, premiums are exempted from tax under Section 80C.
GST of 18% is available on the premium amount.
The main advantage of LIC Jeevan Akshay is the interest rate fix while buying the plan remains same throughout the term of the policy and same pension would be paid till the end as per your choice of option.
No, Option cannot be changed once the pension had started.
|Eligibility Conditions & Restrictions|
|Minimum age||30 years|
|Maximum age||85 years (In all other Options)
|Premium mode||Single Premium|
|Annuity Mode||Yearly / Half yearly / Quarterly / Monthly|
|Premium||Min. Rs. 1,00,000
Max. No limit
|Surrender||Allowed after completion of 1 year, only under option on medical grounds|
|Income Tax Benefits||Premiums paid is eligible for Tax rebate u/s 80c
Pension is taxable
|Annuity options||A) Annuity for life
B) Annuity guaranteed for 5 years and for life thereafter
C) Annuity guaranteed for 10 years and for life thereafter
D) Annuity guaranteed for 15 years and for life thereafter
E) Annuity guaranteed for 20 years and for life thereafter
F) Annuity for life with return of purchase on death
G) Annuity for life with increasing at a simple rate of 3% p.a
H) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant
I) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant
J) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant with return of purchase price on the death of last survivor.
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