LIC’s Jeevan Akshay Pension Policy With Multiple Annuity Options

LIC’s Jeevan Akshay is an Rapid Annuity plan is a single premium coverage. Which means the policyholder must purchase the plan with a lump sum quantity, whereas the annuity is on the market on a month-to-month, quarterly, biannually or yearly foundation.

Annuity choices

There are a number of annuity choices accessible underneath the LIC Jeevan Akshay coverage. In accordance with LIC, the accessible choices have been enlisted beneath.

Choice A: Rapid Annuity for all times.
Choice B: Rapid Annuity with a assured interval of 5 years and life thereafter.
Choice C: Rapid Annuity with a assured interval of 10 years and life thereafter.
Choice D: Rapid Annuity with a assured interval of 15 years and life thereafter.
Choice E: Rapid Annuity with a assured interval of 20 years and life thereafter.
Choice F: Rapid Annuity for all times with return of Buy Worth.
Choice G: Rapid Annuity for all times rising at a easy price of three% PA.
Choice H: Joint Life Rapid Annuity for all times with a provision for 50% of the annuity to the Secondary Annuitant on the loss of life of the Main Annuitant.
Choice I: Joint Life Rapid Annuity for all times with a provision for 100% of the annuity payable so long as one of many annuitants survives.
and,
Choice J: Joint Life Rapid Annuity for all times with a provision for 100% of the annuity payable so long as one in every of
the Annuitant survives and returns of Buy Worth on the loss of life of the final survivor.

LIC has mounted the Annuity Mode into Month-to-month, Quarterly, Half-yearly, and Annual modes. The Minimal Annuity is Rs. 1,000 per 30 days, Rs. 3,000 per quarter, Rs. 6,000 per half-year, and Rs. 12,000 each year.

Advantages of the LIC Jeevan Akshay coverage

For Choice A

• The annuity funds might be made in arrears until the Annuitant is alive, in keeping with the mode of the annuity cost.
• On the loss of life of the Annuitant, nothing shall be payable and the annuity cost shall stop instantly.

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For Choice B,C,D,E

• The annuity funds shall be made in arrears for so long as the Annuitant is alive, in keeping with the annuity cost mode.
• On the loss of life of the Annuitant in the course of the assured interval of 5/10/15/20 years, the annuity might be paid to the nominee(s) until the assured interval.
• On the loss of life of the Annuitant after the assured interval, nothing might be paid and the annuity cost will stop instantly.

Choice F

• The annuity funds might be paid in arrears for so long as the Annuitant is alive, in keeping with the annuity cost mode.
• On the loss of life of the annuitant, the annuity cost will stop instantly, and Buy Worth might be paid to nominee(s) as per the choice chosen by the Annuitant.

Choice G

• The annuity funds might be made in arrears for so long as the Annuitant is alive, in keeping with the annuity cost mode. The annuity cost might be elevated by a easy price of three% PA for every accomplished coverage yr.
• On the loss of life of annuitant nothing shall be payable and the annuity cost shall stop instantly.

Choice H

• The annuity funds might be paid in arrears until the Main Annuitant is alive, in keeping with the annuity cost mode.
• On the loss of life of the Main Annuitant, 50% of the annuity quantity might be paid to the surviving Secondary Annuitant until the Secondary Annuitant is alive. The annuity funds will stop on the next loss of life of the Secondary Annuitant.
• If the Secondary Annuitant predeceases the Main Annuitant, the annuity funds will proceed to be paid and can stop upon the loss of life of the Main Annuitant.

Choice I

• 100% of the annuity quantity shall be paid in arrears for so long as the Main Annuitant and/or Secondary Annuitant is alive, in keeping with the annuity cost mode.
• On the loss of life of the final survivor, the annuity funds will stop instantly and nothing might be paid.

Choice J

• 100% of the annuity quantity might be paid in arrears until the Main Annuitant and/or Secondary Annuitant is alive, in keeping with the annuity cost mode.
• On the loss of life of the final survivor, the annuity funds will stop instantly, and Buy Worth might be paid to the nominee(s) in keeping with the choice exercised by the Main Annuitant.

Minimal Annuity Chart

Supply: LIC

Eligibility and minimal buy

The minimal entry age for the LIC Jeevan Akshay Plan is 30 years, whereas the utmost entry age is 85 years. Nonetheless, for the above-mentioned Choice F, the utmost entry age will be 100 years.

The Minimal Buy Worth of the plan is Rs. 1,00,000, however it will rely upon the Minimal Annuity as specified beneath. There isn’t any restrict on the utmost buy value.