Pension Plan – Jeevan Akshay
A person works throughout his hay days. But after retirement the source of income ceases to exist and therefore one might feel a dearth of funds. But pension plans are designed with an in-built feature of providing financial strength and safety during the golden years of life.
A pension plan makes an annual payout throughout life and therefore supplements your cash inflows in a great way.
LIC’s Jeevan Akshay
LIC’s Jeevan Akshay is one such especially designed plan that promises monthly cash inflows and provides financial strength during after retirement years.
Jeevan Akshay is an Immediate Annuity Plan (Pension Plan) that can be bought on a payment of a lump sum amount. With 7 options of annuity payout, one can choose any depending upon his/her needs.
Seven Annuity Options:
- Annuity payable for life at a uniform rate.
- Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
- Annuity for life with return of purchase price on death of the annuitant.
- Annuity payable for life increasing at a simple rate of 3% p.a.
- Annuity for life with a provision of 50% 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 his/her lifetime on death of the annuitant.
- Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.
Policy at a Glance:
- Single Premium policy
- Minimum purchase: 1,00,000 to no limit
- Age Eligibility: 30 years to 85 years
- Annuity option is picked at the time of taking the policy and cannot be changed later.
- Annuity Payout Frequency: Annuity can be received monthly, quarterly, Half-yearly or annually.
- Annuity payout starts 1 year after the purchase of the annuity plan.
- Loan:Loan cannot be availed against the policy
- Paid-up Value: Policy does not acquire a paid-up value
- Surrender Value:Policy has a surrender value only under option 3. Policy can be surrendered in case the annuitant is diagnosed with any of the 21 critical illnesses mentioned in the IRDAI guidelines or is settling abroad.
Annuity Receiving Chart: the chart below shows the amount of annuity payable annually for a lump sum payment of Rs. 1 lakh under different annuity options:
|Age (Years)||Annual Annuity Payout|
|Option 1||Option 2||Option 3||Option 4||Option 5||Option 6||Option 7|
A fixed and assured return year-after-year after retirement is sure to boost your financial strength. At InsuranceBima.com we help you evaluate your net worth and put forth the best plan to suit your after-retirement financial needs. Call us at 91+9230091000 today to know more.