LIC Jeevan Akshay
LIC Jeevan Akshay is an immediate annuity plan that can be purchased on the payment of a lump sum amount. Through out the life time of the policy holder, the plan provides a stated amount in case of the annuity payments.
It provides number of options of the type and the mode for the payment of annuities. Types of annuities available under LIC Jeevan Akshay plan are as follows. Annuity payable for life at the uniform rate. Annuity that is payable certainly for 5 or 10 or 15 or 20 years until the annuitant is alive.
On the death of the annuitant, annuity of life is provided with the return of purchase price. Also annuity is payable for the life with increase at rate of 3% per annum. Annuity is payable to spouse for his/her lifetime with the provision of 50% or 100% of the annuity. Any one of the above options can be selected but once selected the option cannot be changed.
The type of modes available for the payment of premium under LIC Jeevan Akshay plan are monthly, quarterly, half-yearly, or yearly intervals. Any one of the above mentioned modes can be chosen for the payment of annuity.
Some of the salient features of this LIC Jeevan Akshay plan are as listed below.
Premium amount has to be paid as a lump sum amount.
The minimum purchase price is Rs.50000 that secures a minimum annuity of Rs.500 per month, Rs.1000 per quarter, Rs.2000 per half year, and Rs.3000 per year.
The plan requires no medical examination and there are no maximum limits available for the purchase price and the annuity. The minimum age requirement is 40 years and the maximum age is 79 years and it is necessary to produce the age proof.