LIC Pension plan Jeevan Akshay is available for online purchase now. One time premium can be paid in lump sum and the annuity will start immediate after a month / quarter / half year / year, depending upon the annuity mode chosen by insured. The following options are available under the plan:
1. Annuity payable for life at a uniform rate.
2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
3. Annuity for life with return of purchase price on death of the annuitant.
4. Annuity payable for life increasing at a simple rate of 3% p.a.
5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
7. 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.
Eligibility for the plan: Minimum age for Jeevan Akshay should be 30 years and maximum could be 85 Years. No medical examine is required for this policy but age proof is mandatory. The only mode of premium is single premium for each individual. Minimum premium for online application and offline application are different. Policy can be taken at minimum Rs. 1,50,000 while purchasing online and Rs. 1,00,000 while purchasing through all other distribution channels.
Mode of Annuity premium payment will be monthly, quarterly, half yearly or yearly intervals. No surrender value / Loan / Assignment is available under Jeevan Akshay.
Please refer your policy document for more information. You can read more details about plan at Jeevan Akshay (http://www.licindiainfo.com/
LIC of India was formed in 1956 and now serving with more than 2000 branch and 8 zonal offices in India in more than 54 cities with 250 million lives insured. LIC Insurance (http://www.licindiainfo.com/