Certain conditions are made for investing in the policy. For example, any Indian person between 30 and 85 years old is eligible to invest in it. The minimum annuity is Rs 12000 annually. Pension is taxed under 80C of Income Tax.
Life Insurance Corporation is one of the trusted insurance companies of the country. If you want to arrange pension every month, then you can invest in LIC’s ‘Jeevan Akshay’ annuity policy. You will start getting pension soon after investing in this policy. The special thing is that after a lump sum investment in this policy, you get the benefit of lifetime pension every month.
There are certain conditions for investing in this policy. For example, any Indian person between 30 and 85 years old is eligible to invest in it. The minimum annuity is Rs 12000 annually. Pension is taxed under 80C of Income Tax. The policy holder can invest a minimum of Rs 1 lakh while there is no maximum limit.
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The special thing is that after 3 months from the date of issue of the policy, loan facility is also available.
There are four options (annual, half-yearly, quarterly and per month) for how to get pension. Policyholders also get 10 different options for pension. One of these options is also ‘A’ (Annuity payable for life at a uniform rate). On choosing this, a lifetime pension can be obtained every month immediately after the investment.
In this way, you can get Rs. 4957 per month pension: –
Age: 59
Sum Assured: 800000
Lump Sum Premium: 814400
Pension:
Annual: 61880
Half-yearly: 30300
Quarterly: 14980
Monthly: 4957
According to the above example, if a person invests in this policy at the age of 59 and chooses the sum assured of 800000, then he has to pay a total premium of Rs 814400. After this, if the option of pension is selected every month, then he will get a pension of Rs 4957 every month. This pension will continue to be received till the death of the policyholder.
