New Delhi: The country’s largest insurance company Life Insurance Corporation of India (LIC) has resumed its flagship annuity plan Jeevan Akshay Policy (LIC Jeevan Akshay Policy). This scheme is a pension scheme. A few months ago LIC had withdrawn the Jeevan Akshay Scheme after the introduction of Jeevan Shanti Scheme. However, LIC has resumed the Jeevan Akshay Scheme.
New Jeevan Akshay policy
The renewed plan Jeevan Akshay VII is now LIC’s Immediate Annuity Plan. At the same time, Jeevan Shanti has become a deferred annuity plan. For this, Jeevan Shanti Yojana has also been revised, so that any duplication with Jeevan Akshay can be avoided.
One time premium lifetime pension
In Jeevan Akshay policy of LIC, you can get a pension of 20 thousand rupees every month for a lifetime by paying a premium. LIC’s Jeevan Akshay Scheme allows investors to choose any one of the 10 available annuity options on payment of a lump sum. That is, instead of Jeevan Shanti, options A to J will be available only with LIC’s Jeevan Akshay Scheme.
Who can take this policy
Any Indian citizen can take this policy. In Jeevan Akshay policy, you can also take pension by paying an installment of 1 lakh rupees. But for a monthly pension of 20 thousand rupees, you will have to invest more. There is no maximum investment limit in this scheme. Only people between 30 and 85 years of age are eligible under Jeevan Akshay.
How to get a pension of 20,000 rupees
You will get a total of 10 options in Jeevan Akshay Policy. In these there is an option (A) under which you get a pension of 20 thousand rupees every month on a single premium. If you want this pension every month, then you have to choose the pension option per month. For this, you will have to invest Rs 40,72,000 at a time, after which your monthly pension of Rs 20 thousand will start.
Suppose you choose option A and even assured option of this policy, then you have to pay only a premium of Rs 40.72 lakh. After this, your monthly pension will start. Your monthly pension will be Rs 20,967.
This pension can be paid in 4 ways, annually, half-yearly, quarterly and monthly. Of these, you get a pension of Rs 2,60,000 on yearly basis, Rs 1,27,600 on half yearly basis, Rs 63,250 on quarterly basis and Rs 20,967 on monthly basis. On taking this policy, the annuity rates are guaranteed at the beginning. Annuity is paid to the policy holder throughout the age. This policy can be taken both online or offline.