LIC’s Jeevan Akshay Pension Policy With Multiple Annuity Options
[ad_1]
Read More/Less
Insurance
oi-Kuntala Sarkar
LIC’s Jeevan Akshay is an Immediate Annuity plan is a single premium policy. That means the policyholder will have to buy the plan with a lump sum amount, while the annuity is available on a monthly, quarterly, biannually or annually basis.
Annuity options
There are multiple annuity options available under the LIC Jeevan Akshay policy. According to LIC, the available options have been enlisted below.
Option A: Immediate Annuity for life.
Option B: Immediate Annuity with a guaranteed period of 5 years and life thereafter.
Option C: Immediate Annuity with a guaranteed period of 10 years and life thereafter.
Option D: Immediate Annuity with a guaranteed period of 15 years and life thereafter.
Option E: Immediate Annuity with a guaranteed period of 20 years and life thereafter.
Option F: Immediate Annuity for life with return of Purchase Price.
Option G: Immediate Annuity for life increasing at a simple rate of 3% PA.
Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on the death of the Primary Annuitant.
Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the annuitants survives.
and,
Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of
the Annuitant survives and returns of Purchase Price on the death of the last survivor.
LIC has fixed the Annuity Mode into Monthly, Quarterly, Half-yearly, and Annual modes. The Minimum Annuity is Rs. 1,000 per month, Rs. 3,000 per quarter, Rs. 6,000 per half-year, and Rs. 12,000 per annum.
Benefits of the LIC Jeevan Akshay policy
For Option A
• The annuity payments will be made in arrears till the Annuitant is alive, according to the mode of the annuity payment.
• On the death of the Annuitant, nothing shall be payable and the annuity payment shall cease immediately.
For Option B,C,D,E
• The annuity payments shall be made in arrears for as long as the Annuitant is alive, according to the annuity payment mode.
• On the death of the Annuitant during the guaranteed period of 5/10/15/20 years, the annuity will be paid to the nominee(s) till the guaranteed period.
• On the death of the Annuitant after the guaranteed period, nothing will be paid and the annuity payment will cease immediately.
Option F
• The annuity payments will be paid in arrears for as long as the Annuitant is alive, according to the annuity payment mode.
• On the death of the annuitant, the annuity payment will cease immediately, and Purchase Price will be paid to nominee(s) as per the option chosen by the Annuitant.
Option G
• The annuity payments will be made in arrears for as long as the Annuitant is alive, according to the annuity payment mode. The annuity payment will be increased by a simple rate of 3% PA for each completed policy year.
• On the death of annuitant nothing shall be payable and the annuity payment shall cease immediately.
Option H
• The annuity payments will be paid in arrears till the Primary Annuitant is alive, according to the annuity payment mode.
• On the death of the Primary Annuitant, 50% of the annuity amount will be paid to the surviving Secondary Annuitant till the Secondary Annuitant is alive. The annuity payments will cease on the subsequent death of the Secondary Annuitant.
• If the Secondary Annuitant predeceases the Primary Annuitant, the annuity payments will continue to be paid and will cease upon the death of the Primary Annuitant.
Option I
• 100% of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, according to the annuity payment mode.
• On the death of the last survivor, the annuity payments will cease immediately and nothing will be paid.
Option J
• 100% of the annuity amount will be paid in arrears till the Primary Annuitant and/or Secondary Annuitant is alive, according to the annuity payment mode.
• On the death of the last survivor, the annuity payments will cease immediately, and Purchase Price will be paid to the nominee(s) according to the option exercised by the Primary Annuitant.
Minimum Annuity Chart
| Annuity Mode | Monthly | Quarterly | half yearly | Annual |
|---|---|---|---|---|
| Minimum Annuity | RS. 1,000 per month | RS. 3,000 per quarter | RS. 6,000 per half year | RS. 12,000 per annum |
Source: LIC
Eligibility and minimum purchase
The minimum entry age for the LIC Jeevan Akshay Plan is 30 years, while the maximum entry age is 85 years. However, for the above-mentioned Option F, the maximum entry age can be 100 years.
The Minimum Purchase Price of the plan is Rs. 1,00,000, but this will depend on the Minimum Annuity as specified below. There is no limit on the maximum purchase price.
Story first published: Tuesday, November 2, 2021, 12:44 [IST]
[ad_2]