LIC Jeevan Akshay Policy: Who can benefit from this?

Investing is important to protect and safeguard our future. However, some investments are risky and don’t ensure profits, whereas some investments are secure and ensure profit delivery. Especially if you’re a senior citizen, you might think of investing your money in schemes that offer a secure and steady income. One such scheme or policy is LIC Jeevan Akshay Policy. In this article, let’s learn more about this policy, what are its benefits and its features.

Life Insurance Corporation India(LIC) offers an immediate annuity plan called LIC Jeevan Akshay Policy. The policy is a single premium policy and needs to be purchased by paying a lumpsum amount at once. Once the lump sum is deposited, the depositor will get an annuity paid monthly, quarterly, biannually or annually manner. 

There are 6 annuity options: 

1. Annuity for life: The annuity will be paid until the depositor is alive. 

2. Annuity for a specific period: In this option, you can choose a time period, like 5 years, 10 years, 15 years or 20 years. After choosing a time period, the depositor will receive the annuity.

3. Return of purchase price with annuity on death: Under this, the annuity will be paid until the depositor is alive and after that, the full amount will be paid to the nominee. 

4. Joint life with last survivor annuity with 50% for spouse: Under this, the depositor will receive a pension until alive and after death, the spouse will get 50% of the pension amount every year. 

5. Joint life with last survivor annuity with the return of purchase price: In this, the depositor will receive a pension until alive and after death, the spouse will get 100% of the pension amount every year. And, after the death of the depositor and the spouse, the full amount will be paid. 

Annuity increase: In this, the annuity will increase by 3%. 

1. In order to qualify for the policy, the depositor needs to fulfil the eligibility criteria as mentioned below:

• The minimum age of the depositor at the time of entry should be 30 years and the maximum age of the depositor at the time of entry should be 65 years. 

• The minimum purchase price of the annuity is Rs 1,00,000.

• If you’re purchasing the policy online, then the minimum amount is Rs. 1.5 lakhs. 

• There is no upper limit in this policy. You can deposit a lumpsum amount as per your preference. 

The LIC Jeevan Akshay plan offers a variety of benefits:

1. Death benefits: The policy offers death benefits depending on the plan option chosen by the depositor. 

2. Income tax benefit: The policy offers you Income tax benefits. The premium paid under the policy is exempted from tax as per section 80C of the income tax act. 

3. Profit Participation: The policy offers simple reversionary benefits. The bonus will be calculated on the basis of the paid premium. 

4. Pension rate: The depositor gets a pension as per the annuity plan chosen. However, once the plan is selected, it cannot be changed. 

In conclusion, the LIC Jeevan Akshay plan is a decent plan if you’re looking for a steady income. 

This article does not intend to pass on any financial advice and BQ Prime does not endorse any of the funds/schemes mentioned above. Please invest at your own discretion.