LIC Jeevan Akshay Plan

LIC Jeevan Akshay Plan could be a suitable pension plan if you are looking to invest towards your lifelong happiness. With this immediate annuity plan from LIC, one of the most trusted insurers in India, individuals can choose from as many as 10 annuity options. When you invest in a pension plan, you can maintain your lifestyle even after retirement. Let’s have a look at the key features of the LIC Jeevan Akshay Plan mentioned below.

1. 10 annuity options on the payment of a lump sum amount
2. Payment of annuity throughout the lifetime of the annuitant
3. Minimum purchase price of INR 1 lakh
4. No maximum purchase limit
5. Minimum annuity of INR 12,000 per year
6. Loan facility against the policy
7. A free look period of 15 days
8. A grace period of 30 days

Here, we will discuss these features in detail so that you can choose the plan easily. Besides, we will also talk about the policy term, sum assured, eligibility criteria, etc. Without any further delay, let’s start!

Let’s Understand LIC Jeevan Akshay Plan Features in Detail

LIC Jeevan Akshay Plan is a non-linked, non-participating, individual immediate annuity plan that provides a financial cushion during your retirement years with its several exciting features and benefits. You can know more about the same below.

Multiple Annuity Options

As we mentioned earlier too, policyholders can choose from 10 annuity options after the payment of a lump sum amount. Do remember the annuity rates are guaranteed at the start of the policy and you will get your annuities throughout your lifetime. The 10 annuity options are as follows.

Option A:  Immediate Annuity for life

Option B:  Immediate Annuity with guaranteed period of 5 years and life thereafter

Option C:  Immediate Annuity with guaranteed period of 10 years and life thereafter

Option D:  Immediate Annuity with guaranteed period of 15 years and life thereafter

Option E:  Immediate Annuity with guaranteed period of 20 years and life thereafter

Option F:  Immediate Annuity for life with the return of purchase price

Option G:  Immediate Annuity for life increasing at a simple rate of 3% per annum

Option H:  Joint life Immediate Annuity for life with 50% of the annuity to the secondary annuitant on the death of the primary annuitant

Option I:  Joint life Immediate Annuity for life with 100% of the annuity will be paid as long as one of the annuitants survives

Option J:  Joint Life Immediate Annuity for life with 100% of the annuity will be paid until one of the annuitants survives and return of purchase price on the death of the last survivor

Note: These annuity options can be changed during the policy period. 

Option Available for Payment of Death Benefit

Under the annuity option F and J, where the LIC Jeevan Akshay Plan provides a death benefit, the annuitant(s) will get to choose from one of the following death benefit payment options.

1. Lump Sum Death Benefit
2. Annuitisation of Death Benefit
3. Installments over the chosen period of 5, 10 or 15 years

   Mode of Installment Payment	Minimum Installment Amount (In INR)
   Yearly	50,000
   Half-yearly	25,000
   Quarterly	15,000
   Monthly	5,000

For the third option, individuals can get the installments in advance on a yearly, half-yearly, quarterly or monthly basis. To know more, check the below table.

What will be the Minimum Annuity for LIC Jeevan Akshay Plan?

The minimum annuity depends on the different annuity payment modes provided by LIC Jeevan Akshay Plan. The following table can provide you all the necessary information. Please check!

What is the Minimum Purchase Price for LIC Jeevan Akshay Plan?

For LIC Jeevan Akshay Plan, the minimum purchase price stands at INR 1,00,000. However, it can be increased to meet minimum annuity criteria accordingly. For purchase price less than INR 1,50,000, the annuity rates will be reduced according to the reduction factors given in the below table. Do check!

Note: There is no limit on the maximum purchase price. 

Loan Against Policy

With the LIC Jeevan Akshay Plan, policyholders can get the loan after 3 months from the issuance of the policy or after completion of the free look period (whichever is earlier). However, the loan facility will be available for only 2 annuity options – Option F and Option J.

The maximum loan amount can go up to 80% of the surrender value. However, the interest amount on the loan should not exceed 50% of the annual annuity amount.

LIC Jeevan Akshay Plan Eligibility Criteria

Do check the important conditions related to the eligibility criteria of the LIC Jeevan Akshay Plan below.

1. The minimum age at the time of entering into the policy stands at 30 years.
2. The maximum age at the time of entry stands at 85 years for all annuity options except Option F. For the annuity Option F, the maximum age can go up to 100 years.
3. The minimum age for the plan purchased via POS medium stands at 40 years, while the maximum can be up to 70 years.