Jeevan Akshay for immediate pension for life
LIC Jeevan Akshay is a immediate Pension plan right from next month which can be purchased by paying one time lump sum payment. This plan is available for above 30 years and maximum age 100 years, Pension is payable as soon as next month. There are several Annuity options available and whichever you take for your Pension, cannot be altered for life time.
After retirement every day is Sunday. Require regular inflow of money as if you work.. LIC Jeevan Akshay plan not only safeguards your principal amount, it also pays pension whatever mode your choose for life time. Annuity from Jeevan Akshay plan gets credited directly to policy holders Bank Account without any request.
This plan offers same rate of interest from days one and never fluctuates with market conditions. Best investment plan from 30 years to 100 years as the principal investment amount would be safe and 100% would be paid to the nominee at the end.
Minimum age at entry : 30 years
Minimum Investment : Rs. 1,00,000/-
Paid-up value: The policy does not acquire any paid-up value.
Surrender shall be allowed after completion of at least one policy year only for Annuity Option – “Annuity with return of purchase price“ under any of the following circumstances.
If the annuitant is diagnosed as suffering from any of the following critical illnesses:
- Cancer of specified severity
- Myocardial infraction
- Open Chest CABG
- Open Heart Replacement or Repair of Heart Valves
- Kidney Failure requiring regular dialysis
- Stroke resulting in Permanent Symptoms
- Major Organ/Bone Marrow Transplant
- Permanent Paralysis of Limbs
- Motor Neurone Disease with Permanent Symptoms
- Multiple Sclerosis with Persisting Symptoms
- Benign Brain Tumor
- End stage Lung failure
- End stage liver failure
- Loss of speech
- Loss of Limbs
- Major Head Trauma
- Primary(Idiopathic)Pulmonary Hypertension
- Third Degree Burns
The standard definition of the critical illnesses mentioned above shall be as per the IRDAI guidelines on Standardisation in Health Insurance Ref: IRDA/HLT/REG/CIR/146/07/2016 dated 29/07/2016 or as amended from time to time.
B. If the annuitant is shifting to another country permanently as evidenced in their visa or citizenship documents. The surrender value payable shall depend on the age (last birthday) of the policyholder at the time of surrender of the policy.For all annuity options other than “Annuity with return of purchase price” surrender shall not be allowed in any case.
Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.
TAX Benefits: ( Please refer latest tax rules)
Income Tax Benefit available under Sec80 (C) of Income Tax Act.
No TDS would be deducted by LIC India from Annuity.