Life Insurance Corporation of India (LIC), one of the most trusted insurance companies in the country has been offering different policies to it's customers keeping in mind the current scenario.
According to recent report, LIC has recently launched the annuity plan ‘Jeevan Akshay’ where customers will get immediate pension benefits on lump sum investment. Moreover, this pension is being given to the policyholder for life. Today we are going to tell you about one such policy where you can earn a good amount of money every month after retirement. The company has started this special plan for customers where you can earn good amount of money by just investing only once.
Let's know about this policy in detail.
LIC Jeevan Akshay Policy
It is considered to be one of the most popular plans of the company. Moreover, it is the most preferred plan for such people who take pension. It is a single premium non-linked, non-participating and personal annuity scheme. This policy has started from August 25, 2020.
How to Get this Policy?
You can start this policy by investing a minimum of Rs 1,00,000 in it. On the other hand, there is no maximum limit. The company considers 30 to 85 years of age eligible for this. Moreover, the LIC official says that the policyholder is given 10 different options for how to receive pension. This means that people will get 10 options for receiving their pension.
Who is Eligible for LIC Jeevan Akshay Policy?
This plan is available for age from 30 years to 85 years. The scheme can also be purchased to benefit the differently-abled (handicapped dependent). Three months after the issuance of the policy, loan facility is also available. This means that policy holders will also be able to take loans.
Minimum Rs 12000 annuity will be received
You can buy this plan in an annuity mode of monthly, 3 months, 6 months and one year. In this, customers can get an annuity of minimum Rs 12000.
However, this is happening in the immediate pension option, for this, choose the option ‘A’ i.e. Annuity payable for life at a uniform rate. By investing lump sum in this policy, you can get a pension of Rs. 36000 every month.
Age: 45
Sum Assured: 7000000
Lump Sum Premium: 7126000
Pension:
Annual: 451150
Half Yearly: 221725
Quarterly: 109900
Monthly: 36429For example, if a person of 45 years chooses the option ‘A’ i.e. ‘Annuity payable for life at a uniform rate’ (pension per month). In addition, he opts for the sum assured option of Rs 7000000. So he will have to pay a lump sum premium of Rs 7126000. After this investment, he will get a pension of Rs 36429 per month. This pension will stop coming after death.
Can get joint life annuity
In this policy, a joint life annuity can be taken between two people of the same family, descendants of the same family (grandparents, parents, children, grandchildren), spouse or siblings. The loan facility will be available anytime after three months after the release of the policy or after the end of the free-look period (whichever is later).
What is annuity scheme?
Income is earned after a specified time by applying interest on the amount invested in any annuity scheme. Income can be earned every month in this. In this way, there is a fixed income regularly in such schemes after a lump sum investment.
