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Pay Just One Premium and Get Rs. 36,000 Every Month through this LIC Scheme; Enjoy Benefits throughout Life

Pronami Chetia
Pronami Chetia

Life Insurance Corporation of India (LIC), one of the most trusted insurance companies in the country has been offering different policies to its customers keeping in mind the current scenario.

Moreover, investing in Life Insurance Corporation of India (LIC) is considered quite beneficial as it is a government-run company and you don't have to worry about your money by investing in the policy. Recently, the company has resumed its very popular annuity policy 'LIC Jeevan Akshay'. Through this policy, the policyholder can easily arrange pension every month.

What is 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.

Moreover, this pension is being given to the policyholder for life and 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.

What is Annuity Scheme?

In any annuity scheme, income is earned after a fixed time by applying interest on the amount invested. The policyholder is given a pension every month, three months or 6 months or annually. However, it depends on the policy holder how they want to get the pension.

What are the Conditions of Jeevan Akshay Policy?

The company has put certain conditions for taking this policy. Actually, Jeevan Akshay is a non-linked policy i.e. it has nothing to do with the stock market. The minimum annuity is Rs 12000 per year and there is no maximum limit. People between 30 and 85 years of age are eligible to invest in it.

Minimum Investment is Rs. 1 Lakh

This policy has a minimum investment of Rs 1 lakh while there is no maximum limit. Along with this, there is a condition of minimum pension of Rs 12 thousand per annum while there is no maximum limit. However it depends on the total investment of a policyholder. The loan facility is also available through 3 months from the date of issue of the policy. Any two members of a family can take a joint annuity.

Policyholder Gets 10 Options to Get pension

The policyholder gets 10 options to get pension. The policyholder has 10 different options for getting pension while investing. One of these options is also 'Annuity Payable for Life at a Uniform Rate' (Pension option 'A' per month). On selecting this, pension starts every month immediately after investment. In this policy, a pension of 30 thousand rupees per month can be obtained by making a lump sum investment.

Let us understand by example how:

Age: 42

Sum Assured: 6000000

Lump Sum Premium: 6108000 Pension: Annual: 376500 Half Yearly: 184950 Quarterly: 91800 Monthly: 30425

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: 36429

For 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.

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