12/10/2020

LIC’s Jeevan Akshay Plan: Get 24 thousand rupees pension every month by paying a premium in this policy of LIC, will get lifetime benefits

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LIC’s Jeevan Akshay-VII, Life Insurance Corporation of India: Life Insurance Corporation of India (LIC) has recently launched ‘Jeevan Akshay’, a pension providing policy every month. By making a lump sum investment in this policy, customers can arrange pension every month. That is, after investing in this policy, the customers get guaranteed lifetime earnings.

This is a very popular plan between pensioners and national pension system subscribers. LIC has set certain conditions for investment in this pension-relieving policy. Only after fulfilling these conditions can an investor invest his money in it.

This is an annuity scheme, hence its advantage is that income is paid after a fixed time by applying interest on the amount invested. Which is given for every month. It is an intermediate annuity plan, so the investor is given 10 types of options to get annuity.

An investor can choose only one of these options according to his convenience and need. You can buy this policy for a minimum investment of Rs 1,00,000. People between 30 and 85 years old are eligible to invest in it.

By investing lump sum in this policy, you can get a pension of 24 thousand rupees every month. If you want to get pension immediately, then choose option ‘A’ i.e. Annuity payable for life at a uniform rate. Let us understand by example how a person can get 24 thousand rupees every month through this: –

Age: 34
Sum Assured: 5000000
Lump Sum Premium: 5090000

Pension:
Annually: 297250
Half Yearly: 146375
Quarterly: 72500
Monthly: 24063

Suppose if a person of 34 years chooses the option ‘A’ i.e. ‘Annuity payable for life at a uniform rate’ (pension per month). With this, he chooses the sum assured option of Rs 5000000. So he will have to pay a lump sum premium of Rs 5090000. After this investment, he will get a pension of Rs 24063 per month. This pension will be received as long as the policy holder survives. At the same time, this pension will stop coming after death.