LIC Jeevan Akshay: Get A Lifetime Pension of Rs 6,859 Every Month

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Life Insurance Corporation of India (LIC) is offering a ‘LIC Jeevan Akshay’ policy which ensures a regular monthly pension for investors. LIC is one of the oldest and most sought-after insurance companies in India. Founded way back in the year 1956, this Government-owned entity has been rendering insurances to a host of the population of all ages throughout the country, at the most nominal prices with exemplary benefits.

You can invest in this policy for yourself or for your loved ones. The ‘Jeevan Akshay’ policy is one of the best selling policies offered by the state-owned insurance company. Under the scheme, policyholders will have to invest a fixed amount once and then they can sit back and enjoy pensions every month.

You can opt for the pension on a yearly, half-yearly, quarterly, and monthly basis under the scheme. Moreover, two members of the family can become joint investors in the policy that is open to all Indians aged 30 to 85. 

However, one of the major setbacks of the policy is that there is no loan facility available under the Jeevan Akshay plan.

One has to invest at least Rs 1 lakh to avail the benefits of the scheme. However, there’s no cap on the maximum amount you can invest in the policy. For instance, if you opt for the Rs 9,00,000 sum insured in the policy then you’ll have to invest a total of Rs 9,16,200. You can also avail a 1% tax rebate on the scheme. 

If you opt for this policy, then you’ll receive a lifetime pension of Rs 6,859 on a monthly basis or Rs 20745 on a quarterly basis or Rs 42008 on a half-yearly basis or Rs 86,265 on an annual basis.

Also, Read This: LIC Sees A Record INR 37,000 Crores Profit, Up By 44% From Last FY

Benefits of LIC Jeevan Akshay Plan

Lump-Sum Payment – One of the most advantageous features of the LIC Jeevan Akshay VI Plan policy is that the amount has to be invested all at once.

Medical Examination – Unlike most insurance policies that mandate that the person willing to purchase an insurance policy has to undertake several complex medical examinations, LIC Jeevan Akshay VI Plan does not require the prospective insured to undergo any such medical test.

Purchase Price – The minimum purchase price for this policy is INR 1,00,000. However, if you are purchasing the policy online, the minimum price that you have to pay is INR 1,50,000. It may be pertinent to mention here that there is no maximum limit on the purchase price of the policy.

Age – Anyone who has completed the age of 30 years can invest in the policy. However, the person should not exceed the age of 85 years.

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13 COMMENTS

  1. Is there any TDS deduction on monthly returns if opted monthly. If Rs. 9.0 lacs invested in this ploicy what is the net amount can be recieved per month.

  2. Can I surrender the Policy after five years? Shall I get the annuity from the next month? How long the pension will continue?

    • Hello Dipankar,

      You can call their Customer Care Center to know more about this. Also, they can help you with other policies which are suitable according to your requirement.

      LIC Customer Care Number – 022-68276827.
      Timing – Call Services are available 24*7

      Thanks!

  3. Can I get more information on this policy? Where can I find information? Please let me know, I am retired senior citizen.

    • Hello Sir,

      Good Morning!

      You can call their Customer Care Center to know more about this. Also, they can help you with other policies which are suitable according to your requirement.

      LIC Customer Care Number – 022-68276827.
      Timing – Call Services are available 24*7

      Thanks!

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