Pension Plans

LIC's JEEVAN AKSHAY PLAN



It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.

Options Available:
The following options are available under the plan

1. Annuity payable for life at a uniform rate.
2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
3. Annuity for life with return of purchase price on death of the annuitant.
4. Annuity payable for life increasing at a simple rate of 3% p.a.
5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.
You may choose any one. Once chosen, the option cannot be altered.
Mode of Pension
Annuity may be paid either at
Monthly
Quarterly
Half yearly
Yearly
You may opt any mode of payment of Annuity.
>> Premium is to be paid in a lump sum.
>> Minimum purchase price : Rs.100,000/-
>> No medical examination is required under the plan.
>> No maximum limits for purchase price, annuity etc.
>> Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
>> Age proof necessary.
>> The policy does not acquire any paid-up value.
>> No Loan facility

Surrender 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.

A. If the annuitant is diagnosed as suffering from any of the following critical illnesses:
1. Cancer of specified severity
2. Myocardial infraction
3. Open Chest CABG
4. Open Heart Replacement or Repair of Heart Valves
5. Kidney Failure requiring regular dialysis
6. Stroke resulting in Permanent Symptoms
7. Major Organ/Bone Marrow Transplant
8. Permanent Paralysis of Limbs
9. Motor Neurone Disease with Permanent Symptoms
10. Multiple Sclerosis with Persisting Symptoms
11. Angioplasty
12. Benign Brain Tumor
13. Blindness
14. Deafness
15. End stage Lung failure
16. End stage liver failure
17. Loss of speech
18. Loss of Limbs
19. Major Head Trauma
20. Primary(Idiopathic)Pulmonary Hypertension
21. 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.