Jeevan Akshay Plan- Benefits
LIC Jeevan Akshay offers the following benefits:
Death Benefit: The death benefit for LIC Jeevan Lakshya Plan is paid based on the choice of the option by the assured.
Maturity Benefit: No maturity benefit is offered under this plan of LIC.
Income Tax Benefit: Income tax benefit can be availed on the premiums paid as per Section 80CCC of the Income Tax Act, 1961.
Annuity payouts will be paid as per the frequency is chosen immediately after making the payment of the premiums.
Eligibility Criteria for Jeevan Lakshya Plan
You must fulfil the below-mentioned criteria in order to buy LIC Jeevan Lakshya plan.
LIC Jeevan Akshay – Product Specification:
When do you Get your Pension
Based on the mode of payment chosen you will start getting pension as follows:
Details about Premium
Annuity rates for a Premium of Rs.1 lakh
Incentives for Higher Purchase Price:
You will get a higher annuity amount due to the available incentives if you buy a policy for a purchase price of Rs. 2.5 lakhs or more. Further, for the policies that are sold online, there is an availability of a rebate of 1 percent by way of adding in the rate of the annuity.
Service tax (if any) must be paid according to the Service Tax Laws and at the Service tax rate as applicable at regular intervals of time.
The service tax amount, according to the prevailing rates, must be paid along with the purchase price.
Surrender must be allowed once your policy completes at least one policy year only for the Annuity Option- Annuity with Return of Purchase Price, under the circumstances mentioned in the table below:
Grace Period: Grace period is not applicable.
Policy Termination or Surrender Benefit: the policy does not acquire any Surrender Value.
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of Jeevan Akshay policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Loan is not available under Jeevan Akshay plan.
Additional Features or Riders of Jeevan Akshay
The annuity rates are higher for higher Purchase Price of 250,000 and above.
Higher annuity rates for online purchases.
Policyholder has to fill up an `Application form/ proposal form with accurate medical history along with the address proof and other KYC documents.