New Delhi: Life Insurance Corporation of India (LIC), one of the trusted company in the country, is offering a ‘Jeevan Akshay’ policy which ensures a regular monthly pension for investors.
You can invest in this policy for yourself or for your loved ones. The ‘Jeevan Akshay’ policy is one of the best selling policy 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.