Last Updated: January 02, 2023, 17:50 IST
The policies offered by LIC allow investors to gain notable returns and also give options for tax saving.
LIC allows its investors to secure their future and mainly their retirement and has gained the significant trust of the people
When we talk about insurance in India, the first name that pops up in our minds is Life Insurance Corporation of India. This government-owned company has a larger market share than any other insurance company. LIC allows its investors to secure their future and mainly their retirement and has gained the significant trust of the people. The policies offered by LIC allow investors to gain notable returns and also give options for tax saving. Some of the policies offered by LIC are life insurances and pension plans which like most schemes allow investors to start saving in bits and pieces to eventually build a corpus for their retirement.
This is where LIC’s Jeevan Akshay differs from all other policies offered by the insurer. Those who subscribe to the Jeevan Akshay policy will have to invest only a fixed amount once to enjoy monthly pensions of up to Rs 20,000, the lump sum amount deposited with the insurer. This eases the stress of monthly payments and instalments, making it a policy that is gaining popularity and becoming one of the best LIC policies available to the public.
The investment in the Jeevan Akshay scheme begins to generate income after a predetermined time frame, once LIC has earned enough interest from the money invested. This income can be received monthly, quarterly, or annually up until the beneficiary’s passing.
The Jeevan Akshay policy can be purchased online or offline by an individual aged between 30 to 85 years with a single premium minimum investment of Rs 1 lakh. The bare minimum pension that one may receive is Rs. 12,000. This policy is available for both Single life and Joint life policy with ten annuity options to choose from. The ability to obtain a loan 90 days after purchasing a policy is one of the plan’s additional advantages.
Now you must be wondering how a monthly pension with this policy works and how one can get Rs 20,000 per month. So for a person looking to get Rs 20,000 monthly, the lump sum amount that has to be invested with the Life Insurance Corporation would come up to Rs 40 lakh 72 thousand. That is why, the scheme has been garnering the attention of many and becoming popular among people.
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