Secure Your Future with LIC Jeevan Akshay and Maximize Your Pension using LIC Jeevan Akshay Calculator

Introduction:

Welcome to our comprehensive guide on securing your future with LIC Jeevan Akshay and unlocking the potential of a guaranteed pension plan. As retirement planning assumes paramount importance in our lives and becomes crucial, LIC Jeevan Akshay emerges as a beacon of financial security, offering an immediate annuity plan that promises a steady stream of income for life. This plan is also called as LIC's Jeevan Akshay - VII (Plan No. 857).

In this article, we will delve into the myriad benefits of LIC Jeevan Akshay and explore how you can maximize your pension through the LIC Jeevan Akshay Calculator for personalised planning, ensuring a stress-free and prosperous post-retirement journey.

Understanding LIC Jeevan Akshay

At the heart of every well-crafted retirement plan lies the assurance of stability, and LIC Jeevan Akshay excels in delivering just that. This immediate annuity plan, offered by the prestigious Life Insurance Corporation of India (LIC), allows you to convert a lump sum payment into a consistent source of income regularly. Bursting with versatility, LIC Jeevan Akshay offers a range of annuity options, each tailored to cater to diverse financial aspirations and objectives and allowing you to choose what suits your financial goals. The hallmark and major important point of this plan is its commitment to providing a guaranteed income for life which won't be affected by market fluctuations or ever-changing interest rates. So, with LIC Jeevan Akshay, you can embrace the future with confidence and secure in the knowledge that your financial well-being is safeguarded.

Details on LIC Jeevan Akshay Policy

LIC's Jeevan Akshay - VII (Plan No. 857) is a Non-Participating, Non-Linked, Individual Immediate Annuity pension plan, which has 10 available annuity options on payment of a lump sum amount.

All Annuity Options:

Below are the available annuity options to choose:

Option A: Immediate Annuity for life.

Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter.

Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter.

Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter.

Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter.

Option F: Immediate Annuity for life with return of Purchase Price.

Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.

Option H: Joint Life Immediate Annuity for life with a provision for 50% of the annuity to the Secondary Annuitant on death of the Primary Annuitant.

Option I: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives.

Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

Annuity option once chosen cannot be altered.

Eligibility Criteria:

Minimum Age at Entry : 25 years

Maximum Age at Entry : 85 years

Joint Life: The joint life annuity can be taken between any two lineal descendant/ascendant of a family (i.e. Grandparent, Parent, Children, Grandchildren) or spouse or siblings.

Minimum Purchase Price: 10,00,000/- if Age at entry is between 25 years to 29 years, and 1,00,000/-( subject to Minimum Annuity) for Age at entry is 30 years and above

Maximum Purchase Price: No Limit

Minimum Annuity:

Annuity can be paid in different modes such as: yearly, half-yearly, quarterly, and monthly

Illustration:

Purchase Price : 10 lakh (excluding applicable taxes)

Age of Annuitant at entry: 45 years (completed)

Annuity Mode : Yearly

Age of Secondary

Annuitant at entry : 35 years (completed) (applicable for Joint life annuity only)

Annuity Option Annuity Amount(Rs.)

Option A 74,200

Option B 74,100

Option C 73,800

Option D 73,300

Option E 72,800

Option F 64,800

Option G 56,400

Option H 70,700

Option I 67,500

Option J 63,900

Surrender Value:

Only under the Option F and J annuity options, the policy can be surrendered at any time after 3 months from the completion of policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later.

• Option F: Immediate Annuity for life with return of Purchase Price.

• Option J: Joint Life Immediate Annuity for life with a provision for 100% of the annuity payable as long as one of the Annuitant survives and return of Purchase Price on death of last survivor.

The surrender value payable shall depend on the age of the Annuitant at the time of surrender of the policy.

If the chosen annuity option is not F or J then, surrender of policy shall not be allowed.

The policy shall terminate and all other benefits shall cease on the payment of the surrender value.

Loan:

Loan facility shall be available at any time after three months from the completion of policy or after expiry of the free-look period, whichever is later, subject to terms and conditions as the Corporation may specify from time to time and it is allowed to Option F and J only.

Tax:

The taxes, if any, will be imposed on such insurance plans by the Govt. of India as per the Tax laws.

Free Look Period:

The policy may be returned to the LIC Office within 30 days from the date of receipt of the electronic or physical mode policy bond, whichever is earlier, stating the reasons for objections by the policy holder if he/she is not satisfied with Terms and Condition of the policy..

The Significance of Maximizing Pension:

As the sun sets on the horizon of our working lives, the quest for financial freedom takes center stage. Similarly, during retirement, your pension becomes vital for financial stability. Maximizing your pension emerges as a pivotal step in ensuring a comfortable and worry-free retirement. Embracing the spirit of burstiness, LIC Jeevan Akshay proffers a bouquet of annuity options, allowing you to tailor your pension plan according to your unique requirements. Maximizing your pension is essential to cover living costs and combat inflation.

In the symphony of economic realities, the rising tide of inflation often threatens to erode the value of money. However, with LIC Jeevan Akshay's dynamic annuity options, you can navigate these turbulent waters, fortifying your pension against the erosive forces of inflation and offer flexibility to optimize your pension payouts. Bursting forth with potential, LIC Jeevan Akshay empowers you to embrace your post-retirement years with a sense of financial serenity.

Harnessing the Power of LIC Jeevan Akshay Calculator:

The LIC Jeevan Akshay Calculator simplifies retirement planning. As we venture deeper into the landscape of retirement planning, let's understand how the LIC Jeevan Akshay Calculator helps. This ingenious tool serves as your compass, guiding you towards a well-informed and customized pension plan. Bursting with user-friendly features, the LIC Jeevan Akshay Calculator allows you to input essential details, such as your age, premium amount, and preferred annuity option. The calculator instantly generates personalized results, so you can customize your pension plan to fit your needs and explore possibilities. You can visualize diverse scenarios, enabling you to make prudent and informed choices that align with your financial aspirations. With the LIC Jeevan Akshay Calculator by your side, you embark on a journey of financial discovery, illuminating the path to a secure and fulfilling retirement.

Tips for Optimal Retirement Planning

As we approach the crescendo of this guide, the symphony of optimal retirement planning offers pragmatic tips to enhance your financial future:

Begin Early: The time-tested wisdom of starting your retirement planning early allows you to reap the rewards of higher pension payouts. So, consider starting early.

Understanding Annuity Options: Bursting with flexibility, familiarize yourself with the various annuity options LIC Jeevan Akshay provides to tailor your plan precisely.

Assess Your Needs: Assess your lifestyle, financial commitments, and future aspirations to determine your ideal pension amount.

Inflation - The Silent Intruder: Embrace the concept of inflation when selecting your annuity option, ensuring your pension retains its value over time.

The Dance of Periodic Review: Periodically review your pension plan to adapt to changing circumstances and optimize your financial stability.

Conclusion:

LIC Jeevan Akshay presents a secure way to plan for your future and enjoy a worry-free retirement. Utilize the LIC Jeevan Akshay Calculator to personalize your pension plan. Start planning now to secure your financial future and live life on your terms. Invest in LIC Jeevan Akshay and maximize your pension today.

In the grand tapestry of retirement planning, LIC Jeevan Akshay stands tall as a beacon of financial security. Its guaranteed pension plan, complemented by the LIC Jeevan Akshay Calculator, empowers you to unlock the potential of a worry-free and secure retirement and use it to personalize your pension plan. Embrace the symphony of financial freedom and invest in LIC Jeevan Akshay today. As you pen the opus of your financial future, this LIC Jeevan Akshay Policy ensures that your retirement years are illuminated with the hues of prosperity and stability. Secure your future now by starting planning and live life on your terms. and embark on a journey of abund ance and contentment. Invest in LIC Jeevan Akshay and maximize your pension today.

If you want to know more or to take this plan to secure your's or your loved ones future, you can please contact me today..

Frequently Asked Questions (FAQ):

Q1. What is LIC Jeevan Akshay, and how does it work?

LIC Jeevan Akshay is an immediate annuity plan offered by the Life Insurance Corporation of India (LIC). It is designed to provide a guaranteed source of income for the policyholder during their post-retirement years. The plan works by converting a lump sum payment into a regular stream of income, starting immediately or from a future date chosen by the policyholder. The policyholder can select from various annuity options available under LIC Jeevan Akshay to suit their financial requirements and preferences.

Q2. What are the annuity options available under LIC Jeevan Akshay?

LIC Jeevan Akshay offers multiple annuity options, catering to the diverse needs of policyholders. The available annuity options include:

Annuity for Life: Provides a regular income for the lifetime of the policyholder, with no payout to nominees after the policyholder's demise.

Joint Life Last Survivor Annuity: Offers income to the policyholder and their spouse for life. Upon the demise of both, the nominees receive the purchase price.

Annuity with Return of Purchase Price: Grants a regular income to the policyholder for life, and the purchase price is returned to the nominees upon the policyholder's demise.

Annuity Certain for a Fixed Period: Provides a regular income for a specific period (e.g., 5, 10, 15, or 20 years). If the policyholder survives the period, the payments continue for life.

Increasing Annuity: Offers a gradually increasing income over time to counter inflation and rising living costs.

Q3. How is the pension payout calculated with LIC Jeevan Akshay?

The pension payout with LIC Jeevan Akshay is determined based on several factors, including the policyholder's age, the premium amount paid, and the selected annuity option. The prevailing interest rates at the time of policy purchase also influence the pension amount. The LIC Jeevan Akshay Calculator can assist in calculating personalized pension payouts based on the inputs provided by the policyholder.

Q4. Can I choose more than one annuity option under LIC Jeevan Akshay?

No, the policyholder can select only one annuity option under LIC Jeevan Akshay. The chosen annuity option will govern the terms of the policy and the mode of income received by the policyholder.

Q5. Is LIC Jeevan Akshay eligible for tax benefits?

Yes, LIC Jeevan Akshay offers tax benefits under the Income Tax Act. Policyholders can contact with tax adviser on this.

Q6. What happens to the pension payments in case of the policyholder's demise?

The fate of the pension payments depends on the annuity option chosen by the policyholder. If the policyholder selects the "Annuity for Life" option, the pension payments cease after the policyholder's demise. However, if the policyholder opts for an annuity option with a return of purchase price or a joint life last survivor annuity, the nominees or the spouse continue to receive the pension payments or the purchase price as per the chosen option.

Q7. How to take up this LIC Jeevan Akshay VII plan?

You can contact me to know more on this LIC Jeevan Akshay Policy or any other LIC policy or if you want to take up this plan to secure your or your loved ones future.

Happy Investing !!! 🙏🙏🙏

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Secure Your Future with LIC Jeevan Akshay and Maximize Your Pension using LIC Jeevan Akshay Calculator

Secure Your Future with LIC Jeevan Akshay and Maximize Your Pension using LIC Jeevan Akshay Calculator

Table of Contents:

Introduction:

Understanding LIC Jeevan Akshay