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Plan No. 857Immediate Annuity
LIC's Jeevan Akshay - VII
"Immediate pension for a secure retirement."
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.
Key Features
- ✓Immediate pension starts from next month/quarter/year.
- ✓Multiple annuity options available.
Eligibility Criteria
Minimum Age30 Years
Maximum Age100 Years
Minimum TermWhole Life
Maximum TermWhole Life
Min Sum Assured₹ 1,00,000 (Purchase Price)
Max Sum AssuredNo Limit
Plan Benefits
Death Benefit
Return of purchase price (under specific options).
Survival Benefit
Regular annuity payouts.
Maturity Benefit
N/A
Real-World Example
Profile60-Year-Old Retiree
Sum Assured₹ 50,00,000 (Lump Sum Paid)
Term DetailsWhole Life
Annual Premium₹ 50,00,000 (Single Premium)
Expected Returns₹ 3,50,000 / Year for Life
How it Works
He retires with ₹ 50 Lakhs from provident fund. He gives it to LIC. Starting the very next month, LIC starts paying him a pension totaling roughly ₹ 3.5 Lakhs a year for the rest of his life. Upon his death, the original ₹ 50 Lakhs is returned to his wife or children.