Our Profile

Vedpal Singh

Vedpal Singh stands out as a Life Insurance Specialist working with the Life Insurance Corporation, India since 20 years. We continually provide ONLINE and OFFLINE support to our customers from the selection of plan, Opening the LIC policy until settlement of the maturity claim. We not only sell policies, we offer need based solutions according to the individual need of the clients. We are best known for our professional methodology and honest advice. We feel happy and privileged to serve our customers at any given time, which makes access to our customers easier.

What is LIC Jeevan Akshay Plan

• This is an Immediate Annuity plan wherein the Policyholder has an option to choose type of annuity from 10 available options on payment of a lump sum amount.

• The annuity rates are guaranteed at the inception of the policy and annuities are payable throughout the life time of Annuitant(s).
This plan can be purchased offline as well as online.

2. Annunity Options:

The available annuity options under this plan are as under:
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.

 

• Benifts of Jeevan Akshay Plan

 

Benefits payable under above options are:

Option	Benefits
Option A	The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of Annuitant, nothing shall be payable and the annuity payment shall cease immediately.
Option B,C,D,E	The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of the Annuitant during the guaranteed period of 5/10/15/20 years, the annuity shall be payable to the nominee(s) till the end of the guaranteed period. On death of the Annuitant after the guaranteed period, nothing shall be payable and the annuity payment shall cease immediately.
Option F	The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. On death of the annuitant, the annuity payment shall cease immediately and Purchase Price shall be payable to nominee(s) as per the option exercised by the Annuitant as specified in Para 9.
Option G	The annuity payments shall be made in arrears for as long as the Annuitant is alive, as per the chosen mode of annuity payment. The annuity payment will be increased by a simple rate of 3% per annum for each completed policy year. On death of annuitant nothing shall be payable and the annuity payment shall cease immediately.
Option H	The annuity payments shall be made in arrears for as long as the Primary Annuitant is alive, as per the chosen mode of annuity payment. On death of Primary Annuitant, 50% of the annuity amount shall be payable to the surviving Secondary Annuitant as long as the Secondary Annuitant is alive. The annuity payments will cease on the subsequent death of the Secondary Annuitant. If the Secondary Annuitant predeceases the Primary Annuitant, the annuity payments shall continue to be paid and will cease upon the death of the Primary Annuitant.
Option I	100% of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. On death of the last survivor, the annuity payments will cease immediately and nothing shall be payable.
Option J	100% of the annuity amount shall be paid in arrears for as long as the Primary Annuitant and/or Secondary Annuitant is alive, as per the chosen mode of annuity payment. On death of the last survivor, the annuity payments will cease immediately and Purchase Price shall be payable to the nominee(s) as per the option exercised by the Primary Annuitant as specified in Para 9.

 

Eligibility Criteria for

i. Minimum Purchase Price*:

Age at entry (in completed years)	Minimum Purchase Price
25 years to 29 years	`10,00,000/-
30 years and above	`1,00,000/- subject to Minimum Annuity as specified below

• Note: The above mentioned minimum purchase price would be increased appropriately to meet minimum annuity criterion as specified below.
• For Purchase Price less than `1,50,000/-,annuity rates given under this plan shall be reduced with Reduction Factors as given in Para 7 below

ii. Maximum Purchase Price: No Limit

iii. Minimum Age at Entry : 25 years (completed) subject to minimum Purchase Price as specified under 4(i) above

iv. Maximum Age at Entry : 85 years (completed) except Option F 100 years (completed) for Option F

v.. Minimum Annuity* :

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.

*Exceptional cases where minimum Purchase Price and minimum annuity as specified above shall not be applicable:

i. If the plan has been purchased for the benefit of dependant person with disability(Divyangjan) as specified in Para 9.iii below, the proposal shall be allowed without any restriction on minimum annuity and the minimum Purchase Price under such cases shall be shall be `50,000/-. In such cases, the annuity rates shall be applicable without any reduction factor as specified in Para 7.

ii. If the plan has been purchased on exit by the subscribers of NPS regulated by the Pension Fund Regulatory and Development Authority (PFRDA) as specified in Para below, the restriction on minimum annuity and the minimum Purchase Price shall be as per PFRDA Rules and Regulations as amended from time to time.

5. Mode of Annuity payment

The modes of annuity available are yearly, half-yearly, quarterly, and monthly. The Annuity shall be payable in arrears i.e. the annuity payment shall be after 1 year, 6 months, 3 months and 1 month from the date of commencement of policy depending on whether the mode of annuity payment is Yearly, Half yearly, Quarterly and Monthly respectively.

6. Incentives

The following incentives are available under this plan:

i. Incentive for higher purchase price:
Incentive for higher purchase price by way of increase in the annuity rate is provided for four slabs of purchase price i) `5,00,000 to `9,99,999 ii) `10,00,000 to `24,99,999 iii) `25,00,000 to ` 99,99,999 iv) `1,00,00,000 and above.
The incentive for higher purchase price depends on the purchase price slab and on mode of annuity payments. The incentive increases as the purchase price moves from the lower slab to higher slab of the purchase price. The incentive also increases with the reduction in frequency of annuity payments.

ii. Incentive for Direct Sale by way of increase in the annuity rate is as under:
A rebate of 2% by way of increase in the annuity rate shall be applicable for policies purchased Online, by NPS subscribers and as QROPS.

7. Reduction Factor for Purchase Price less than `1,50,000/ :

For Purchase Price less than `1,50,000/-, annuity rates given under this plan shall be reduced with Reduction Factors.

Reduction factor is provided for two slabs of purchase price, first slab being `1,00,000 to `1,49,999 and second slab being less than `1,00,000. The reduction factor for the first slab is lower than for the second slab.

The Reduction Factor specified above shall not be applicable where the plan has been purchased for the benefit of dependent person with disability (Divyangjan).

8. 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
Option A: Immediate Annuity for life	74,200
Option B: Immediate Annuity with guaranteed period of 5 years and life thereafter	74,100
Option C: Immediate Annuity with guaranteed period of 10 years and life thereafter	73,800
Option D: Immediate Annuity with guaranteed period of 15 years and life thereafter	73,300

Option E: Immediate Annuity with guaranteed period of 20 years and life thereafter	72,800
Option F: Immediate Annuity for life with return of Purchase Price	64,800
Option G: Immediate Annuity for life increasing at a simple rate of 3% p.a.	56,400
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	70,700
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	67,500
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	63,900