Alert for Pensioners! LIC of India reintroduces Jeevan Akshay plan, modifies Jeevan Shanti

By | November 12, 2020
Alert for Pensioners! LIC of India reintroduces Jeevan Akshay plan, modifies Jeevan Shanti

Alert for Pensioners! LIC of India reintroduces Jeevan Akshay plan, modifies Jeevan Shanti

insurance, life insurance, Life Insurance Corporation of India, LIC of India, LIC policy, Jeevan Akshay, Jeevan Shanti, pension plans, immediate annuity plan, deferred annuity plan, National Pension System, NPSJeevan Akshay VII is now the fast annuity plan of the LIC of India and Jeevan Shanti has develop into a deferred annuity plan.

Few months after withdrawing its flagship fast annuity plan Jeevan Akshay, the nation’s largest life insurer Life Insurance coverage Company (LIC) of India has reintroduced the plan, which is immensely well-liked amongst pension seekers and subscribers of Nationwide Pension System (NPS).

The fast annuity plan Jeevan Akshay was withdrawn after introduction of Jeevan Shanti, which, together with deferred annuity choices, even have fast annuity choices.

Nevertheless, the LIC of India has reintroduced Jeevan Akshay because it was an immensely well-liked plan and the mainstay within the insurer’s pension plan portfolio.

For this, the life insurance coverage behemoth has modified the Jeevan Shanti plan to make it a deferred annuity solely plan by withdrawing the fast annuity half to keep away from duplication with Jeevan Akshay.

So, the newly launched Jeevan Akshay VII is now the fast annuity plan of the LIC of India and Jeevan Shanti has develop into a deferred annuity plan.

“With the introduction of latest fast annuity plan Jeevan Akshay-VII, all of the fast annuity choices (i.e. Possibility A to J) obtainable below Jeevan Shanti shall be withdrawn with impact from August 25, 2020,” mentioned LIC of India in its Round, including, “Nevertheless, the deferred annuity choices (i.e. Possibility 1 & Possibility 2) obtainable below Jeevan Shanti shall proceed to be obtainable on the market.”

“All different phrases and circumstances in respect of deferred annuity choices (i.e. Possibility 1 & Possibility 2) obtainable below LIC’s Jeevan Shanti as laid out in introductory Round Ref: CO/PD/109 dated 11.09.2018, Round Ref: CO/PD/110 dated 26.09.2018 and modification Round CO/PD/123 dated 23.08.2019 shall stay unaltered,” the Round additional mentioned.

So, as an alternative of Jeevan Shanti, Possibility A to J will solely be obtainable with LIC’s Jeevan Akshay. The choices are:

  • Possibility A: Quick Annuity for all times.
  • Possibility B: Quick Annuity with assured interval of 5 years and life thereafter.
  • Possibility C: fast Annuity with assured interval of 10 years and life thereafter.
  • Possibility D: Quick Annuity with assured interval of 15 years and life thereafter.
  • Possibility E: Quick Annuity with assured interval of 20 years and life thereafter.
  • Possibility F: Quick Annuity for all times with return of Buy Worth.
  • Possibility G: Quick Annuity for all times growing at a easy charge of three per cent each year.
  • Possibility H: Joint Life Quick Annuity for all times with a provision for 50 per cent of the annuity to the Secondary Annuitant on demise of the Main Annuitant.
  • Possibility I: Joint Life Quick Annuity for all times with a provision for 100 per cent of the annuity payable so long as one of many Annuitant survives.
  • Possibility J: Joint Life fast Annuity for all times with a provision for 100 per cent of the annuity payable so long as one of many Annuitant survives and return of Buy Worth on demise of final survivor.

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