LIC Jeevan Akshay Plan: Pay single premium, get Rs 20,000 every month, check return calculator, chart
Life Insurance Corporation (LIC) of India, the country’s largest insurer, offers several various policies allowing investors to secure their retirement. Besides impressive returns, investors get options to save their taxes with the policies.
In most schemes, LIC allows investors to start saving little to build a corpus for their retirement. However, in the LIC Jeevan Akshay Yojana, subscribers have to invest a certain amount just once to enjoy monthly pensions.
The returns will keep coming until the death of the beneficiary. Your investment in the Jeevan Akshay scheme starts earning a monthly or three-monthly or annual income after a stipulated period of time after LIC has gained enough interest from your money.
How to buy the scheme
You can buy the Jeevan Akshay policy online or offline if you’re an individual aged between 30 to 85 years. The minimum investment as a single premium in the scheme is Rs 1 lakh.
Joint investment option
Joint investors can also invest in the Jeevan Akshay policy. However, each investor has to invest Rs 1 lakh individually. Once you invest the sum, you can sit back and relax, as you’ll start receiving your monthly pension soon. The more you invest the more pension you’ll get.
Options for investment in LIC Jeevan Akshay Plan
LIC offers over 10 available annuity options in the Jeevan Akshay policy. The policyholder gets a guaranteed annuity rate at the very beginning of taking the policy. The returns of investments vary slightly depending on the option you select.
In this example, we’re considering that an investor deposited Rs 9,16,200 in one go in Jeevan Akshay policy. Roughly, the investment is approximately Rs 9 lakh. Investors will get Rs 6,859 per month as returns from their investments. Likewise, they’ll get Rs 86,265 annually or Rs 42,008 on a half-yearly basis or Rs 20,745 on a quarterly basis.
If you want to take Rs 20,000 pension per month, you have to invest about Rs 40 lakh.