Insurance Blog

LIC Pension Plan Jeevan Akshay - Lifetime pension for policyholder with 100% pension for Spouse

Under this option in Jeevan Akshay, pension will be provided to the policy holder from the time he purchases the policy till the end of their life. After the policy holder expires, equal amount (100 %) of the pension the policyholder received will be provided to their spouse till the end of the life of the policy holder's spouse. Nothing will be paid to anyone after the spouse of the policy holder expires. Below is the pension rates under this option for 1 Lakh deposit.

Comments (29) -

  • darshana

    6/15/2016 3:14:21 PM | Reply

    Is the pension taxable even if the annual pension is below 10000?

    • PolicyTray

      6/15/2016 3:21:44 PM | Reply

      It will be well thought-out as income, hence it will be taxable, but you can submit 15G form to claim payment without TDS in case your total income comes under tax free slab.

  • Amit

    6/15/2016 9:56:22 PM | Reply

    What will be my monthly pension if I invest 10 Lakh in this plan. What will my spouse receive after my demise ?

    • Prashanth

      6/16/2016 9:43:01 PM | Reply

      Hi Mr.Amit,
      We will be able to calculate your pension only if we have your exact age. Can you please let me know your age.

      • Amit

        6/17/2016 10:51:15 PM | Reply

        I am 52 years old

        • Rajasekaran

          6/20/2016 10:00:04 PM | Reply

          You will receive a yearly pension of Rs.74,800 if you invest 10 lakh and if you are currently 52 years old. You would receive this pension till the end of your life. After your demise, your spouse would receive the same pension of Rs.74,800 annually. After the demise of your spouse, the policy would be closed and nothing would be paid to anyone else.

    • sriman

      1/31/2017 10:36:26 PM | Reply

      What will be my monthly pension if I invest 10 Lakh in this plan.  I am 60 years old

      • PolicyTray

        1/31/2017 10:53:37 PM | Reply

        Dear Sir,
        You will receive a monthly pension of Rs.6,691 till the end of your life if you invest 10 Lakh in this plan.

  • Chandra

    6/22/2016 12:11:55 AM | Reply

    It has been mentioned in the policy document that if the purchase price of the policy is above 2.5 lakhs, then the annuity would be higher due to high purchase price rebate. How does it exactly works. Will I get higher pension amount or there will be discount in the purchase price ?

    • Rajasekaran

      6/24/2016 11:10:00 PM | Reply

      Yes. Jeevan Akshay offers rebate on high purchase price. You will not be having any discount in the purchase price. Rather, you would receive higher pension due to the extra pension added for high purchases. You will receive the above mentioned tabular pension if your purchase price is below 2.50 Lakh, as there is no high purchase price rebate for purchases below 2.50 lakh.
      For purchase prices of 2.50 lakh or higher and if its below 5 lakh, then the adds to your pension equal to 3.75% of the purchase price in case of yearly pension mode.

  • vipin

    7/14/2016 10:54:22 AM | Reply

    I am 57 years old. What will be the monthly pension for 30 lakhs investment? Is there tax payable for the pension amount? The scheme is 100% benefit for spouse also.

    • Rajasekaran

      7/14/2016 11:28:32 AM | Reply

      Dear Sir,
      You would receive a monthly pension of Rs.19,600 till the end of your life and after you expire, your spouse would get the same monthly pension of Rs.19,600 till the end of their life.

  • Ainak

    7/15/2016 2:34:36 PM | Reply

    I am 56 years old and my wife is 48 years old. I wish to buy insurance for 100% pension for spouse scheme for an amount of 50 lacs. What will be the monthly annuity.

    • Rajasekaran

      7/16/2016 1:28:51 PM | Reply

      Dear Sir,
      You would receive a monthly pension of Rs.32,150 till the end of your life and your spouse would also get the monthly pension of Rs.32,150 post you expire, till the end of her life.

  • asit kumar khandai

    8/5/2016 1:29:46 PM | Reply

    hi if i will take a pilicy for 15 years and 100000,how much amt i will get ,pension ,i am in 32 years old

    • Rajasekaran

      8/5/2016 2:44:49 PM | Reply

      This option of Jeevan Akshay will provide you pension till the end of your life and then your spouse would start receiving the pension and will continue till the end of your spouse's life. There is no facility of taking the pension for 15 years in this option. You will receive an annual pension of Rs.7010 if you invest 1 lakh.

  • asit kumar khandai

    8/5/2016 1:30:47 PM | Reply

    hello sir please suggest 15 years term and 1 lakhs premium

  • P K Kaushal

    8/9/2016 12:05:11 PM | Reply

    I am 67 year old and my wife 60 years. I want to deposit 10 lac towards one time premium and opt for quarterly payment
    As I understand, I will get monthly payment of Rs 8030.00 till I attain 70 yrs and Rs 9370.00 beyond that. Are these rates fixed and my wife will get same amount after my death till she lives
    Pl confirm

  • Rajasekaran

    8/11/2016 11:30:10 AM | Reply

    Dear Sir,
    If you are 67 years old and if you purchase this policy for 10 Lakhs, you shall receive an annual pension of Rs.90,000 till the end of your life. Quarterly once, you will receive Rs.22,500. After you expire, your wife will receive the same amount of pension of Rs.22,500 (quarterly) till the end of her life and this pension amount is fixed.

  • prasanth kumar ss

    8/22/2016 4:34:16 PM | Reply

    pension- monthly 10000

  • Satya Narayan Malick

    10/28/2016 8:05:46 PM | Reply

    Sir,I am of 60yrs. I want to make a plan of 10lacs rupees at a time. So then what will be pension plan monthly ,quarterly ,and annually receive respectively. As my wife is of 56 yrs old.after my death what she will get
    .and what about the capital ,it will be returned as on demand date to nominee or not.

    • Rajasekaran

      10/28/2016 10:43:49 PM | Reply

      Dear Sir,
      In this option of Jeevan Akshay, if you invest 10 lakh, then you would receive annual pension of Rs.80,300 (Quarterly - Rs.20,075 and Monthly - Rs.6,690). After you expire, your wife would receive the same amount of pension (Annually - Rs.80,300) till the end of her life. After your wife expires, nothing would be payable to the nominee.

      Rather, if you would like to choose the option where the nominee would receive the lumpsum, you shall opt for option -3. You shall check the details at - policytray.com/.../jeevan-akshay-pension-payable-for-policyholder-and-spouse-with-return-of-lumpsum

  • biswanath tripathy

    11/29/2016 3:03:55 PM | Reply

    i want to know whether in this plan after death of policy holder, the long sum paid to the nominee is tax deducted or not. please consider for 100000 investment.

    • PolicyTray

      1/31/2017 10:56:02 PM | Reply

      In this policy, after the demise of the policy holder, only pension would be provided for the spouse of the policyholder. NO lumpsum would be paid.

  • Sanjay Kulkarni

    3/8/2017 3:23:00 PM | Reply

    My age is 43 & my wife age is 40. If I invest 10 Lacs then what would be the monthly pension? After our demise whether the premium 10 Lacs would return to my nominee?

    Whether these 10 Lacs can be invested in 2 installments (5 Lacs each)?