Insurance Blog

LIC Pension Plan Jeevan Akshay - Pension payable for policyholder & Spouse with return of lumpsum

In this above option, pension will be paid for the policyholder till the end of their life. After the policyholder expires, pension will be paid to their spouse. After the spouse and the policyholder expires, the lumpsum, whatever was deposited during the purchase of the policy would be returned to the nominee. Below is the pension rates for 1 lakh deposit.

Comments (16) -

  • Narendra

    6/15/2016 3:11:35 PM | Reply

    Heard that LIC going to reduce interest rates for new investors. When is this going to happen? I am planning to invest in March 2017.

    • Prashanth

      6/15/2016 9:48:28 PM | Reply

      This might be a possible rumour. There is no official statement from LIC or any of its office bearers on any such reduction in bonus / interest rates. Added to that, the financial standing of LIC is in a good position which may not give place to any such possibilities.

  • Amiya Patnaik

    6/16/2016 3:49:22 PM | Reply

    Can I surrender this policy after a few years and get back my principal amount?

    • PolicyTray

      6/16/2016 3:54:35 PM | Reply

      There is no surrender value in this plan.

  • Suraj

    6/17/2016 10:42:22 PM | Reply

    Are there three persons involved in his policy - myself, my spouse and the nominee? or my spouse can be the nominee also ?

    • Rajasekaran

      6/20/2016 9:53:52 PM | Reply

      Yes. There are 3 persons involved in this option of Jeevan Akshay. Your spouse cannot be the nominee, as the nominee would receive the lumpsum after your spouse expires.

  • Nivesh

    6/24/2016 11:02:57 PM | Reply

    How to change the nominee in a LIC policy

    • Rajasekaran

      6/29/2016 11:06:22 PM | Reply

      You shall write a letter to the Branch manager of your LIC home branch asking to change the nominee of your policy with your new nominee details

  • dr baidyanath jha

    7/30/2016 9:39:00 PM | Reply

    sir, still this plan is existing?

  • dr baidyanath jha

    7/30/2016 9:40:11 PM | Reply

    sir, still this plan is in existence?

  • Rajasekaran

    8/1/2016 11:58:48 AM | Reply

    Yes. The plan is available for purchase.

  • Shibu Abraham

    11/25/2016 10:49:52 AM | Reply


    I am planning to invest 1.25 crores in this plan from my NRE account.  I am 42 years old. How much pension will I get per month under this plan? What is the current rate of interest

    Is it possible to credit the monthly pension amount to my NRE account? Is it taxable if credited to NRE account?

    Also I heard that LIC is going to revise the interest rate after SBI recently reduced their interest rates for fixed deposits. Can you confirm if there is any possibility of a sudden reduction in interest rate from LIC under this plan?

    • PolicyTray

      11/25/2016 3:31:16 PM | Reply

      Dear Sir,
      The current interest rate in this option of Jeevan Akshay for you (age 42 yrs) would be 6.895%. So, if you invest 1.25 crore, then you would receive Rs.8,61,000 as annual pension.
      Money can be credited to your NRE account, but as all pension are considered as income, they are taxable.
      As of now, post demonetization only banks had reduced their interest rates. LIC has not revealed any such reduction in their interest rates.

  • Hello

    11/25/2016 2:35:42 PM | Reply

    is the immediate pension receive is taxable?

    • PolicyTray

      11/25/2016 3:11:15 PM | Reply

      Yes. The pension that you receive from Jeevan Akshay will be added to your income and its taxable.

  • Anand

    11/8/2017 6:01:17 PM | Reply

    Hello  sir , My Name is Mr.Anand  &  age 38 , I am planning  to  invest 10 lakhs in this pension scheme..  can I get immediate pension...how much can I get Monthly...can  we  convert  monthly  to  yearly...who  will  be  the  nominee... and  how much amount will nominee  get... can we choose  both children's has nominee's...