Insurance Blog

LIC Pension Plan Jeevan Akshay - Lifetime pension with annuity increasing at 3% annually

Under this increasing annuity option, the policyholder will receive a lifetime pension. But the amount of pension that he would receive is not a fixed one. The pension that he would receive will be increasing at a rate of 3% every year. So, 10 years down the line, the pension paid would be 30% higher compared to what would be given right now. After the policy holder expires, nothing would be paid to the nominee. Below is the sample pension rates that the policy holder would receive on the first year as annuity.

Comments (11) -

  • Rahul

    6/15/2016 10:14:17 PM | Reply

    Will the pension be increasing 3% year on year with compounding or will the increase be 3% of the base pension ie., the first year pension.

  • Prashanth

    6/16/2016 9:48:32 PM | Reply

    The increase in pension will not be compounding and it would be raised on the base premium only. Consider if you are receiving 1 Lakh of pension in the first year, then the second year pension would be 1.03 lakh and the third year pension would be 1.06 lakh and the 10th year pension would be 1.27 lakh.

  • Kumar

    6/17/2016 11:17:57 PM | Reply

    Is there any medical test required for taking this policy for high value. Because i have heard that its mandatory to take medical test if the insurance policy value is high.

    • Rajasekaran

      6/20/2016 10:04:59 PM | Reply

      No medical test is required for purchasing Jeevan Akshay policy, whatever the option may be choosen and how ever high the pension policy may be.

  • Rahul

    6/22/2016 12:19:33 AM | Reply

    I am 35 years old now. Is it possible that I can purchase this policy right now and can starting receiving pension after 5 years when i become 40 years old.

    • Prashanth

      6/24/2016 11:15:55 PM | Reply

      This is an immediate annuity plan and so there is no option of deferring the payment of annuity. You do not have the option of delaying the annuity payment in this policy.

  • Ashok gupta

    7/31/2016 4:03:17 PM | Reply

    wat happens to the policy after 10 years ? does it ends & base amount is refunded?

    • Rajasekaran

      8/1/2016 11:58:20 AM | Reply

      The policy will continue to provide annuity to the policy holder till the end of his / her life. The base amount will never be refunded.


    2/24/2017 6:36:41 PM | Reply

    can the pension be obtained on monthly basis ?

    • PolicyTray

      2/24/2017 6:46:11 PM | Reply

      Yes. The pension shall be received either monthly / quarterly / half-Yearly / Annual basis.

  • devansh bansal

    7/17/2020 3:50:54 PM | Reply

    jeevan akshay  vi 189  
    uni   512n234v04    ma
    250000 ka interest 2016