Insurance Blog

LIC Pension Plan - Pension guaranteed for a certain period

Under LIC Jeevan Akshay plan, we have an option where the policy holder / annuitant shall opt to receive guaranteed benefits for a few years either the policy holder is alive or not. Options of choosing 5 / 10 / 15 / 20 years as a guaranteed period are available. If a policy holder opts to choose a guaranteed period of say 10 yrs, annuity will be provided to the policy holder till he is alive even after the completion of that 10 yrs. But if the policy holder expires before the completion of this guaranteed period, the annuity will be provided to their nominee till the completion of this 10 yrs. Below is the sample annuity rates for a guaranteed period of 15 yrs per lakh sum assured.

Comments (5) -

  • Mukherjee

    6/15/2016 10:33:43 PM | Reply

    Will I be getting pension till the end of my life time or only for the next 15 or 20 yrs ?

    • Rajasekaran

      6/16/2016 9:56:12 PM | Reply

      You will be getting pension till the end of your life. Consider, if you are purchasing this plan when you are 50 years old and with 20 years guaranteed period. If you survive till you become 80 years old, you will receive the pension till you are 80 years. In case, if you expire at the age of 75, your nominee would receive the pension for the next 5 years after you expire, as the guaranteed payment period in this option is 20 years.

  • Manish

    6/17/2016 11:45:50 PM | Reply

    can I make use of this insurance policy as a guarantee for my house loan if I am taking one ?

    • Rajasekaran

      6/20/2016 10:14:25 PM | Reply

      No. This pension policy - Jeevan Akshay cannot be used as a guarantee for house loan.

  • y k jayasuri

    7/18/2017 12:50:57 PM | Reply

    i am working in PSU and my age is 46 now i don't have any pension so i want to need pension after my 60 years
    what kind of police to get pension guaranteed my self and after my death nominee would receive the pension up to expire,