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JEEVAN AKSHAY-V
(Table No.179)

Features of Plan:

Features of plan: the above policy jeevan akshay-iv (TN - 179) has been introduced in place of new jeevan akshay- III (TN-179) which has been withdrawn from 17th mar. 2006 . LIC"S jeevan akshay-iv has come into force w.f.e 17th mar. 2006.

On the vesting date: the notional cash option together with reversionary bonuses and final compulsorily converted into annuity having following options.

  • 1. Annuity for life
  • 2. Annuity guaranteed for 5,10,15, or 20 years and for life thereafter
  • 3. Annuity with return of purchase price
  • 4. Annuity for life increasing at a simple rate of 3% p.a
  • 5. Annuity for life with a provision for 50% of the annuity to the spouse of the Annuitant for life on death of the annuity.
  • 6. Annuity for the with a provision for 100% of the annuity to the spouse of the Annuitaynt for life on death of the annuitant.

Plan parameters
Age at entry: min.40 yrs (LBD) max.79 yrs (LBD)
Purchase price: min.Rs.50,000 or such amount which may secure a min annuity of Rs.3000 P.A
Vesting age: max.79 yrs
Mode of payment: single premium
Policy loan: N.A
Housing loan: N.A
Assignment: N.A
Surrender of policy: N.A
Nomination: yes

Underwriting condition
Age proof: standard
Medical exam: N.A

Minimum annuity instalment
3000 on YLY, 1500 on HLY
750 on QLY, 250 on MLY

Benefit
The annuity is assured throughout life and first instalment is paid one year, six months three months or one month after the date of the annuity as desired by the policyholder.

If the annuitant dies after the annuity payments began,
a) Under option (1) annuity ceases
b) Under option (2)

1. On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period.
2. On death after the guaranteed period- annuity ceases.

C) Under option (3) annuity ceases and the purchase price is returned to the nominee"
d) Under option (4) annuity ceases.
e) Under option (5) annuity ceases and 50% of the annuity is payable to the spouse during his/her life time, if the spouse survives. If the spouse predeceases the annuitant, is payable after the death of the annuitant.
f) Under option (6) payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/ her life time. If the spouse predeceases the annuitant nothing is payable after the death of the annuitant.

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