LIC Pension Policy: The name of the policy is Jeevan Akshay-7 (Plan Number 857). This is an annuity plan, because of this the investor gets a chance to earn a lifetime.
The name of the policy is Jeevan Akshay-7 (Plan Number 857). This is an annuity plan, because of this the investor gets a chance to earn a lifetime. Actually it is a single premium non-linked policy. That is, in this policy, the investor has to invest only once and he gets the benefit throughout the life.
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It is a non-linked policy so it has no relation with market fluctuations. It is a non-participating and personal annuity scheme. Policyholders get annual, half-yearly, quarterly and monthly annuity options under it.
The policy holder can choose one of these options according to his convenience. According to the policy rules, the minimum annuity is fixed at Rs 12,000 per annum.
The minimum sum assured of the policy is one lakh rupees while there is no maximum limit. People between 30 and 85 years of age are considered eligible for investment in this policy. The special thing is that in this policy, the investor will also get loan facility.
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