LIC’s LIC’s Jeevan Akshay – IVJeevan Akshay – IV

The only The only immediate annuity immediate annuity plan available in plan available in

IndiaIndia

No Medical Examination RequiredNo Medical Examination Required

LIC’s Jeevan Akshay – IVLIC’s Jeevan Akshay – IV

Plan No. 176 Plan No. 176

introduced introduced

with effect from 17.03.2006with effect from 17.03.2006

LIC’s Jeevan Akshay – IIILIC’s Jeevan Akshay – III

Plan No. 170 stands withdrawn with Plan No. 170 stands withdrawn with effect from 17.03.2006effect from 17.03.2006

What is an immediate annuity?

• Provides for payment of pension immediately on purchase of the policy.

No deferment periodNo deferment period

Why Pension ?• Everyone needs to plan ahead for

retirement.• People are living and healthier lives, so it

is even more important to think about how and when to save for retirement and how long to work.

• Post retirement period may be as long as pre retirement period

• To meet increasing medical expenses.• The greatest risk faced- outliving of assets

When to plan?

• On the eve of retirement• Whenever a lump sum amount is

received from an existing insurance policy or from other sources (e.g. PPF)

What is LIC’s Jeevan Akshay – IV ?• It is an immediate annuity plan available with

LIC of India• No other insurer in India offers immediate

annuity plan.• Pension starts immediately on the purchase of

the policy• No medical examination is required

Plan USP’s

• The only immediate pension plan available in Indian market.

• Guaranteed pension as per the option exercised even in the falling interest rate regime.

What are the types of annuities available? • Annuity for life

• Annuity certain for 5, 10, 15 and 20 years and for life thereafter

• Annuity with return of purchase price• Annuity for life increasing at a simple rate of 3%

p.a.• Annuity for life with a provision for 50% of the

annuity to the spouse of the annuitant for life on death of the annuitant

• Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant. (This option was not available under earlier Immediate annuity plans.)

How is annuity payable ?• Annuity can be paid in • yearly, • half-yearly, • quarterly or • monthly instalments, subject to a

minimum annuity of Rs.3000/- per annum.

Thus the minimum amount of annuity for monthly, quarterly,

half-yearly and yearly mode will be Rs.250/-, Rs.750/-, Rs.1500/- and Rs.3000/- respectively.

Who can buy Jeevan Akshay -IV•Minimum Age at entry : 40 Last Birthday

•Maximum Age at entry : 79 Last Birthday

•Minimum Purchase Price : Rs.50,000/- or such amount which may secure a minimum annuity of Rs.3,000/- per annum

•Minimum Annuity Instalment : Rs.250/-per month, Rs.750/- per quarter, Rs.1500/- per half-year and Rs.3000/- per year.

What if there is no Pension?

• Hunt for a job• Depend on children • Live in deprivation and misery

Today’s pension plan is the present Today’s pension plan is the present value of tomorrow’s happiness.value of tomorrow’s happiness.