LIC's Jeevan Akshay III

LIC'S JEEVAN AKSHAY- III PLAN

Options Available
1. Regular annuity for life.
2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
3. Annuity for life with return of purchase price on death of the annuitant.
4. Annuity increasing at simple rate of 3% p.a.
5. Annuity for life with a provision of 50% of the annuity to spouse for life on death of the annuitant.

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

What happens if the annuitant dies?

If the annuitant dies once the annuity starts,
a) Under option (1) annuity ceases.
b) Under option (2)
i. On death during the guaranteed period - annuity is paid to the nominee till the end of the guaranteed period.
ii. 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, nothing is payable after the death of the annuitant.

Salient features
1. Standard age proof will be required
2. Only single premium is payable i.e. premium to be paid in lump sum.
3. Minimum purchase price : Rs.50000/= or such amount which may secure a minimum annuity of Rs.3,000/- p.a.
4. Modes of annuity payment: Monthly, Quarterly, Half-yearly or Yearly.
5. No medical examination is required under the plan.
6. No maximum limits for purchase price, annuity etc.
7. Minimum age 40 years last birthday, Maximum age 79 years last birthday.

15 days cooling-off period
If you are not satisfied with the terms & conditions of the policy you may return the policy to us within 15 days.

Incentives for high purchase price
Under the policies where purchase price is high, incentive by way of increase in the tabular annuity rate will be given to the annuitant.

Scale of absolute amount of incentive under high purchase price policies as an addition to the annuity rates per annum per rupees thousand are as given below:



Paid-up value
The policy does not acquire any paid-up value.

Surrender Value
No surrender value will be available under the policy.

Loan
No loan will be available under the policy.

Section 41 of Insurance Act 1938
(1) No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published prospectuses or tables of the insurer: provided that acceptance by an insurance agent of commission in connection with a policy of life insurance taken out by himself on his own life shall not be deemed to be acceptance of a rebate of premium within the meaning of this sub-section if at the time of such acceptance the insurance agent satisfies the prescribed conditions establishing that he is a bona fide insurance agent employed by the insurer.

(2) Any person making default in complying with the provisions of this section shall be punishable with fine which may extend to five hundred rupees.