JEEVAN AKSHAY - II
'JEEVAN
AKSHAY- II' is an immediate Annuity Plan which Commenced
from 16-10-2003. Such a plan could be considered by those
approaching retirement or even by professionals who seek
steady returns. One can get annuity as per following options
after making a lump sum payment:
-
Annuity
for life.
- Annuity
certain for 5, 10, 15 & 20 years & thereafter for
life.
- Annuity
for life with return of purchase price.
- Annuity
for life increasing at a simple rate of 3%.
- Annuity
for life with a provision for 50% of the annuity payable
to the spouse of the annuitant for life on death of the
annuitant.
-
The
purchaser has to pay the premium in Lumpsum.
- Only
a single investment (also known as the purchase price) need
be made at the outset of the plan.
-
Mode
of annuity payment can be monthly, quarterly, half-yearly
or yearly.
- The
annuity commences one mode (month, quarter, half year or
year, to be chosen by the annuitant) after the purchase
price is paid i.e., if the annuitant opts for monthly annuity,
annuity commences one month after purchase price is paid.
- A
higher annuity is offered if the purchase price is in excess
of Rs.1,50,000/-. The increase in the rate if annuity is
higher if one opts for the monthly or quarterly mode of
annuity receipt.
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