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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.

Salient Features

  • 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.

Restrictions

  • Minimum age at entry :40 years (last birthday)
  • Maximum age at entry : 79 years (last birthday)
  • Minimum Purchase Price : Rs.50,000/- or such amount which may secure a minimum amount of Rs.3000/- p.a.
  • Minimum Annuity Installment : Rs.250/- per month, Rs.750/- per quarter, Rs.1,500/- per half-yearly & Rs.3,000/- yearly.
  • Standard age proof will be required.
  • No Surrender Value and Loan will be available under this plan.
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