Jeevan Akshay from LIC is an Immediate Annuity Plan. These plans are useful for your retirement as they ensure a regular income for the rest of your life. You pay a lumpsum amount to the insurance company and in return, you have ensured a steady flow of money. The flow of money is predictable and that is what one wants when one retires.
However, there may be scenarios wherein you want a lumpsum amount for some urgent requirement. In such scenarios, it is usually not possible to withdraw money from your Annuity plan. So it is always advisable to only use part of your retirement corpus to purchase an Annuity plan.
Given that such scenarios might occur, LIC has provided some flexibility in one of its Annuity Options. You can surrender your Jeevan Akshay Policy and get a lump sum amount.
Know everything about the working of LIC Jeevan Akshay.
Surrendering your LIC Jeevan Akshay Plan
Very Important – You can surrender your Jeevan Akshay plan ONLY if you have selected the Annuity Option of “Return of Purchase Price”. Also, you should have completed one year from the purchase of the plan to surrender it.
If you have selected the Return of Purchase Price option, you can surrender your plan under the following 2 circumstances:
- You shift to another country permanently. This should be supported by VISA or citizenship documents.
- If you are diagnosed with any of the following Critical Illnesses:
- Cancer of specified severity
- Myocardial infarction
- Open Chest CABG
- Open Heart Replacement or Repair of Heart Valves
- Kidney Failure requiring regular dialysis
- Stroke resulting in Permanent Symptoms
- Major Organ/Bone Marrow Transplant
- Permanent Paralysis of Limbs
- Motor Neurone Disease with Permanent Symptoms
- Multiple Sclerosis with Persisting Symptoms
- Benign Brain Tumor
- End-stage Lung failure
- End-stage liver failure
- Loss of speech
- Loss of Limbs
- Major Head Trauma
- Primary(Idiopathic)Pulmonary Hypertension
- Third Degree Burns
The Surrender Value of LIC Jeevan Akshay would depend on the Age of the policyholder at the time of Surrender.
Read up on a detailed Review of Jeevan Akshay’s Plan.