Life Insurance Corporation (LIC), country's largest insurer, has recently re-launched its Jeevan Akshay Policy, which is a single premium, non-linked, non-participating, individual immediate annuity plan. Under this, policyholders can pay a lump-sum and start earning income from them as early as the following month.

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Here are 10 things to know about LIC's Jeevan Akshay Policy:

The annuity rates under this are guaranteed at the inception of the policy and annuities are payable throughout the lifetime of annuitant(s).

This plan can be purchased offline as well as online.

The minimum entry age is 30 years and maximum is 100 years.

While the minimum purchase price is Rs 1 lakh, there is no maximum limit for purchase price.

The modes of annuity available are yearly, half-yearly, quarterly, and monthly.

The annuity will be payable in arrears i.e. the annuity payment shall be after 1 year, 6 months, 3 months and 1 month from the date of commencement of policy depending on whether the mode of annuity payment is yearly, half yearly, quarterly and monthly respectively.

Policyholder has an option to choose type of annuity from 10 available options on payment of a lump sum amount. The available annuity options under this plan are as under: immediate annuity for life, immediate annuity with guaranteed period of 5 years and life, immediate annuity with guaranteed period of 10 years and life thereafter, immediate annuity with guaranteed period of 15 years and life thereafter, immediate annuity with guaranteed period of 20 years and life thereafter, immediate annuity for life with return of purchase price, immediate annuity for life increasing at a simple rate of 3 percent, joint life immediate annuity for life with a provision for 50 percent of the annuity to the secondary annuitant on death of the primary annuitant, joint life immediate annuity for life with a provision for 100 percent of the annuity payable as long as one of the annuitant survives and joint life immediate annuity for life with a provision for 100 percent of the annuity payable as long as one of the annuitant survives and return of purchase price on death of last survivor, annuity option once chosen cannot be altered.

Only under the following annuity options, the policy can be surrendered at any time after three months from the completion of policy (i.e. 3 months from the Date of issuance of policy) or after expiry of the free-look period, whichever is later; immediate annuity for life with return of purchase price, joint life immediate annuity for life with a provision for 100 percent of the annuity payable as long as one of the annuitant survives and return of purchase price on death of last survivor.

The surrender value payable will depend on the age (last birthday) of the annuitant at the time of surrender of the policy.

If the chosen annuity option is other than specified above, surrender of policy will not be allowed.

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