New Delhi: Life Insurance Corporation (LIC) of India has reintroduced its flagship immediate annuity plan Jeevan Akshay, which is immensely popular among pension seekers and subscribers of National Pension System (NPS).
LIC had withdrawn Jeevan Akshay a few months earlier after the introduction of Jeevan Shanti, which has both deferred as well immediate annuity options.
However, LIC decided to reintroduce Jeevan Akshay as it was an immensely popular plan and the mainstay in the insurer’s pension plan portfolio.
For this, the life insurance behemoth has modified the Jeevan Shanti plan to make it a deferred annuity only plan by withdrawing the immediate annuity part to avoid duplication with Jeevan Akshay, Financial Express reported.
“With the introduction of new immediate annuity plan Jeevan Akshay-VII, all the immediate annuity options available under Jeevan Shanti shall be withdrawn with effect from August 25, 2020,” said an LIC circular. “However, the deferred annuity options available under Jeevan Shanti shall continue to be available for sale,” it added.
