The Thiruvananthapuram division of Life Insurance Corporation of India has commenced online sales of Jeevan Akshay, a pension plan.
Alexander Jacob, additional director-general of police, handed over the first policy at a function held here to commemorate LIC’s 56th anniversary. This is a guaranteed plan where the pension starts with effect from the subsequent month on payment of the purchase price.
The minimum purchase price is Rs 1.5 lakh, minimum age of entry is 30 and the maximum 85. There is an increase of one per cent of annuity if the plan is purchased online.
On death of the annuitant, the same pension can be continued for spouse.