It is very important for investors to be prepared for their sunset years. When a person retires, he should be financially independent. In the financial world, the products which provide a solution for this are annuity plans. Annuity plans are of two varieties - Deferred Annuity Plans" and Immediate Annuity Plans. In the case of a deferred annuity plan, the person pays premiums at regular intervals till the age of retirement. On retirement he receives a lump sum amount from the insurance company and can opt to purchase an annuity for the balance. Hence, under this plan the benefit of the annuity is deferred. However, in the case of immediate annuity plan, the person can make the initial contribution and the insurance company starts paying annuities at regular intervals. One such immediate annuity plan is the Jeevan Akshay plan of LIC.

• The annuity is assured throughout life and the first instalment is paid one year, six months, three months or one month after the date of purchase of the annuity as desired by the policyholder.
• Standard age proof will be required
• Only single premium is payable i.e. premium to be paid in lump sum.
• Minimum purchase price: Rs.50,000/ - or such amount which may secure a minimum annuity of Rs.3,000/- per annum.
• Modes of annuity payment: Monthly, Quarterly, Half-yearly or Yearly.
• No medical examination is required under the plan.
• No maximum limits for purchase price, annuity etc.
• Minimum age 40 years last birthday, Maximum age 79 years last birthday.
• This policy has a cooling period of 15 days. In case the investor is not satisfied with the terms of this policy, he can return the plan to the corporation.
• The policy does not acquire any paid-up value.
• No surrender value will be available under the policy.
• No loan will be available under the policy.