New Jeevan Akshay

New Jeevan Akshay Eligibility Minimum age at entry 50 years Maximum age at entry No limit Maximum age at maturity Nil Minimum purchase price Rs 25,000 Maximum purchase price No limit Features The plan provides for what is called an annuity (income) throughout the lifetime of the annuitant (the person eligible to receive the annuity). The purchaser has to pay the premium in a single lump sum. No surrender value or loan available under the plan. No medical examination is required under the plan. No maximum limits for purchase price, annuity etc. Modes of annuity payment: monthly, quarterly, half-yearly or yearly. Options available Annuity for life ceasing on death Annuity for life, increasing yearly at a simple rate of 3% per annum. Annuity for life, payable for 5,10, 15 or 20 years certain and thereafter as long as the policyholder is alive. Annuity for life, with return of purchase price on death of the annuitant. Benefits On maturity The income is assured throughout life and the first installment starts immediately as per the mode of payment. On death The annuity amount will be paid to the nominee till the guaranteed certain period is over or the purchase price is payable to the nominee depending upon the option selected.