Jeevan Akshay pays pension from a single purchase price, but the choice beside that price matters as much as the amount paid. A higher quoted pension may come with no return of the purchase money after death, so compare what the spouse or nominee receives before choosing the largest income figure.
Choose the pension option before the rate
The current Jeevan Akshay version has several single and joint life choices, with age and purchase rules that depend on the selected option. Check both people's ages for joint life cover and read the payment mode carefully, because monthly and yearly pensions are paid on different due dates.
Immediate pension still follows the payment mode
This is an immediate pension plan, meaning there is no chosen set of waiting years before pension starts, although each payment comes after its selected payment period. If income is needed later instead, compare New Jeevan Shanti, which sets a waiting period before the pension begins.
Ten lakh rupees can buy different benefits
With ten lakh rupees purchase money, the life-only choice and a choice returning that money on death need separate quotes. Under the latter, the stated purchase price can go to the nominee when its death condition is met; it is not an extra maturity payment that every option pays during your lifetime.
FAQ
Q: Does every Jeevan Akshay option return the purchase money?
A: No. Some options pay pension for life without returning that price. Read the chosen option name and death benefit instead of relying on a general pension description.
Q: Will a yearly Jeevan Akshay payment arrive the next month?
A: No. Pension is paid after the selected payment period. A yearly mode has a different first due date from a monthly mode, even though both are immediate annuities.
Q: What does the joint life return option in Akshay protect?
A: It continues the stated pension to the surviving covered person and returns the purchase price after the last covered death, subject to that option's terms.