Lic’s Jeevan Akshay Vll is the most recognized pension Scheme” available in India as of now for transferring pension corpus from Ireland to India. It is an immediate Annuity scheme that can be purchased by investing lump sum amount (or by transferring overseas fund from Ireland). The plan provides for annuity payments of a stated amount throughout the life time of the annuitant under various options for the type & mode of annuities.
The following Options are available under the plan:
1) Type of Annuity
a) Annuity payable for Life at a uniform rate.
b) Annuity payable for 5, 10, 15, or 20 years certain and thereafter as long as the annuitant is alive.
c) Annuity for life with return of purchase price on death of the annuitant.
d) Annuity payable for life increasing at a simple rate of 3% P.A
e) Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
f) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
g) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant. The purchase price will be returned on the death of last survivor.
Customer can choose any one of the above mentioned options.
Note: option once chosen cannot be altered.
Mode :
Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. Customer can opt any mode of payment of Annuity.
Features of the scheme:
a) Premium is to be paid in a Lump sum( Pension fund transferred).
b) Minimum purchase price should be Rs 100,000
c) No medical examination Required
d) There is no maximum limits for purchase price, annuity e.t.c .,
e) Entry age: minimum 30 years completed & maximum 85 years completed.
f) Age proof mandatory
Note: If purchase price is Rs 2.50 lakh or above, customer is eligible to receive higher amount of annuity due to available incentives.
Other Important features:
Ø Paid up value: This policy does not acquire any paid-up value.
Ø Surrender value: This policy does not acquire any surrender value.
Ø Loan : No loan will be available under this policy
Annuity Rates
Amount of annuity (Pension) payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
Age last
birthday |
Yearly annuity amount under option
| |||||||
( i )
|
( ii ) (15 years certain)
|
( iii )
|
( iv )
|
( v )
|
( vi )
|
(vii)
| ||
30
|
7190
|
7160
|
6890
|
5250
|
7080
|
6970
|
6860
| |
40
|
7510
|
7440
|
6930
|
5610
|
7310
|
7120
|
6890
| |
50
|
8140
|
7950
|
7000
|
6280
|
7760
|
7420
|
6930
| |
60
|
9350
|
8790
|
7110
|
7530
|
8640
|
8030
|
7010
| |
70
|
12080
|
9830
|
7260
|
10220
|
10560
|
9370
|
7130
| |
80
|
17880
|
10440
|
7480
|
15890
|
14600
|
12340
|
7290
| |
Rebates:
(a) Incentives for
high purchase price
Under the
policies where purchase price is high, incentive by way of increase in the
tabular annuity
rate will be given to the annuitant. Scale of absolute amount of incentive
under high purchase price policies as an addition to the annuity rates per
annum per rupees one thousand purchase price is as below.
Mode of Annuity
|
Purchase price (in Rs.)
|
|||
2,50,000 to 4,99,999
|
5,00,000 to 7,49,999
|
7,50,000 to 9,99,999
|
10,00,000 & above
|
|
Yearly
|
3.75
|
4
|
4.3
|
4.35
|
Half yearly
|
3.45
|
3.7
|
4
|
4.05
|
Quarterly
|
3.35
|
3.6
|
3.9
|
3.95
|
Monthly
|
2.9
|
3.5
|
3.8
|
3.9
|
Who can transfer ?
Any Individual enrolled with a Ireland pension scheme who either now lives overseas as an expatriate or is planning to leave ireland over the next 12 months or any Indian/OCI/PIO who has returned to India can now transfer his / her existing pension provisions into LIC's Jeevan Akshay V1 Pension Scheme.
· This is a recognized pension scheme and meets all the rules of the jurisdiction that it is situated (India).
· The local Jurisdiction will set out how the pension scheme is structured. However, most pension schemes are structured almost in a similar way to UK & Ireland pensions, that is, a pension administrator (pension provider) manages the pension fund on the client’s behalf.
· Any Ireland registered Pension schemes can be transferred to a Recognised Pension Scheme in India, as long as the terms of the said schemes permit transfer and the receiving scheme provider is willing to accept it.
· Any NRI/PIO/OCI who has a Ireland registered pension scheme or any Indian who has some accumulations into Ireland pension scheme can move their pension into a Recognised Pension Scheme in India.
Why should one think of Transferring pension fund from overseas to India ?
Because one can take pension income in Indian currency. Emerging economies like India tend to offer better returns/pensions than those offered by developed economies.
WHY LIC ?
Life insurance Corporation of India is a state owned Largest Insurance Group and Investment Company. Government of India got 100% stake in the same. It’s the only Insurance company in India, which is fully state owned and 100% funded by Indian Government. It is estimated that LIC funds close to 24.6% of the Indian Government’s expenses and LIC’s assets is estimated of Rs 13.25 trillion. LIC is known for trust among the Indian general people. The company got huge network of branches across the country irrespective of urban rural locations. The highest settlement and claim ratio every year is an instance for the trust the company carries since last more than five decades.
NOTE: The service to the customers in transferring their pension fund will be given irrespective of the locations where ever they stay, like any part of India or Abroad.
FOR STARTING UP OF THE PROCESS CONTACT :
Ravi Kumar
Financial Consultant.
Life Insurance Corporation Of India
Civil Station East Branch
Ground Floor, Oriental building, M G Road,
Bangalore: 560001.
Civil Station East Branch
Ground Floor, Oriental building, M G Road,
Bangalore: 560001.
M +91 9844519872
Email: qropstoindia@gmail.com
