There is no one-size-fits-all answer to this question, as the best life insurance policy for each individual will vary depending on that person's specific needs and circumstances. However, we can provide some general insights about LIC Jeevan Akshay.
LIC Jeevan Akshay is a non-participating, single premium annuity plan from Life Insurance Corporation of India (LIC). It provides guaranteed periodic payments for the policyholder's lifetime, starting from the date of purchase of the policy. The annuity payments can be made monthly, quarterly, half-yearly, or yearly, as chosen by the policyholder at the time of purchase.
One of the main advantages of LIC Jeevan Akshay is that it offers guaranteed lifetime income, which can be a valuable source of financial security in retirement. The annuity payments are also tax-free, which can further increase the overall return on the policy.
Of course, like any life insurance policy, there are also some potential drawbacks to consider. For example, the policyholder is not able to access the lump sum of the premium payment if they need it for an emergency expense. In addition, the policy does not provide any death benefit for the policyholder's beneficiaries.
Overall, LIC Jeevan Akshay can be a good option for individuals who are looking for guaranteed lifetime income in retirement. However, it is important to carefully consider all of the potential advantages and disadvantages before making a decision.
