Lic jeevan akshay form 440 pdf 2025

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CBDT notifies vide Notification No. 134/2021- Income Tax, Dated: 06.12. 2021 that Jeevan Akshay-VII Plan of the Life Insurance Corporation of India qualifies for deduction under section 80C of Income Tax Act, 1961.
CBDT notifies vide Notification No. 134/2021- Income Tax, Dated: 06.12. 2021 that Jeevan Akshay-VII Plan of the Life Insurance Corporation of India qualifies for deduction under section 80C of Income Tax Act, 1961.
Unlike life insurance, funds borrowed from an annuity are taxed and a penalty tax is imposed. Once payments from the annuity begin, the pre- viously untaxed inside buildup is paid out over the term of the annuity as part of the payment. The inside buildup received with each payment is then subject to taxation.
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Annuity for life with 50% annuity payable to the spouse after the annuitant's death. Annuity for life with 100% annuity payable to the spouse after the annuitant's death. Annuity for life with 100% annuity to spouse on the death of the annuitant and also the return of Purchase Price on the death of the last survivor.
Similar to other policy schemes, this LIC plan also provides income tax benefits. The premiums paid are tax exempt under the Section 80C of the Income Tax Act, 1961. Only the pension received is applicable for tax deduction.
Jeevan Shanti Vs Jeevan Akshay: As described above, Jeevan Shanti provides both immediate and deferred annuity option, while Jeevan Akshay provides only immediate annuity. So, a person who needs immediate pension may choose any of the two plans. But the annuity rate is slightly higher in Jeevan Akshay.
The quarterly payout is Rs. 16,825 corresponding to a rate of only 6.73%. The monthly payout is Rs. 5,571 corresponding to a rate of 6.68%.
The quarterly payout is Rs. 16,825 corresponding to a rate of only 6.73%. The monthly payout is Rs. 5,571 corresponding to a rate of 6.68%.

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