Could you please advice on Jeevan Akshay LIC
One of my agent was saying as bank are fetching less FD Returns he was suggesting to invest in this plan as it is fixed returns as compared to FD rate of interest.
This is an immediate annuity plan. First negative point is, whatever monthly you receive will be taxable income for you. Hence, post tax return will come down drastically. Second thing, you can’t withdraw as and when you need (after a year ONLY and that too with so much restriction). Third thing, this product fail to take into account of INFLATION.
Better to stay away. Never invest in a product which your agent advises. Invest based on your financial goals and requirements.