Jeevan Akshay, the immediate annuity plan from Life Insurance Corporation of India (LIC) that provides guaranteed return of 6.75-7 percent has been asked by the Insurance Regulatory and Development Authority of India (IRDAI) to review the return as the yield on 10-year government bond has fallen to 6.5 percent, reports TOI.
The insurance regulator wants the rate offered by the pension plan to be brought down in accordance with the return on company’s investment.
The pension plan has seen a record inflow as it provides regular income for life time of the annuitant on payment of one-time lump sum.
