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POMIS vs LIC Akshaya Plan



POMIS is a post office savings scheme and LIC Jeevan Akshaya Plan VI is an annuity scheme


Post Office Monthly Income Scheme (POMIS) is a guaranteed return investment available at the post office. On the deposit that you make, you get an assured monthly income for five years. Currently, one earns 7.8 per cent interest per annum on the deposit, which is paid every month. The POMIS carries a maximum limit of Rs 4.5 Lakh for an individual and R9 Lakh for joint accounts. So if you invest Rs 4.5 lakh now, then you will get a monthly payout of Rs 2925 for the next 5 years and at the end of the term you will get back your capital. Once you make the deposit you get the interest payout each month from the date of making the investment, not from start of the month. There will be no difference based on age. Whether a person joins at age 45 or at age 60 the scheme is the same for both.


LICs Jeevan Akshay VI Plan is an immediate annuity plan. Once you pay a one time premium, it will pay you a monthly or annual income at regular intervals as long as you live. The insurer also offers you an option of return of your premium at the end (which will fetch you lower monthly income).

Unlike POMIS there is no upper limit on how much you can invest in this plan. You can choose to receive the payments monthly, quarterly, half yearly or yearly. While annuity guarantees you a fixed income as long as you live, the annuities are not inflation linked. The annuity rates differ according to the entry age of the person. For instance, if you start this plan at age 45 then for a R10 lakh premium you will get a monthly pension of approximately Rs 6500. On the other hand if you start at the age of 60 for the pension will be a little higher approximately at Rs 7700.

Both the income from POMIS and LIC Jeevan Akshay are taxable in your hands.



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