LIc Jeevan Akshay VI is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the lifetime of the annuitant. Various options are available for the type and mode of payment of annuities.
• Premium is to be paid in lump sum
• No Medical Examination is required
• No maximum limits for purchase or annuity
• Age proof is necessary
• If purchase price is Rs.2,50,000 or more, incentive by way of higher amount of annuity will be available
• No surrender value shall be payable under this plan
• No loan will be available under this plan
First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.
Plan name:Single Premium Immediate Pension Plan
This is a non unit-linked pension plan.
Eligibility conditions and other restrictions in LIC Jeevan Akshay VI Plan
Maturity Benefit – There is no maturity benefit since this is a plan to protect the risk Income
Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C.
Key Features of LIC Jeevan Akshay VI Plan
Annuity for Life- where pension is paid till the life assured is alive and nothing is payable on death
Annuity Guaranteed for Certain Periods- where pension is definitely paid for 5/10/15 or 20 years as chosen whether the life assured is alive or not and is paid as long as annuitant is alive.
Annuity with Return of Purchase Price on Death- pension is paid till the life assured is alive and the remaining amount of the corpus is paid to the nominee as death benefit
Increasing Annuity- pension is paid till the life assured is alive at an increasing rate of 3% p.a. and
Joint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant- pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse if alive
Joint Life Last Survivor Annuity 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant- pension is paid till the life assured is alive. On the death of the life insured, 100% of the pension continues to be payable to spouse as long as the spouse if alive.
Annuity may be paid monthly, quarterly, half yearly or yearly intervals.
There is an incentive for purchase of Rs 1.5 lakhs of annuity or more
Benefits you get from LIC Jeevan Akshay VI Plan
Death Benefit – In case of death of the Life Insured it entirely depends upon pension option chosen
Annuity for Life- Pension stops when Annuitant dies and nothing further would be payable to nominee.
Annuity Guaranteed for Certain Periods- During the Guaranteed Period - Pension is paid to the nominee till the end of the guaranteed period after which it stops.
After the Guaranteed Period- Pension stops when Annuitant dies and nothing further would be payable to nominee.
Annuity with Return of Purchase Price on Death- Pension stops when Annuitant dies and the remaining amount is paid to nominee.
Increasing Annuity- Pension stops when Annuitant dies. Nothing further would be payable to nominee.
Joint Life Last Survivor Annuity with 50% pension for spouse- When Annuitant dies and Spouse survives, 50% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
Joint Life Last Survivor Annuity with 100% pension for spouse- When Annuitant dies and Spouse survives, 100% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
Riders- There are No Additional Rider available
How it works –In this plan, a lumpsum amount of premium is paid to purchase annuity which starts immediately without any delay. All other deferred annuity plans of LIC purchase annuity from LIC Jeevan Akshay VI Plan and avails the pension options and rates provided here.
This plan has 6 pension options to choose from but once chosen, the option cannot be altered since pension starts immediately without delay. Annuity may be paid monthly, quarterly, half yearly or yearly intervals. It starts from the next possible interval as chosen.
Our Take – This plan is an immediate pension plan with varied pension options and is used to provide pension even to all deferred annuity plans. Hence this plan is a good choice if you have not planned your pension before but would like to avail it now by paying a lumpsum amount for lifelong security. Hence it is very suitable for people who have not bought a pension plan before and would like to buy one with retirement money
What happens if?
You stop paying the premium – This plan is a single premium plan and hence there is no question of stopping further premiums.
You want to surrender the policy – There is no Surrender Value for this plan and it cannot be paid up.
You want a loan against your policy – Loan facility is not available under this polic
Salient Features :
• Premium is to be paid in lump sum
• No Medical Examination is required
• No maximum limits for purchase or annuity
• Age proof is necessary
• If purchase price is Rs.2,50,000 or more, incentive by way of higher amount of annuity will be available
• No surrender value shall be payable under this plan
• No loan will be available under this plan
When first installment of annuity payable:
First installment of annuity is payable after one month, three months, six months or one year from the date of purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.
Plan Number: 189
Plan name:Single Premium Immediate Pension Plan
This is a non unit-linked pension plan.
Eligibility conditions and other restrictions in LIC Jeevan Akshay VI Plan
Maturity Benefit – There is no maturity benefit since this is a plan to protect the risk Income
Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C.
Pension that is received is taxable. of living too long. Pension is provided immediately according to the option selected.
Key Features of LIC Jeevan Akshay VI Plan
Annuity for Life- where pension is paid till the life assured is alive and nothing is payable on death
Annuity Guaranteed for Certain Periods- where pension is definitely paid for 5/10/15 or 20 years as chosen whether the life assured is alive or not and is paid as long as annuitant is alive.
Annuity with Return of Purchase Price on Death- pension is paid till the life assured is alive and the remaining amount of the corpus is paid to the nominee as death benefit
Increasing Annuity- pension is paid till the life assured is alive at an increasing rate of 3% p.a. and
Joint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant- pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse if alive
Joint Life Last Survivor Annuity 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant- pension is paid till the life assured is alive. On the death of the life insured, 100% of the pension continues to be payable to spouse as long as the spouse if alive.
Annuity may be paid monthly, quarterly, half yearly or yearly intervals.
There is an incentive for purchase of Rs 1.5 lakhs of annuity or more
Benefits you get from LIC Jeevan Akshay VI Plan
Death Benefit – In case of death of the Life Insured it entirely depends upon pension option chosen
Annuity for Life- Pension stops when Annuitant dies and nothing further would be payable to nominee.
Annuity Guaranteed for Certain Periods- During the Guaranteed Period - Pension is paid to the nominee till the end of the guaranteed period after which it stops.
After the Guaranteed Period- Pension stops when Annuitant dies and nothing further would be payable to nominee.
Annuity with Return of Purchase Price on Death- Pension stops when Annuitant dies and the remaining amount is paid to nominee.
Increasing Annuity- Pension stops when Annuitant dies. Nothing further would be payable to nominee.
Joint Life Last Survivor Annuity with 50% pension for spouse- When Annuitant dies and Spouse survives, 50% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
Joint Life Last Survivor Annuity with 100% pension for spouse- When Annuitant dies and Spouse survives, 100% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
Riders- There are No Additional Rider available
How it works –In this plan, a lumpsum amount of premium is paid to purchase annuity which starts immediately without any delay. All other deferred annuity plans of LIC purchase annuity from LIC Jeevan Akshay VI Plan and avails the pension options and rates provided here.
This plan has 6 pension options to choose from but once chosen, the option cannot be altered since pension starts immediately without delay. Annuity may be paid monthly, quarterly, half yearly or yearly intervals. It starts from the next possible interval as chosen.
Our Take – This plan is an immediate pension plan with varied pension options and is used to provide pension even to all deferred annuity plans. Hence this plan is a good choice if you have not planned your pension before but would like to avail it now by paying a lumpsum amount for lifelong security. Hence it is very suitable for people who have not bought a pension plan before and would like to buy one with retirement money
What happens if?
You stop paying the premium – This plan is a single premium plan and hence there is no question of stopping further premiums.
You want to surrender the policy – There is no Surrender Value for this plan and it cannot be paid up.
You want a loan against your policy – Loan facility is not available under this polic
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