Jeevan Akshay VI Plan (Plan No.810)

LIC Jeevan Akshay VI Plan is a Single Premium Immediate Pension Plan. This is a non unit-linked pension plan.

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.

  

Key Features of LIC Jeevan Akshay VI Plan

This plan is an immediate pension plan

There are 6 options for Pension-

1. Annuity for Life- where pension is paid till the life assured is alive and nothing is payable on death,
2. 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.
3. 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 ,
4.  Increasing Annuity- pension is paid till the life assured is alive at an increasing rate of 3% p.a. and
5. 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
6. Joint Life Last Survivor Annuity 1000% 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, 1000% 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.

Maturity Benefit – There is no maturity benefit since this is a plan to protect the risk of living too long. Pension is provided immediately according to the option selected.

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C. Pension that is received is taxable.

Eligibility conditions and other restrictions in LIC Jeevan Akshay VI Plan

	Minimum	Maximum
Purchase Price of Annuity (in Rs.)	50,000	No Limit
Annuity Payout (in Rs.)	3000 Annually, 2000 Half yearly, 1000 Quarterly and 500 Monthly	No Limit
Premium Payment Term (in years)	Single
Entry Age of Policyholder (in years)	40	79
Payment modes for Annuity	Yearly, Half-yearly, Quarterly or Monthly

Sample illustration of annuity payouts for LIC Jeevan Akshay VI Plan

The below illustration is for a healthy Male (non-tobacco user) opting for a Purchase Price= Rs 1,00,000

Annuity Option= Life Annuity

Annuity Mode= Yearly

Additional Features and Benefits of LIC Jeevan Akshay VI Plan

Riders- There are No Additional Rider available:

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 policy

Click here to Buy LIC Plan Online 

For more details please visit www.citizensadvicebureau.co.in or www.licindia.in