LIC Jeevan Akshay plan
LIC Jeevan Akshay plan is a single premium, Immediate Annuity plan. This immediate retirement plan which provides monthly pension throughout the life on one-time premium payment. Jeevan Akshay VI Pension Plan offered by LIC helps the individuals adequately for their retirement. With the high-speed rise in the cost of basic needs, your savings today might not reach the cost of necessities throughout the retired life.
Jeevan Akshay VI (LIC Plan 189) Pension Plan ensure a financially secure retirement and guarantees your peace of mind. By choosing LIC Jeevan Akshay VI Pension Plan, you can make your dreams a reality, anytime, anywhere. Jeevan Akshay immediate annuity plan is perfect for somebody having a lump sum of cash who will be interested in instantly converting that sum of money into an assured revenue stream.
Features of LIC Jeevan Akshay plan
LIC Jeevan Akshay VI Pension plan provides for annuity payments of a stated amount throughout the lifetime of the Life assured. Various options are available for the type and mode of payment of pensions. Let’s check the key features of Jeevan Akshay VI Annuity Plan here.
- Single Premium: Policy Premium is to be paid in a lump sum.
- Minimum Purchase Price: For all distribution channels except online: Rs. 100,000/-.
- No medical examination: No need of Medical examination under Jeevan Akshay VI plan.
- No maximum limits for the annuity purchase price: Under LIC Pension Plan- Jeevan Akshay VI there is no Maximum limit for policy buying and the Annuity, etc.
- The Minimum & Maximum allowed age at entry is 30 years (completed) and 85 years (completed) respectively.
- Age proof of the Life assured is necessary.
Under Jeevan Akshay VI pension plan seven different types of annuities are available. Check the different Annuities under this plan in the following Section.
- Annuity for Life.
- An annuity is guaranteed for 5, 10, 15 or 20 years and life after that.
- Annuity for Life with the return of purchase price on death.
- Annuity for life is increasing at a simple rate of 3% per annum.
- Pension for life with a provision for 50% of the pension to the spouse of the annuitant for life on death of the annuitant.
- Annuity for life with a provision for 100% of the annuity to the spouse of the life assured for life on death of the Life Assured.
- Pension for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on the passing of annuitant with the return of purchase price on the passing of the last survivor.
Eligibility Conditions for LIC Jeevan akshay plan
Jeevan Akshay VI Pension Plan is an Immediate Annuity Plan, which provides annuity payouts immediately after the premium payment for a financially secured life after the retirement of the life assured. Let’s check the eligibility conditions for the LIC Jeevan Akshay VI Annuity Plan here.
|1||Entry Age Allowed||Minimum 30 years (Completed).|
|Maximum 85 years (Completed).|
|2||Premium Paying Mode||Single Premium|
|3||Policy Purchase Price||Minimum Purchase Price|
|For offline mode Rs.1,00,000/-|
|For Online mode Rs. 1,50,000/-.|
|Maximum Purchase Price|
|4||Pension Payout frequency||Monthly.|
|5||Annuity guaranteed Period||5,10,15 and 20 years and as long as life assured is alive.|
Benefits of LIC Jeevan Akshay plan
Death Benefit: If in the case of death of the Life Assured, then the Annuity completely depends on the pension option which is chosen by the Annuitant.
Tax Benefit: Under Section 80 C of the Income Tax Act, the Premiums paid under the Jeevan Akshay VI policy are exempted from Income tax. The Pension, which is received, is taxable.
Maturity Benefit: There is no maturity benefit under Jeevan Akshay VI retirement plan since this plan is to protect the risk of living too long and provided the pension immediately according to the selected option.
Free Look Period: If the Life Insured is not satisfied with the “Terms & Conditions” of the Jeevan Akshay VI Retirement plan, she/he may return the Insurance policy to the Company within 15 days from the date of receipt of the Plan.
Annuity Rate: Different Annuity rates are available for different types of annuities under Jeevan Akshay VI Plan. The policy can be purchased by one-time payment (Single Premium) which can be worked out by applying annuity rates for the type and mode of annuity opted by the Life Assured.
|Yearly annuity amount under Option (1,00,000/- Sum Assured)|
|Age Last Birthday||( i )||( ii ) (15 years certain)||( iii )||( iv )||( v )||( vi )||(vii)|
The first installment of the annuity shall be paid 1 year, 6 months, 3 months or 1 month after the date of purchase of the annuity depending on whether the mode of annuity payment is yearly, half-yearly, quarterly or monthly respectively. Further, annuity shall be paid during the life time of the life assured with following provisions on death of the annuitant for different options are listed below.
Under option (1): Payment of the annuity terminates.
Under option (2):
On the death of the life assured during the guarantee period – the annuity is paid to the nominee till the end of the guaranteed period after which the same terminates.
On death after the guarantee period – payment of annuity ceases.
Guarantee Period option will be – 5, 10, 15 and 20 Years.
Under option(3): Payment of annuity terminates and the purchase price is returned to the nominee.
Under option (4): Payment of annuity terminates.
Under option (5): Payment of annuity terminates and 50% of the annuity is paid to the surviving named spouse during his/her the life time. If the spouse predeceases the life assured, nothing is payable after the death of the annuitant.
Under option (6): Payment of annuity terminates and 100% of the annuity is paid to the surviving named spouse during his/her the lifetime. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.
Under option (7): The Payment of annuity terminates. 100% of the annuity is paid to the surviving named spouse during his/her lifetime and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and the purchase price is paid to the nominee. The amount of annuity shall be assured throughout the period for which it is payable.
Claim Procedure in LIC Jeevan akshay plan
The Life assured can claim the LIC Pension Plan after the completion of the policy period. In a case of eventual death of the annuitant, the nominee can claim instead of the insured. Check the documents required for Claim the Jeevan Akshay VI Pension Plan here.
- LIC Discharge form
- NEFT Form
- Cancel check or Bank Pass book xerox
- Policy bond / Document
- Death certificate ( If in the case of the eventual death of the life assured)
Service tax, if any, shall be as per the Service Tax Act, India and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the life assured along with the purchase price.
LIC Jeevan Akshay VI policy does not acquire any paid-up value.
No surrender value will be available under the LIC New Pension policy-Jeevan Akshay VI.
No loan will be available under the Jeevan Akshay VI policy.
For more info and to purchase LIC Jeevan Akshay plan, call us now.