LIC JEEVAN AKSHAY is the only product in the market which can give the policy holder life long returns same interest since inception. Jeevan Akshay 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 life time of the annuitant. Various options are available for the type and mode of payment of annuities.
LIC Jeevan Akshay VI suits well for Senior citizens looking for guaranteed pension with returns of investment at the end. This plan is available from Age 30 to 85 years.
Requirement to buy LIC Jeevan Akshay VI plan :
- Sum Assured Minimum Rs. 1,00,000 in multiples of 5000 & Maximum Unlimited
- Policy Term Minimum 12 Years & Maximum 35 Years
- Premium Payment Term are Equal to Policy Term
- Entry Age of Policyholder Minimum 8 Years & Maximum 55 Years
- Age at Maturity Maximum 75 Years
- Payment modes are Yearly, Half Yearly, Quarterly or Monthly
Options in Jeevan Akshay plan :
There are seven options in this plan. They are :
- Pension for Whole Life – Pension will be paid till annuitant Alive.
- Pension for Period – Pensioner has option 5, 10, 15 or 20 years for choose pension, thereafter as long as pensioner is alive.
- Pension with return of Annuity Price – Pension will continue till annuitant is Alive.
- Annuity Increase – Annuity will increase 3% per year till Annuitant is Alive.
- Joint Life Annuity Option with 50% to Spouse– in this option Annuitant will get whole life Pension but after his death spouse will get only 50% of Annuitant Pension.
- Joint Life Annuity option with 100% to Spouse– in this option Spouse will get 100% pension till alive.
- Joint Life Annuity option with 100% to Spouse with Return of Purchase Price– in this option, Spouse will get 100% Pension but after her death Purchase price return to Last Survivor.
#) What happens to the investment in case of Death of the Policy holder?
- Pension for Whole Life– After death of Annuitant Pension Stop. Nominee will get Nothing.
- Pension for Period (a) Death during Purchase Period, Nominee will get annuity till purchase period. (b) Death after Purchase Price Annuity Stop, Nnominee will not get Anything.
- Pension with return of Annuity Price After Death of Annuitant, purchase price of Annuity return to Nominee.
- Annuity Increase – After death of annuitant, Annuity stop, Nominee will not get Anything.
- Joint Life Annuity Option with 50% to Spouse– in case, Death of Annuitant, 50% pension of Annuitant will provide to Spouse till Whole Life.
- Joint Life Annuity option with 100% to Spouse– in case, Death of Annuitant, 100% Pension of Annuitant will Provide to Spouse till Whole Life.
- Joint Life Annuity option with 100% to Spouse with Return of Purchase Price– in case Death of Annuitant, Spouse will get Pension and after Spouse Death, Annuity Amount Returned to Last Survivor.
Age: Age should be Minimum 30 years and Maximum 85 years. Age Proof Required for this Policy.
Medical: No Medical check-up required for this Policy.
Annuity Limit:No any annuity limit for LIC Jeevan Akshay-VI, But minimum will be 1 Lakh .
Loan Option with LIC Jeevan Akshay-VI: No any Loan Option available with Policy.
Surrender Value: No, any surrender Value with this Policy.
Cooling Off Period: You can cancel this policy within 15 days, after receiving of bond if not satisfied with Terms. LIC will charge only stamp duty & return all amount and cancel this policy.