LIC Jeevan Akshay VI is an Immediate Annuity Plan by the Life Insurance Corporation of India (LIC). You can buy Jeevan Akshay plan by making payment of the lump-sum amount. It offers annuity payouts immediately after the payment of premium for a financially secured life after your retirement. Jeevan Akshay VI plan also offers a stated amount during the life time of the annuitant. There are several options are made available for the mode and type of payment of the annuities.
You must fulfil the below-mentioned criteria in order to buy LIC Jeevan Akshya VI plan.
Minimum Entry Age |
30 years |
Maximum Entry Age |
65 years |
Minimum Purchase Cost of Annuity |
Rs. 1 lakh |
Maximum Purchase Cost of Annuity |
No limit |
Payment Modes |
Monthly, Quarterly, Half-yearly, Yearly |
|
Minimum |
Maximum |
Entry Age (Last Birthday) |
30 years |
85 years |
Purchase Price |
100,000 or 150,000 for online mode |
No limit |
Yearly Annuity Payout |
Depends on the Purchase Price and entry age |
|
Annuity payout Frequency |
Monthly, quarterly, half-yearly, yearly |
When do you Get your Pension
Based on the mode of payment chosen you will start getting pension as follows:
Monthly mode of payment |
1 month after the purchase of annuity |
Quarterly mode of payment |
3 months after the purchase of annuity |
Biannually mode of payment |
6 months after the purchase of annuity |
Yearly mode of payment |
1 year after the purchase of annuity |
Annuity rates for a Premium of Rs.1 lakh
Age (Years) |
Annuity Options |
||||||
1 |
2 |
3 |
4 |
5 |
6 |
7 |
|
30 |
7190 |
7160 |
6890 |
5250 |
7080 |
6970 |
6860 |
40 |
7510 |
7440 |
6930 |
5610 |
7310 |
7120 |
6890 |
50 |
8140 |
7950 |
7000 |
6280 |
7760 |
7420 |
6930 |
60 |
9350 |
8790 |
7110 |
7530 |
8640 |
8030 |
7010 |
70 |
12,080 |
9830 |
7260 |
10,220 |
10,560 |
9370 |
7130 |
80 |
17,880 |
10,440 |
7480 |
15,890 |
14,600 |
12,340 |
7290 |
Incentives for Higher Purchase Price:
You will get a higher annuity amount due to the available incentives if you buy a policy for a purchase price of Rs. 2.5 lakhs or more. Further, for the policies that are sold online, there is an availability of a rebate of 1 percent by way of adding in the rate of the annuity.
Service Tax:
Service tax (if any) must be paid according to the Service Tax Laws and at the Service tax rate as applicable at regular intervals of time.
The service tax amount, according to the prevailing rates, must be paid along with the purchase price.
Surrender Value:
Surrender must be allowed once your policy completes at least one policy year only for the Annuity Option- Annuity with Return of Purchase Price, under the circumstances mentioned in the table below:
Cancer of specified severity |
Myocardial infraction |
Open Chest CABG |
Open Heart Replacement or Repair of Heart Valves |
Kidney Failure requiring regular dialysis |
Stroke resulting in Permanent Symptoms |
Major Organ/Bone Marrow Transplant |
Permanent Paralysis of Limbs |
Motor Neurone Disease with Permanent Symptoms |
Multiple Sclerosis with Persisting Symptoms |
Angioplasty |
Benign Brain Tumour |
Blindness |
Deafness |
End stage Lung failure |
End-stage liver failure |
Loss of speech |
Loss of Limbs |
Major Head Trauma |
Primary(Idiopathic)Pulmonary Hypertension |
Third Degree Burns |
Grace Period: Grace period is not applicable.
Policy Termination or Surrender Benefit: the policy does not acquire any Surrender Value.
Free Look Period: If you would not be pleased with the coverage, and terms and conditions of Jeevan Akshay policy, you have the option of canceling the policy within 15 days of receipt of the policy documents, provided there has been no claim.
Loan is not available under Jeevan Akshay plan.
Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents.
More Useful Resources
LIC Online Services |
LIC Term Plans |
LIC Other Plans |