LIC Jeevan Akshay Plan VI

Introduction/Overview

LIC Jeevan Akshay Plan 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.

LIC Jeevan Akshay Plan- Features

• It is an Immediate Annuity or Pension Plan with single premium option where the annuity starts immediately after premium payment from the next chosen date.
• The annuity options can be chosen for a single life (policyholder) or for joint life (policyholder and spouse).
• No medical check-ups required for Lic's Jeevan Akshay plan.
• The annuity options are:
  • Life Annuity at a uniform rate
  • Lifetime Annuity with Return of Purchase Price
  • Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable for life
  • Life Annuity increasing at a simple rate of 3% p.a.
  • Annuity for life with 50% annuity to spouse after the annuitant’s death
  • Annuity for life with 100% annuity to spouse after the annuitant’s death
  • Annuity for life with 100% annuity for spouse after the annuitant’s death and also Return of Purchase Price after death of the last survivor

Jeevan Akshay Plan- Benefits

LIC Jeevan Akshay offers the following benefits:

• Death Benefit: The death benefit for LIC Jeevan Lakshya Plan is paid based on the choice of the option by the assured.
• Maturity Benefit: No maturity benefit is offered under this plan of LIC.
• Income Tax Benefit: Income tax benefit can be availed on the premiums paid as per Section 80CCC of the Income Tax Act, 1961.
• Annuity payouts will be paid as per the frequency is chosen immediately after making the payment of the premiums.

Eligibility Criteria for Jeevan Lakshya Plan

You must fulfil the below-mentioned criteria in order to buy LIC Jeevan Lakshya 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

 

LIC Jeevan Akshay - Product Specification:

	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

 

Details about Premium

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

 

Policy Details

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.

Inclusion

Loan is not available under Jeevan Akshay plan.

Additional Features or Riders of Jeevan Akshay

• The annuity rates are higher for higher Purchase Price of 250,000 and above.
• Higher annuity rates for online purchases.

Documents Required

Policyholder has to fill up an ‘Application form/ proposal form’ with accurate medical history along with the address proof and other KYC documents.