LIC Jeevan Akshay Plan VI

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Introduction/Overview

LIC’s Jeevan Akshay VI is an Immediate Annuity Plan that provides annuity payouts immediately after the premium payment for a financially secured life after retirement.

Key Features of Jeevan Akshay Plan

  • It is an Immediate Annuity 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

Benefits of Jeevan Akshay Plan

  • Annuity payouts will be paid as per the frequency chosen immediately after the premium paid.
  • Income tax benefit on the premium paid as per Section 80CCC of the Income Tax Act.

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

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

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.