LIC Jeevan Akshay VI Plan

LIC Jeevan Akshay VI is an Immediate Annuity Plan offered by the Life Insurance Corporation of India (LIC). The Jeevan Akshay VI plan can be purchased by paying a lump-sum amount. The plan 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 lifetime of the annuitant. There are several options available for the mode and type of payment of the annuities.

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  • Invest 20 Lacs Get ₹ 1.6 Lacs pension for Life

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  • Multiple Annuity Options

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LIC Jeevan Akshay Pension Plan – Features 

  • It is an Immediate Annuity or Pension plan with a 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 joint-life (policyholder and spouse).
  • The minimum purchase price is Rs. 1 Lakh for all types of distribution channels except online. And for online sales, the minimum purchase price is Rs. 1,50,000. 
  • Premium amount is paid in a lump sum 
  • No upper limit for annuity or buying charges is available in the plan
  • No medical check-ups are required for LIC's Jeevan Akshay plan.
  • The plan requires the age proof
  • The annuity will be payable either monthly, quarterly, half-yearly, or yearly. You can select any mode of Annuity payment option.

The annuity options are: 

    • Life Annuity at a uniform rate
    • Life Annuity guaranteed for 5/10/15 or 20 years and thereafter payable as long as the annuitant is alive 
    • Lifetime Annuity with Return of Purchase Price on the annuitant’s death 
    • Annuity payable for life increasing at a simple rate of 3% p.a.
    • Annuity for life with 50% annuity payable to the spouse after the annuitant’s death
    • Annuity for life with 100% annuity payable to the spouse after the annuitant’s death
    • Annuity for life with 100% annuity to spouse on the death of the annuitant and also the return of Purchase Price on the death of the last survivor

The policyholder can choose any one of the above annuity options. Once chosen, the option cannot be changed.

Benefits of LIC Jeevan Akshay VI Plan

  1. Death Benefit

    The death benefit for LIC Jeevan Akshay VI Plan is paid based on the choice of the annuity option by the assured.

    1. Option 1: Life Time Annuity 

      Nothing shall be paid on the death of the annuitant. All the annual payments cease instantly and the policy terminates. 

    2. Option 2: Guaranteed Annuity payments for 5/10/15/20 years and a lifetime afterward 

      If the annuitant’s death occurs during the guaranteed annuity period of 5/10/15/20 years, the annuity amount shall be paid to the nominee till the expiry of the guaranteed time. 

    3. Option 3:  Life annuity with the return of purchase price 

      All the annuitant’s payments crease instantly and the purchase price will be payable to the nominee in such cases. 

    4. Option 4: Increasing life annuity at a rate of 3% per annum 

      In this case, the annuity payments cease and the policy terminates. 

    5. Option 5: Life annuity with 50% annuity to the spouse on annuitant’s death 

      In case of the annuitant’s death, 50% of the annuity will be paid to the spouse (surviving one) as long as he/she is alive. 

    6. Option 6: Life annuity with 100% annuity to the spouse on annuitant’s death and return of purchase price on the death f last survivor 

      In case of the annuitant’s death, 100% of the annuity will be paid to the spouse (surviving one) as long as he/she is alive. 

  2. Maturity Benefit

    No maturity benefit is offered under this plan.

  3. Income Tax Benefit

    Income tax benefit can be availed on the premiums paid as per Section 80CCC of the Income Tax Act, 1961.

  4. Annuity Payouts 

    Annuity payouts will be paid as per the frequency is chosen immediately after making the payment of the premiums.

Eligibility Criteria for LIC Jeevan Akshay VI Plan 

You must fulfill the below-mentioned criteria to buy the LIC Jeevan Akshay VI plan.




Entry Age (Last Birthday)

30 years

85 years

Purchase Price

100,000 (for all distribution channels except online) 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 a pension as follows:

Monthly mode of payment

1 month after the purchase of an annuity

Quarterly mode of payment

3 months after the purchase of an annuity

Biannually mode of payment

6 months after the purchase of an annuity

Yearly mode of payment 

1 year after the purchase of an annuity

Details About Premium 

Annuity rates for a Premium of Rs.1 lakh under different options. 

Age (Years)

Yearly Annuity Amount 
























































LIC Jeevan Akshay VI - Policy Details 

  1. 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. 2.50 lakhs or more. Further, for the policies that are sold online, there is an availability of a rebate of 1 percent by way of an increase in the rate of the annuity.

  2. 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.

  3. 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 following circumstances:

    Cancer of specified severity

    Myocardial infarction

    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


    Benign Brain Tumour



    End-stage lung failure

    End-stage liver failure

    Loss of speech

    Loss of Limbs

    Major Head Trauma

    Primary (Idiopathic)Pulmonary Hypertension

    Third Degree Burns

    If the annuitant is relocating to some other country permanently, then the payable surrender value shall be based on the policyholder’s age at the time of surrendering the policy. 

  4. Grace Period

    Grace period is not applicable.           

  5. Policy Termination or Surrender Benefit 

    In all the annuity options other than the ‘Annuity payable with return of purchase price’, the surrender shall not be accepted under any case. 

  6. Free Look Period

    If you would not be satisfied 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.

  7. Loan 

    The loan is not available under the Jeevan Akshay plan.

Additional Features of LIC Jeevan Akshay VI 

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

Documents Required

The 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

Check LIC Policy Status Online

LIC Jeevan Shanti Plan

LIC Pension Plans

LIC Policy Premium Payment 

LIC Jeevan Akshay VI Plan

LIC Term Insurance Plans

LIC Online Registration

LIC Varishtha Pension Bima Yojana


LIC of India Login Process

LIC Senior Citizen Pension Scheme

LIC Child Policies

LIC Maturity Calculator

LIC Single Investment Plan

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LIC Jeevan Akshay VI Plan Reviews & Ratings

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Hariyana, September 16, 2021
Tax savings
The term plan is beneficial to save the tax amount too. I have saved a lot of tax and got a rebate too under my plan. I am happy and it is a part of investment. I took the plan for the financial safety of me and my family. Thanks team for good plans.
Punjab, September 16, 2021
Time and money saving plans
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Amritsar, September 16, 2021
Customer experience team
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