Review: LIC Jeevan Akshay VI

LIC (Life Insurance Corporation of India) has several Pension Plans available for people of India. One such Pension Plan is Jeevan Akshay VI. Today we will review this Plan in Detail.

Overview -

Jeevan Akshay is a voluntary pension plan meant for employees retiring with inadequate pension benefits or none at all. A monthly pension is paid to the purchaser and on his death, a guaranteed insurance sum (GIS) equal to the purchase price is paid to the nominee. The final bonus, depending on the surplus generated during the period of pension, is also payable in addition to GIS.

It 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.

Options Available:
The following options are available under the plan
Type of Annuity:

• Annuity payable for life at a uniform rate.
• Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
• Annuity for life with return of purchase price on death of the annuitant.
• Annuity payable for life increasing at a simple rate of 3% p.a.
• Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
• Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

You may choose any one. Once chosen, the option cannot be altered.
Mode:

• Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.

Salient features:

• Premium is to be paid in a lump sum.
• Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:

Monthly – Rs.500 per month
Quarterly – Rs.1000 per Quarter
Half – Yearly – Rs/2000 per half-year
Yearly – Rs.3000 per half-year

No medical examination is required under the plan.

No maximum limits for purchase price, annuity etc.

Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.

Age proof necessary.

for high purchase price:
If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of annuity due to available incentives.

Cooling-off period
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to us within 15 days from the date of receipt of the Policy Bond. On receipt of the policy we shall cancel the same and the amount of premium deposited by you shall be refunded to you after deducting the charges for stamp duty.

Paid-up value:
The policy does not acquire any paid-up value.
Surrender Value :
No surrender value will be available under the policy.
Loan :
No loan will be available under the policy.