LIC Jeevan Akshay VI Plan

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 LIC 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.

When Do You Get Your Pension?

Based on the mode of payment chosen you will start getting a pension as follows:

Details About Premium 

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

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	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

   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.