Review of LIC Jeevan Akshay-VI

Mr. Rihan bought LIC Jeevan Akshay-VI in 2018 to ensure the regular flow of income post his retirement. In order to live his post-retirement life independently, he bought this specially designed plan offered by the Life Insurance Corporation of India.

Let us explore more about LIC Jeevan Akshay-VI to understand its benefits:

LIC Jeevan Akshay-VI is an immediate annuity plan that comes with 7 annuity options which allows you to customize your plan as per your needs. LIC Jeevan Akshay-VI was withdrawn by the company which means the plan is no longer available for sale. However, those individuals who have bought it earlier will enjoy its benefits.

The annuity options available under the plan are:

1. Annuity payable for life at a uniform rate. 

2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.

3. Annuity for life with return of purchase price on death of the annuitant. 

4. Annuity payable for life increasing at a simple rate of 3% p.a.

5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant. 

7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of annuitant. The purchase price will be returned on the death of last survivor

Key Features of LIC Jeevan Akshay-VI

• LIC Jeevan Akshay VI is a single premium and immediate Annuity plan where the annuity begins as soon as the premium is paid.

• The annuity options can be chosen for a single life (policyholder) or joint-life (policyholder and spouse).

• Under the plan, the annuity is payable either monthly, quarterly, half-yearly, or yearly. 

Who is Eligible to Buy LIC Jeevan Akshay VI?

Benefits of LIC Jeevan Akshay Vi

1. Death Benefit

   The death benefit is payable if the policyholder dies during the policy term. The benefit paid under the different annuity options is as per the below-mentioned table:

   Annuity Option
   Option i)	All the annual payments cease instantly and the policy terminates.
   Option ii)	Annuity is paid to the nominee till the end of the guaranteed period that is 5, 10, 15 or 20 years.
   Option iii)	Purchase price is paid to the nominee and the annuity ceases.
   Option iv)	Annuity ceases
   Option v)	50% of the annuity is payable to the spouse, and annuity ceases
   Option vi)	Full annuity is payable to the spouse, and annuity ceases
   Option vi)	Full annuity is payable to the spouse, and annuity ceases

2. Flexible Annuity Payouts

   Annuity payments will be made according to the selected frequency as soon as the premiums are paid.

Summing it up

Pension plans have become essential nowadays. An individual may experience extreme stress if they are without a source of income after retirement. One may take care of their post-retirement needs with LIC Jeevan Akshay VI. The plan no longer is available for sale; however, those who have already bought this plan can enjoy its benefits and ensure a stress-free retirement.