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LIC Jeevan Akshay VI Plan Review, Features, and Benefits

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LIC Jeevan Akshay VI Plan Review

LIC Jeevan Akshay VI Plan is an Immediate Annuity Retirement Insurance plan. Life Insurance Corporation of India has introduced Jeevan Akshay VI Plan (Plan. No 810) on 15th May 2012 with a Unique Identification Number (UIN) of 512N234V04. LIC Jeevan Akshay 6 Plan can be Purchased by paying a lump sum amount. LIC Jeevan Akshay 6 Plan provides Financial Assistance for the Retired Person throughout the Lifetime of the Annuitant.

With the high-speed rise in the cost of basic needs, your savings today might not reach the cost of necessities throughout the retired life. By taking LIC Jeevan Akshay Pension Plan you can make your life colorful even after retirement. This plan provides for annuity payments of a stated amount throughout the lifetime of the annuitant. In this Plan, you have the Option to choose the type and mode of payment of annuities.

LIC Jeevan Akshay 6 Policy Features & Benefits

LIC Jeevan Akshay Features

  • LIC Jeevan Akshay is a Single Premium Annuity Insurance Plan.
  • Jeevan Akshay 6 Insurance Plan provides annuity Payments throughout the lifetime of the Annuitant after his/her Retirement.
  • It is a Unique Insurance which offers you the Option to choose type and mode of payment of annuities.
  • There is no need of Medical Examination to take the LIC Jeevan Akshay VI Plan.
  • We can buy the LIC Jeevan Akshay Pension Plan by Paying the Premium in a lump sum.
  • There is No Maximum limits for the purchase price, annuity etc.
  • LIC Jeevan Akshay VI Plan does not acquire any Paid-up Value and Surrender Value.
  • A Cooling-off Period of 15 Days is available to return your Jeevan Akshay Plan if you are not satisfied with the Terms and Conditions of the Policy.
  • There Seven Types of Annuity Options are available under this Plan. They are
    1. Annuity for life
    2. A guaranteed Annuity for 5, 10, 15 or 20 years and for life thereafter.
    3. Annuity for life with return of purchase price on death.
    4. Annuity for life increasing at a simple rate of 3% p.a.
    5. Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.
    6. Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life 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 the death of annuitant with the return of purchase price on the death of the last survivor.

LIC Jeevan Akshay 6 Plan Benefits

  • Death Benefit: If the Life Assured has died before the policy period, then the Payment of Annuity completely depends on the Annuity option chosen by the Policyholder.
  • Tax Benefit: Under Section 80CCC of the Income Tax Act, the Premiums paid under the Jeevan Akshay VI policy are exempted from Income tax. The Pension, which is received is taxable.
  • Maturity Benefit: No Maturity Benefit is available under the LIC Jeevan Akshay VI Plan. Because it Provides annuity Payments throughout the Lifetime of the Annuitant.

Various Annuity Options

The first installment of the annuity will be paid one year, six months, three months or one month after the date of purchase of the annuity depending on the mode of annuity payment. The Annuity Payment Mode may be yearly, half-yearly, quarterly or monthly respectively. Further, The annuity will be paid during the lifetime of the Annuitant for different options.

  • Under option (1): Payment of the annuity terminates.
  • Under option (2):
    • On the death of the life assured during the guarantee period: The annuity is paid to the nominee till the end of the guaranteed period after which the same terminates.
    • On death after the Guarantee Period: Payment of Annuity Ceases.
  • Under Option(3): Payment of annuity terminates and the purchase price is returned to the nominee.
  • Under Option (4): Payment of annuity terminates.
  • Under option (5): Payment of annuity terminates and 50% of the annuity is paid to the surviving spouse during his/her lifetime. If the spouse predeceases the life assured, nothing is payable after the death of the annuitant.
  • Under option (6): Payment of annuity terminates and 100% of the annuity is paid to the surviving named spouse during his/her the lifetime. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.
  • Under option (7): The Payment of annuity terminates. 100% of the annuity is paid to the surviving named spouse during his/her lifetime and purchase price is returned to the nominee after the death of the Spouse. If the spouse predeceases the annuitant, the annuity ceases and the purchase price is paid to the nominee. The amount of annuity shall be assured throughout the period for which it is payable.

Eligibility Criteria for LIC Jeevan Akshay VI Policy (Plan No. 810)

Entry Age
  • Minimum: 30 years (Completed).
  • Maximum: 85 years (Completed).

Premium Payment Mode

Single Premium

Policy Purchase Price

  • Minimum Purchase Price

    • For Offline Mode: Rs.1,00,000/-.

    • For Online Mode: Rs. 1,50,000/-.

  • Maximum Purchase Price

    • No Limit

Annuity Payment Mode

  • Monthly.

  • Quarterly.

  • Half Yearly.

  • Yearly.

Annuity Guaranteed Period

  • 5,10,15 and 20 years and as long as life assured is alive.

Annuity Rate:

In LIC Jeevan Akshay VI Plan Annuitant has the Option to choose type and mode of payment of annuities. The annuity rates are as follows.

Age Last Birthday Yearly annuity amount under Option
( i ) ( ii ) (15 years certain) ( iii ) ( iv ) ( v ) ( vi ) (vii)
30 years Rs.7,190/- Rs.7,160/- Rs.6,890/- Rs.5,250/- Rs.7,080/- Rs.6,970/- Rs.6,860/-
40 years Rs.7,510/- Rs.7,440/- Rs.6,930/- Rs.5,610/- Rs.7,310/- Rs.7,120/- Rs.6,890/-
50 years Rs.8,140/- Rs.7,950/- Rs.7,000/- Rs.6,280/- Rs.7,760/- Rs.7,420/- Rs.6,930/-
60 years Rs.9,350/- Rs.8,790/- Rs.7,110/- Rs.7,530/- Rs.8,640/- Rs.8,030/- Rs.7,010/-
70 years Rs.1,2080/- Rs.9,830/- Rs.7,260/- Rs.10,220/- Rs.10,560/- Rs.9,370/- Rs.7,130/-
80 years Rs.17,880/- Rs.10,440/- Rs.7,480/- Rs.15,890/- Rs.14,600/- Rs.12,340/- Rs.7,290/-

LIC Jeevan Akshay Premium Calculator

You can calculate the Minimum Premium that has to be Paid to take the Policy By Using the LIC Jeevan Akshay Premium Calculator. The Amount of Single Premium Paid will depend on the Annuity Payment Modes opted by the policyholder. You need to enter Some Basic Information like Name, Mail Id, Mobile Number, Age, and Annuity Rate to calculate the Premium Value.

LIC Jeevan Akshay 6 Plan Rebates

LIC provides Rebates for the Policyholders under this Policy. Rebate means getting a discount on tabular premium as per the payment mode of the policy. The Various Rebates available under this plan are as follows.

Incentives for High Purchase Price:

By taking the Policy with high Purchase Price the Annuitant will get the incentive by way of increase in the tabular annuity rate. The Scale of the absolute amount of incentive under high purchase price policies as an addition to the annuity rates per annum per rupees one thousand purchase price are given below.

Mode of Annuity Purchase Price

Rs. 2,50,000 /- to

Rs. 4,99,999/-

Rs.5,00,000/- to

Rs.7,49,999/-

Rs.7,50,000/-   to

Rs.9,99,999/-

Rs. 10,00,000/-  &

above
Yearly 3.75 4.00 4.30

4.35
Half Yearly 3.45 3.70 4.00

4.05
Quarterly 3.35 3.60 3.90

3.95
Monthly 2.90 3.50 3.80

3.90

Incentives for Online Sale:

For the Policies Sold on Online, a Rebate of 1% by means of the increase in the basic annuity rate shall be available. The Incentive for high purchase price will be added after providing for incentives for Online sale.

CEIS Rebate:

A CEIS Rebate of 2% is available to the Eligible Corporation Employees. The Online rebate will not be available under CEIS.

LIC Jeevan Akshay VI Plan Buying Process

You can Buy the LIC Jeevan Akshay VI Policy from the Nearest LIC Branch Office or through online at the LIC’s Official Website or From the LIC Agent. The Documents required for buying LIC Jeevan Akshay Pension Plan are as follows.

  • Application form / Proposal form along with the photo.
  • Address Proof.
  • Age Proof.
  • Medical Reports (if required).

LIC Jeevan Akshay 6 Policy Claim Process

The Policyholder / Nominee can apply for the Claim in the case of Death or if your Policy Period completed. You can get the Claim Form from the LIC Regional Offices or from the Official Website of LIC. The Documents required in LIC Jeevan Akshay Claim Process are

For annuities in payment:

Existence Certificate.

On death of the annuitant:

The Documents Required to Submit while lodging the Claim in case of the Death of the Annuitant are

  • Claim Form.
  • Original Policy Document.
  • Proof of Title.
  • Proof of Death.

Additional Information on LIC Jeevan Akshay VI Pension Plan

Service Tax:

The Amount of Service Tax as per the Service Tax laws shall be payable by the policyholder along with the purchase price.

Cooling-off Period:

If the Policyholder is not Satisfied with the “Terms and Conditions” of the Policy, he can Return the Policy within a Free-look Period of 15 Days from the Date of Receipt of the Policy.

Surrender Value:

No Surrender Value is available under this LIC Jeevan Akshay VI Plan.

Loan:

There is No Loan Facility available under this LIC Jeevan Akshay VI Plan.

Proposal Form:

Proposal Form 440 (IA) will be used under this plan.