LIC Jeevan Akshay-VI Plan

Life Insurance Corporation’s Jeevan Akshay-VI Plan is a pension plan with immediate annuity benefits which can be availed by paying a single premium. Under this plan, LIC will pay a fixed amount either monthly, quarterly, half yearly or in annual intervals, as chosen amongst the seven options by the annuitant. Different rate of interests are available based on the age of purchasing.

Eligibility: Who is the LIC Jeevan Akshay VI Plan for?

Any 30 years old, who has accrued money for post-retirement, and would like a regular assured earning for the rest of his/her life, can opt for this plan. This plan is applicable for all and does not require you to have any criteria to avail the plan. Medical examination is not required for this plan.

Minimum entry age	30 years completed
Maximum entry age	85 years completed
Minimum maturity age	Not Applicable
Plan name	Jeevan Akshay VI plan
Nationality	Indian Residents only

Sum Assured and premium range: What it costs and what you get?

The Jeevan Akshay VI plan covers a wide range of benefits along with death benefit. This is a pension plan and therefore the annuity payable is available with 7 options.

Minimum Purchase amt	Rs 1,00,000 Rs 1,50,000 for online
Maximum Purchase amt	No limit
Mode of payment	Single premium
Annuity payable	Monthly,Quarterly,Half yearly and Annually

There are seven options to choose from, based on which the annuitant will receive the amount:

• Annuity for life: If you choose this option, you will be eligible to receive the annuity throughout your life based on your purchase value.
• Annuity payable for minimum period and thereafter for life: If an individual opts for this option, he/she will get annuity for 5, 10, 15 or 20 years based on the choice. Even after that if he/she survives, they will continue to receive the same amount for rest of their life.
• Annuity for life with return of purchase price after the death of annuitant: The annuitant will continue to get the annuity until he/she is alive. But in this option, the initial purchase price of the policy will be paid to the nominee as death benefit in case the policyholder dies.
• Increasing Annuity @ 3% per annum: Annuity will be paid to the policyholder at an increasing rate of 3% per annum.
• Annuity for life with 50% annuity payable to spouse on death of annuitant: The policyholder will receive the pension as per policy, but in case of the death of the policyholder, 50% of the pension amount will be paid to the spouse for life.
• Annuity for life with 100% annuity payable to spouse on death of annuitant: Annuitant will receive pension till his life. In case of the death of the policyholder, 100% annuity will be paid for spouse for life.
• Annuity for life with 100% payable to spouse and return of purchase price: On the death of the policyholder, the spouse will receive 100% annuity for life just like annuitant. On the death of the spouse, the purchase amount will be returned to the concerned person.

The below chart shows the amount of annuity payable at yearly intervals on purchase of Rs.1 lakh:

Age in years	Yearly Annuity under Options
	1	2	3	4	5	6	7
30	7190	7160	6890	5250	7080	6970	6860
40	7510	7440	6930	5610	7310	7120	6890
50	8140	7950	7000	6280	7760	7420	6930
60	9350	8790	7110	7530	8640	8030	7010
70	12,080	9830	7260	10,220	10,560	9370	7130
80	17,880	10,440	7480	15,890	14,600	12,340	7290

Plan coverage: What Jeevan Akshay VI plan covers?

Jeevan Akshay VI plan is a pension plan with annuity benefits and therefore you can be assured that there will be no financial dependency for you or for your spouse. Even after the death of the policyholder, the plan will benefit the spouse and you will be leaving back a legacy for your family.

Riders or Add on plans: Additional coverage under Jeevan Akshay VI plan?

There is no additional coverage under this plan as of now. The annuity rates are higher for purchase above Rs.2,50,000 and above. Annuity rates are also higher for online purchase. You can reach out to the insurance advisor for further details.

Exclusions: What the plan does not cover?

Unfortunately this plan does not cover any benefits like medical or accident etc. as this is only a pension plan.

Other key features: Free look period, Surrender value etc.

Free look period	If you are not satisfied with the policy, you can give it back to LIC within 15 days from the date of the receipt. On submitting the receipt, LIC will return the money you paid after deducting the expense caused for stamp duty. In case you have bought it online, it will take 30 days’ time.
Surrender value	There is no surrender value benefit, except if you have chosen the third option that is ‘Annuity with return of purchase price’. If the annuitant is diagnosed with critical illness like; cancer of specified variety, angioplasty, third degree burns, kidney failure with regular dialysis etc., there are 21 such illness listed on the website, in which case you will be paid back your annuity with the purchase price. If the annuitant leaves the country permanently, then he/she will get the surrender value based on the age of the policyholder at that time.
Grace period	Grace period is not applicable
Other key features	Convert your money earned into a regular income. Get tax benefits. Higher annuity rates for policy purchase above Rs 2,50,000. Higher annuity rates for online purchase Premium paid is lump-sum. No medical examination required. Annuity is paid on the immediate month after the payment of the premium. Loan is not available under this plan
Paid up value	No paid up value

Tax Benefits: How can you save with Jeevan Akshay VI plan?

The premium paid while purchasing the policy is exempted under Section 80C, however the annuity received by LIC is taxable as per norms. At the time of purchase, service tax as per the prevailing rates is applicable.

Other benefits – How you can save with Jeevan Akshay VI Plan

• You can apply for this policy online conveniently.

• Premium calculator available on the website.
• Pay your premiums online by visiting the official website of the company.
• You can file your claims online.
• No commission payment is required for online buyers.

Why you should buy Jeevan Akshay VI Plan from Life Insurance Corporation of India?

Life Insurance Corporation has been the number one life Insurance provider since 1956. Over 245 insurance companies and provident societies have merged to form LIC. The company has won many accolades for its plan and its flawless operations across the country. Over the years the company has evolved with technology and has upgraded into many online platforms, making it easier for the customers to reach the executives and access the right information.

With Jeevan Akshay VI Plan, the company has once again stood up to its slogan ‘Yogakshemam Vahamyaha’, which means ‘Your Welfare Is Our Responsibility’. The plan is suggested for those who plan their retirement life early, with no dependency. With great annuity rates for every age of purchase, Jeevan Akshay VI Plan is a great option.

For Further assistance and information on this plan, please visit the company’s website or contact the LIC agent.