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.
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|
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|
|Age in years||Yearly Annuity under Options|
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.
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.
Unfortunately this plan does not cover any benefits like medical or accident etc. as this is only a pension plan.
|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’.
|Grace period||Grace period is not applicable|
|Other key features||
|Paid up value||No paid up value|
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.
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.