• Surrendering Of Lic Jeevan Akshay-vi Plan

    Life Insurance
    • Premiums as low as Rs.17/day for sum assured of Rs.1 crore*
    • Claim up to Rs. 1,50,000 deduction under section 80C**
    • Choose between annual and monthly premium payment options

    LIC Jeevan Akshay-VI was an annuity plan which not only provided cover but also ensured that the customer was able to build a corpus in order to realise his/her dreams even after retirement. The plan provided the option of annuity for life to its customer as well. The annuitant could surrender this plan in case of any financial requirement, illness, or other reasons.

    Surrendering of LIC Jeevan Akshay VI Plan

    A customer could surrender this plan only if the plan completed a year and had availed the option- ‘Annuity with the return of purchase price’. He/she could surrender his/her policy under certain situations.

    • A customer may surrender his/her policy if he/she suffered from any of the following health conditions:
    1. Myocardial infraction
    2. Cancer of specified severity
    3. Open heart replacement or repair of heart valves
    4. Open chest CABG
    5. Stroke resulting in permanent symptoms
    6. Kidney failure requiring regular dialysis
    7. Permanent paralysis of limbs
    8. Major organ/Bone marrow transplant
    9. Multiple sclerosis with persisting symptoms
    10. Motor neurone disease with persisting symptoms
    11. Benign brain tumour
    12. Angioplasty
    13. Deafness
    14. Blindness
    15. End-stage liver failure
    16. End-stage lung failure
    17. Loss of limbs
    18. Loss of speech
    19. Major Head trauma
    20. Third degree burns
    21. Primary pulmonary hypertension
    • If the customer is moving permanently to another country

    The customer can also surrender his/her policy if he/she is permanently shifting to another country. The person will have to produce his/her visa and other documents as proof of him/her moving to a foreign land.

    The surrender value will depend on the age of the customer at the time of surrendering of the policy.

    This option is only available to those who have availed the option- ‘Annuity on the return of purchase price’ and is not applicable for other options.

    The policy cannot be surrendered online and the customer will have to visit the LIC service branch (branch from where the customer purchased the policy) in order to get his/her policy surrendered. The customer will also have to produce the relevant documents related to his/her policy including ID proofs such as Aadhar, PAN Card, or Driving Licence for the successful surrender of the policy.

    LIC Jeevan Akshaya VI Plan was withdrawn on Dec 1, 2017 and is expected to be reintroduced with revised rates. As of now there is no official link to the newly introduced policy.

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