LIC Jeevan Akshay VI
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| Launch Date | Table No. | UIN | Status |
| 1/12/2017 | 189 | 512N234V06 | Active |
About the LIC Jeevan Akshay VI plan
- An immediate annuity/pension plan wherein an individual buys this by paying a single lumpsum premium (purchase price) to get periodic repayment for various life goals
- Has the option to receive guaranteed pension for 5 or 10 or 15 years
- Can choose one out of three modes for the spouse to get pension after the death of the annuitant:
- Annuity for life with 50% annuity payable to spouse during their lifetime on the unfortunate death of annuitant.
- Annuity for life with 100% annuity payable to spouse during their lifetime on unfortunate death of annuitant.
- Annuity for life with 100% annuity payable to spouse during their lifetime on unfortunate death of annuitant. In this mode, the purchase price will be returned on the death of the last survivor.
How does the plan work?
Under this plan, an individual can purchase an immediate annuity with 6 different payout options. He will start receiving a fixed portion decided upon his purchase price as pension amount for his life. Since it’s a lifelong annuity plan, maturity doesn’t exist, but one can choose an option to nominate family members to receive the initial purchase price after his death.
The 6 different annuity options are:
- Life Annuity: Insured receives fixed pension regularly till he survives.
- Guaranteed Period annuity: Insured can choose guaranteed fixed pension for specific period (5, 10, 15 or 20) and pension continues till he survives.
- Return of Purchase Price: Pension received till insured lives and on death his nominee gets the purchase price (initial lumpsum invested)
- Increasing Annuity: The annuity amount received increases by 3% yearly till he survives.
- Joint Annuity with a certain percentage for Spouse involvement: The insured can include his spouse to receive a fixed percentage (50% or 100%) of the pension after he dies
- Joint Return of Purchase Price Annuity: The spouse receives regular fixed pension after the insured dies and after the death of the spouse the children/ nominee gets the purchase price (initial lumpsum invested).
Consider this illustration for a 32 year old person along with the list of the option he chooses
Person’s age: 32
Sum assured: 20lac (purchase price)
Premium to pay: Single lumpsum amount
Policy term: Lifetime
|
Annuity option |
1 |
2 (5, 10, 15, 20) periodic |
3 |
4 |
5 (50%, 100%) |
6 |
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|
5 |
10 |
15 |
20 |
50% |
100% |
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|
Annuity amount rate |
Fixed rate throughout |
Fixed rate throughout |
Fixed rate throughout |
Fixed rate throughout |
Fixed rate throughout |
Fixed rate throughout |
Yearly increase by 3 % |
Fixed rate throughout |
Fixed rate throughout |
Fixed rate throughout |
|
|
On Death |
Annuity stops |
Within 5 years, on his death the nominee receives guaranteed pension for remaining number of years |
Within 10 years, on his death the nominee receives guaranteed pension for remaining number of years |
Within 15 years, on his death the nominee receives guaranteed pension for remaining number of years |
Within 20 years, on his death the nominee receives guaranteed pension for remaining number of years |
Nominee receives Rs.20 lacs, the original purchase amount |
Annuity stops |
50% pension paid to spouse till she lives |
100% paid pension paid to spouse till she lives |
Pension paid to spouse and on death of spouse children receive Rs. 20 lac |
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Why should you buy this plan?
- A person who is planning an early retirement and wants to secure his retired life.
- It’s a good plan that guarantees pensions to suffice for income replacement needs.
- It acts as an extra fixed income.
COMPARE & BUY SIMILAR PLANS
Who should buy this plan?
- Minimum purchase price : Rs.100,000/- for all distribution channels except online. Rs.150,000/- for on line sale.
- No medical examination is required under the plan.
- No maximum limits for purchase price, annuity etc.
- Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
- A person from the private sector who does not have employer pension and can depend on this plan to get regular income.
Company Overview
Life Insurance Corporation is a government owned insurance and Investment Company with its headquarters in Mumbai. LIC offers a wide range of products such as term plans, pension plans, group schemes and unit-linked plans. With a huge presence in overall Indian markets, unmatched distribution network, strong brand value and a wide range of products, LIC is the largest public insurance company in India.
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