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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:
  1. Annuity for life with 50% annuity payable to spouse during their lifetime on the unfortunate death of annuitant.
  2. Annuity for life with 100% annuity payable to spouse during their lifetime on unfortunate death of annuitant.
  3. 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:

  1. Life Annuity: Insured receives fixed pension regularly till he survives.
  2. Guaranteed Period annuity: Insured can choose guaranteed fixed pension for specific period (5, 10, 15 or 20) and pension continues till he survives.
  3. Return of Purchase Price: Pension received till insured lives and on death his nominee gets the purchase price (initial lumpsum invested)
  4. Increasing Annuity: The annuity amount received increases by 3% yearly till he survives.
  5. 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
  6. 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

5

10

15

20

50%

100%

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

 

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.

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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.

Claim Process

Know Claim Process of LIC Jeevan Akshay VI

Claim Process

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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