LIC's Jeevan Akshay - VI
It is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant. Various options are available for the type and mode of payment of annuities.
There are Seven options with this Policy.
- Pension for Whole Life - Pension will be paid till annuitant Alive.
- Pension for Period - Pensioner has option 5, 10, 15 or 20 years for choose pension, thereafter as long as pensioner is alive.
- Pension with return of Annuity Price - Pension will continue till annuitant is Alive.
- Annuity Increase - Annuity will increase 3% per year till Annuitant is Alive.
- Joint Life Annuity Option with 50% to Spouse- in this option Annuitant will get whole life Pension but after his death spouse will get only 50% of Annuitant Pension.
- Joint Life Annuity option with 100% to Spouse- in this option Spouse will get 100% pension till alive.
- Joint Life Annuity option with 100% to Spouse with Return of Purchase Price- in this option, Spouse will get 100% Pension but after her death Purchase price return to Last Survivor.
Death Benefit
In case Death of Pensioner Following Benefits available for Nominee.
- Pension for Whole Life- After death of Annuitant Pension Stop. Nominee will get Nothing.
- Pension for Period (a) Death during Purchase Period, Nominee will get annuity till purchase period. (b) Death after Purchase Price Annuity Stop, Nnominee will not get Anything.
- Pension with return of Annuity Price After Death of Annuitant, purchase price of Annuity return to Nominee.
- Annuity Increase - After death of annuitant, Annuity stop, Nominee will not get Anything.
- Joint Life Annuity Option with 50% to Spouse- in case, Death of Annuitant, 50% pension of Annuitant will provide to Spouse till Whole Life.
- Joint Life Annuity option with 100% to Spouse- in case, Death of Annuitant, 100% Pension of Annuitant will Provide to Spouse till Whole Life.
- Joint Life Annuity option with 100% to Spouse with Return of Purchase Price- in case Death of Annuitant, Spouse will get Pension and after Spouse Death, Annuity Amount Returned to Last Survivor.
Maturity Benefit
Maturity Benefits Option not available with LIC Jeevan Akshay-VI.
Pension Mode of LIC Jeevan Akshay-VI
When you purchase annuity , you have option to select annuity mode , which will be Monthly, Quarterly, Half yearly & Yearly.
Eligibility conditions and other restrictions in LIC Jeevan Akshay VI Plan
- Sum Assured Minimum Rs. 1,00,000 in multiples of 5000 & Maximum Unlimited
- Policy Term Minimum 12 Years & Maximum 35 Years
- Premium Payment Term are Equal to Policy Term
- Entry Age of Policyholder Minimum 8 Years & Maximum 55 Years
- Age at Maturity Maximum 75 Years
- Payment modes are Yearly, Half Yearly, Quarterly or Monthly
Age: Age should be Minimum 30 years and Maximum 85 years. Age Proof Required for this Policy.
Medical: No Medical check-up required for this Policy.
Annuity Limit:No any annuity limit for LIC Jeevan Akashay-VI, But minimum will be 1 Lakh .
Loan Option with LIC Jeevan Akshay-VI: No any Loan Option available with Policy.
Surrender Value: No, any surrender Value with this Policy.
Cooling Off Period: You can cancel this policy within 15 days, after receiving of bond if not satisfied with Terms. LIC will charge only stamp duty & return all amount and cancel this policy.