LIC Jeevan Akshay VI Policy | Plan 810 Review, Benefits

LIC Jeevan Akshay VI Plan 810 Review

LIC Jeevan Akshay VI is an Immediate Pension Single Premium Plan. Jeevan Akshay is a non-unit-linked pension plan which offers a lump sum amount at the End of the Policy term. New Jeevan Akshay Pension Plan premiums have to be paid to purchase the annuity which starts immediately without any delay. All other deferred annuity plans of LIC purchase the annuity from LIC Jeevan Akshay 6 Plan and avails the pension options and rates provided here. New Jeevan Akshay VI Pension Plan has six pension options to choose from, but once chosen, the choice cannot be altered since pension starts immediately without delay. The insured may pay the annuity in monthly, quarterly, half-yearly intervals. It begins with the next possible interval as chosen.

LIC Jeevan Akshay 6 Policy Details

1. LIC Jeevan Akshay 6 plan is an Immediate Annuity (Pension) Plan.
2. Immediate Annuity plan can be purchased by paying a lump sum amount at a time.
3. Jeevan Akshay 6 plan provides pension throughout the lifetime of the Pensioner. Various options are available for the type and mode of payment of pensions.
4. Minimum purchase price: Rs. 100,000/-.
5. For Buying Online Minimum purchase price: Rs .150,000/-.
6. No medical examination is essential under the plan.
7. No maximum limits for the purchase price of the annuity.
8. For Higher Purchase of Annuity above 2.50 lakhs, you will receive the higher amount of annuity due to available incentives.

Type of Annuity Plans in LIC Jeevan Akshay VI

1. Annuity payable for life at a uniform rate.
2. The Annuity payable for 5, 10, 15 or 20 years certain and after that as long as the annuitant is alive.
3. Annuity for life with return of purchase price on death of the annuitant.
4. Premium or Annuity payable for life is increasing at a simple rate of 3% p.a.
5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
6. The Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the passing of the last survivor.

LIC Jeevan Akshay 6 Policy Parameters

Age	Minimum age: –  30 years. Maximum age:  – 85  years.
Sum Assured	Minimum Purchase Price/Annuity. For offline purchase Rs. 1, 00,000/-. For online  Rs. 1, 50,000/-. Maximum Purchase Price/Annuity: No Limit.
Premium Paying Mode	Single.
Payment of Annuity	Immediate.
Mode of getting Pension	Monthly. Quarterly. Half Yearly. Yearly.

LIC Pension Plan – Jeevan Akshay VI Policy Rebates

Incentives for high purchase price

When purchase price is high, the incentive was given in the form of increased amount to the annuitant.

For 2,50,000 and above value additional cost per thousand Purchase Price/Annuity given as mentioned below

Mode of Annuity	Purchase price (in Rs.)
	2,50,000   to 4,99,999	5,00,000 to 7,49,999	7,50,000   to 9,99,999	10,00,000  & above
Yearly	3.75	4.00	4.30	4.35
Half Yearly	3.45	3.70	4.00	4.05
Quarterly	3.35	3.60	3.90	3.95
Monthly	2.90	3.50	3.80	3.90

LIC New Jeevan Akshay Incentive Example

Suppose A person aged 45 years taken LIC Jeevan Akshay 6 for 3,00,000. Let the Tabular rate for paying pension per Rs. 1000 Purchase price is Rs. 75 Means

Purchase Price is 3,00,000 Divide by 1000

3,00,000/1000=300

As we assumed Rs. 75 given as annuity per thousand purchase price.

For Rs. 3,00,000 means 300 * 75 =22500.

As for above 2,50,000 and above Incentives there so

As per table, we took 3.75.

So 75+3.75=78.75

300 * 78.75 = 23625.

 LIC Jeevan Akshay VI policy Benefits

Annuity or pension amount shall be paid to pensioner or policyholder in the chosen methods like yearly, per six months, per quarter or monthly after the date of purchase of the annuity depending on whether the mode of the annuity payment is yearly, half-yearly,  quarterly or monthly respectively. Further, pension shall be paid during the lifetime of the annuitant with following provisions on death of the annuitant for different options:

If the annuitant dies:

(a) Under option (i)  payment of annuity ceases.

(b) Under option (ii)

i.   On death during the guarantee period – the insurer will pay the annuity to the nominee till the end of the guaranteed period after which the same ceases.

ii.   On death after the guarantee period – payment of annuity ceases.

(c)  Under option (iii) – payment of annuity ceases and the purchase price is returned to the nominee.

(d) Under option (iv) – payment of annuity ceases.

(e) Under option (v) – payment of annuity ceases and the surviving named spouse will get 50% of the annuity during his/her lifetime. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

(f)  Under option (vi) – payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her lifetime. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

(g) Under option (vii) – payment of annuity ceases. 100% of the annuity is paid to the surviving named spouse during his/her lifetime, and the purchase price is returned to the nominee after the death of the spouse.  If the spouse predeceases the annuitant, the annuity ceases, and the purchase price is paid to the nominee.

LIC Jeevan Akshay 6 calculator

The Jeevan Akshay 6 Annuity Calculator is available here. So, calculate the premium that has to be paid to get all the benefits available in this policy and maturity amount that you will get after completion of the policy period using LIC Jeevan Akshay Premium Calculator. You can also calculate Loan Value, Surrender value and bonuses using this LIC Jeevan Akshay 6 calculator. But you should provide some required information like your name, age, policy period and sum assured to calculate premium using Jeevan Akshay VI calculator.

Additional LIC Jeevan Akshay pension plan details

Surrender Value: No surrender value shall be available under this plan.

Loan Facility: No.

Income Tax Reduction:  Available under Section 80C for premiums paid and Section 10 (10D) for Maturity returns. For information about Tax on Insurance Policies refer www.taxqueries.in.

Housing Loan Surety:  No.

Proposal Forms: The insured can use Proposal Form no. 440 (IA) under this plan.

Service Tax: 12.09% service tax is applicable.

Cooling-off Period: If a policyholder is not satisfied with the ‘Terms and Conditions” of the policy, he/she may return the policy within 15 days from the date of receipt of the plan.

Assignments/Nominations:  No assignment and nominations are possible under this plan.

LIC Jeevan Akshay 6 Plan Example

DOC	11/02/2014
Age	55
Sum_Assured	1,00,000
Tabular_Rate	86.50
Service_Tax	12.09%
Type Of Annuity	1 Annuity payable for life at a uniform rate

This is all about Jeevan Akshay VI plan. If you want to know more details, you can also refer the official website, i.e., www.licindia.in

Related LIC Pension Plans

If you are not happy with this LIC Jeevan Akshay 6 plan, check the other pension plans of LIC such as New Jeevan Nidhi and Varishtha Pension Bima Yojana Plan here.

Lic New Jeevan Nidhi Policy

Lic Varishtha Pension Bima Yojana