LIC Jeevan Akshay VI

Introduction:
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.

Options Available:

The following options are available under the plan

Type of Annuity:

1. Annuity payable for life at a uniform rate.
2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
3. Annuity for life with return of purchase price on death of the annuitant.
4. Annuity payable for life 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. 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 life time on death of annuitant. The purchase price will be returned on the death of last survivor.

You may choose any one. Once chosen, the option cannot be altered.

Mode:

» Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity..

Salient features:

1. Premium is to be paid in a lump sum.
2. Minimum purchase price :
   Rs.100,000/- for all distribution channels except online.
   Rs.150,000/- for on line sale.
3. No medical examination is required under the plan.
4. No maximum limits for purchase price, annuity etc.
5. Minimum allowed age at entry is 30 years (completed) and Maximum allowed age at entry is 85 years (completed).
6. Age proof necessary.
7. Annuity Rate:
   Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

   Age last birthday	Yearly annuity amount under option
   	( i )	( ii ) (15 years certain)	( iii )	( iv )	( v )	( vi )	(vii)
   30	6750	6730	6430	4870	6640	6530	6410
   40	7080	7020	6470	5230	6870	6680	6430
   50	7710	7530	6520	5900	7330	6990	6470
   60	8930	8390	6600	7140	8220	7620	6530
   70	11650	9460	6730	9820	10130	8970	6620
   80	17410	10080	6920	15440	14170	11940	6760

   Incentives for high purchase price:
   
   If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives. In addition of this, for policies sold online, a rebate of 1% by way of increase in the annuity rate shall also be available.

Service Tax:

Service tax, if any, shall be as per the Service Tax Laws and at the rate of service tax as applicable from time to time.
The amount of service tax as per the prevailing rates shall be payable by the policyholder along with the purchase price.

Paid-up value:

The policy does not acquire any paid-up value.

Surrender Value:

Surrender shall be allowed after completion of atleast one policy year only for Annuity Option – “Annuity with return of purchase price “under any of the following circumstances.

A. If the annuitant is diagnosed as suffering from any of the following critical illnesses: 

Cancer etc..

References:

https://www.licindia.in/Products/Withdrawn-Plans/jeevan_akshay

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