LIC Jeevan Akshay VI Pension Plan

LIC Jeevan Akshay VI Pension Plan (Table 189): It’s a immediate Pension Policy, It is an Immediate Annuity (Pension) Policy Plan by making with single premium (one time investment) option where the pension starts immediately by next month onwards. Its designed for Individuals, and as well as family members for life time Annuity. (For senior citizens its a best option for constant income compare with bank fixed deposits LIC Jeevan Akshay Interest Rates average 7-8% based on entry age and gives annuity by monthly, quarterly, half yearly, yearly). Before buy the pension policy Know the Eligibility, Sum Assured, policy details, policy new features, benefits, reviews, coverage, premium calculator, investment premium chart, return calculator, tax Benefits under Section 80(C). PolicyandFunds.com is one of the top & best LIC Agent in Chennai, provides good customer services to choose perfect Life Insurance Plans in India 2018.

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LIC Jeevan Akshay VI Pension Plan (Table 189)

Policy Main Specification

  • Age at Entry (Last Birthday): 30 Years
  • Maximum Age at Entry (Last Birthday): 85 Years
  • Minimum Purchase Amount: 1,00,000/-
  • Maximum Purchase: No bound (based on income Limit)
  • Premium (Paying Mode): One Time Investment with benefit for life long
  • Pension (Annuity) payout benefits cab received by: Monthly, Quarterly, Half-yearly, and yearly

Key Features and Benefits of LIC Jeevan Akshay Pension (Annuity) Policy

  • The plan is designed to get Immediate Annuity – Starts Immediately by next month onward.
  • There is an pension (annuity) options can be select for a single (Individual) life of policy holder or can go for joint life of policy holder and spouse (wife).
  • Mainly Under this plan there is No medical Test required

The Pension (Annuity) options are like:

  • Life Time Annuity at a constant rate of Interest
  • Lifetime Pension (Annuity) with Return of Purchase Price
  • Life Annuity with guaranteed for 5, 10, 15 and 20 years and after that payable for life person
  • Life Pension (Annuity) increasing by simple rate of Interest 3% per annum
  • Pension (Annuity) for life with 50% annuity to spouse after that purchaser death
  • Pension (Annuity) for life with 100% annuity to spouse after that purchaser death
  • Pension (Annuity) for life with 100% annuity for spouse after that purchaser death and after that Return of Purchase Price (Money whatever invested) after death of the last survivor
  • Pension (Annuity) Interest will be paid as per the chosen mode like Yearly, Quarterly, Half-yearly, Monthly
  • Tax Benefits: Income tax benefit on the invested premium paid as per Section 80CCC of the Income Tax Act of Indian Government.

Sample Annuity Detail with Rates

Sample Calculated for 5 lac and 10 lac:

Investment Corpus Value
Age 5,00,000/- 10,00,000/-
Option 1 Option 3 Option 7 Option 1 Option 3 Option 7 Interest Rate
30 37950 36450 36300 76250 73250 72950 7.59%
31 38050 36500 36300 76450 73350 72950 7.61%
32 38200 36500 36350 76750 73350 73050 7.64%
33 38300 36500 36350 76950 73350 73050 7.66%
34 38450 36550 36350 77250 73450 73050 7.69%
35 38600 36550 36350 77550 73450 73050 7.72%
36 38750 36550 36400 77850 73450 73150 7.75%
37 38950 36600 36400 78250 73550 73150 7.79%
38 39150 36600 36400 78650 73550 73150 7.83%
39 39350 36650 36450 79050 73650 73250 7.87%
40 39550 36650 36450 79450 73650 73250 7.91%
41 39750 36700 36450 79850 73750 73250 7.95%
42 40000 36750 36500 80350 73850 73350 8.00%
43 40300 36750 36500 80950 73850 73350 8.06%
44 40550 36800 36500 81450 73950 73350 8.11%
45 40850 36800 36550 82050 73950 73450 8.17%
46 41200 36850 36550 82750 74050 73450 8.24%
47 41550 36900 36600 83450 74150 73550 8.31%
48 41900 36950 36600 84150 74250 73550 8.38%
49 42300 36950 36650 84950 74250 73650 8.46%
50 42700 37000 36650 85750 74350 73650 8.54%
51 43200 37050 36700 86750 74450 73750 8.64%
52 43650 37100 36750 87650 74550 73850 8.73%
53 44150 37150 36750 88650 74650 73850 8.83%
54 44700 37200 36800 89750 74750 73950 8.94%
55 45250 37250 36850 90850 74850 74050 9.05%

*Option 1: Annuity for life

**Option 3: Annuity for life with return of purchase price on death

***Option 7: Annuity for life and after death – annuity to the spouse and after death – return of purchase price to nominee

LIC Jeevan Akshay VI – Policy Details and KYC

Free Look Period: Policy holder are not satisfied under the policy condition or like coverage etc., policy holder have the options to cancel the policy within the period of 15 days from date of receipt.

LIC Jeevan Akshay VI – Loan

No Loan options is available under this pension plan.

LIC Jeevan Akshay VI – Surrender Value

Under the LIC Jeevan Akshay VI Surrender value shall be allowed after one policy year completion. Can get back the Annuity with return of purchase price under any of the following circumstances.

A. If the annuitant (Investor) which is diagnosed as suffering from any of the following critical illnesses reasons:

  1. Cancer of specified severity
  2. Myocardial infraction
  3. Open Chest CABG
  4. Open Heart Replacement or Repair of Heart Valves
  5. Kidney Failure requiring regular dialysis
  6. Stroke resulting in Permanent Symptoms
  7. Major Organ/Bone Marrow Transplant
  8. Permanent Paralysis of Limbs
  9. Motor Neurone Disease with Permanent Symptoms
  10. Multiple Sclerosis with Persisting Symptoms
  11. Angioplasty
  12. Benign Brain Tumor
  13. Blindness
  14. Deafness
  15. End stage Lung failure
  16. End stage liver failure
  17. Loss of speech
  18. Loss of Limbs
  19. Major Head Trauma
  20. Primary(Idiopathic)Pulmonary Hypertension
  21. Third Degree Burns

Documents Required: LIC Jeevan Akshay – VI Table No. 810:

  1. Proposal Form no. 440  (IA) along with photo
  2. Address proof
  3. Age proof

Claim Procedure for LIC Jeevan Akshay VI Annuity Policy:

The following documents are required for claim procedure under the LIC’s Jeevan Akshay VI annuity Policy are listed below

  1. NEFT form
  2. Discharge form
  3. Cancelled check lead with name printed in cheque or Bank Pass book xerox with self attested
  4. Policy bond original
  5. Death certificate

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