LIC Jeevan Akshya VI

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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 lifetime of the annuitant. Various options are available for the type and mode of payment of annuities.

LIC Jeevan Akshya VI features-

  • Premium is to be paid in a lump sum.
  • Minimum purchase price: Rs.1, 00,000/- for all distribution channels except online. Rs.1, 50,000/- for online sale.
  • No medical examination is required under the plan.
  • No maximum the limits for purchase price, annuity etc.
  • Minimum age at entry: 30 years (completed).
  • Maximum age at entry: 100 years (completed) for annuity option “Annuity for life with return of purchase price on death of the annuitant”. 85 years (completed) for all annuity options other than “Annuity for life with return of purchase price on death of the annuitant”.
  • Age proof necessary.

Benefits-

Death Benefit:
Unlike other LIC plans, you don’t get any death benefit under this plan. Because once you pay the premium your money back starts in the form of pension. If you choose to get payments even after your death, your spouse will be benefited out of it. Your spouse gets the remaining pensions after you.

Maturity Benefit:
Unlike other LIC plans, you don’t get any maturity benefit under this plan. Because once you pay the premium your money back starts in the form of pension. If you choose to get payments even after your death, your spouse will be benefited out of it. Your spouse gets the remaining pensions after you.

Tax Benefit:
Similar to other policy schemes, the LIC Jeevan Akshay Policy provides benefits in income tax. The premiums are tax exempted Under Section 80 C of Income Tax Act. Only the pension you receive is taxable. So you need not pay any tax on your premium.

Eligibility Conditions & Restrictions 
Minimum age30 years
Maximum age85 years (In all other Options)
Premium modeSingle Premium
Annuity ModeYearly / Half yearly / Quarterly / Monthly
PremiumMin. Rs. 1,00,000
Max. No limit
LoanNot allowed
SurrenderAllowed after completion of 1 year, only under option on medical grounds
Income Tax BenefitsPremiums paid is eligible for Tax rebate u/s 80c
Pension is taxable
Annuity optionsA) Annuity for life
B) Annuity guaranteed for 5 years and for life thereafter
C) Annuity guaranteed for 10 years and for life thereafter
D) Annuity guaranteed for 15 years and for life thereafter
E) Annuity guaranteed for 20 years and for life thereafter
F) Annuity for life with return of purchase on death
G) Annuity for life with increasing at a simple rate of 3% p.a
H) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant
I) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant
J) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant with return of purchase price on the death of last survivor.