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LIC's Jeevan Akshay VI Plan

LIC’s Jeevan Akshay VI Plan - Features
LIC’s Jeevan Akshay VI Plan – Benefits
LIC’s Jeevan Akshay VI Plan – Details
LIC’s Jeevan Akshay VI Plan - Eligibility Conditions & Other Restrictions

LIC’s Jeevan Akshay VI Plan - Features

LIC Jeevan Akshay VI is an immediate annuity plan that can be bought by paying a lumpsum as Single Premium. Pension will start immediately after buying the policy. Various options are available for the type and mode of payment of annuities. But once chosen, it cannot be changed

 

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LIC’s Jeevan Akshay VI Plan – Benefits

Survival Benefits of LIC Jeevan Akshay VI 

There are 7 Annuity options with this Policy

i) Pension for Whole Life.
ii) Pension for Period - Pensioner has option 5, 10, 15 or 20 years for choose pension, thereafter as long as pensioner is alive.
iii) Pension for Life with return of purchase price.
iv) Pension for Life increasing at a simple rate of 3% p.a.
v) Pension for life with a provision for 50% of the Pension to the spouse of the annuitant for life on death of the annuitant.
vi) Pension for Life with a provision for 100% of the Pension to the spouse of the annuitant for life on death of the annuitant
vii) Pension for Life with a provision of 100% of the Pension payable to Spouse during his/her life time on death of annuitant with return of purchase price on the death of last survivor.
  • Death Benefit - In case Death of Pensioner Following Benefits available for Nominee.
On Death :
(a) Under option (i) - payment of Pension stops.
(b) Under option (ii)
i. On death during the guarantee period - Pension is paid to the nominee till the end of the guaranteed period after which the same stops.
ii. On death after the guarantee period - payment of Pension stops.
(c) Under option (iii) - payment of Pension stops and the purchase price is returned to the nominee.
(d) Under option (iv) - payment of Pension stops.
(e) Under option (v) - payment of Pension stops and 50% of the Pension is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.
(f) Under option (vi) - payment of Pension stops and 100% of the Pension is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.
(g) Under option (vii) - payment of Pension Stops. 100% of the Pension is paid to the surviving named spouse during his/her life time and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price is paid to the nominee. The amount of annuity shall be assured throughout the period for which it is payable.
  • Income Tax Benefit : Premium paid under this plan is eligible for TAX rebate under section 80C of Income Tax Act
Pension received is Taxable as per individual tax slab though there is no TDS by LIC.
You can Receive Pension from Next Month, Quarterly, Half-Yearly or Yearly. It depend on mode you Select.

 

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LIC’s Jeevan Akshay VI Plan – Details

  • Single Premium Investment with Guaranteed Returns.
  • No upper annuity limit for LIC Jeevan Akshay-VI, but minimum will be 1 Lakh .
  • No surrender Value with this Policy.
  • No any Loan Option available with Policy.
  • Rebate on Higher Sum Assured.

 

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LIC’s Jeevan Akshay VI Plan - Eligibility Conditions & Other Restrictions

LIC's Jeevan Akshay VI Plan - Eligibility Criteria
  MIN. MAX.
Age 30 Years 85 Years
Term NA NA
Sum Assured 1,00,000 No Upper Limit
Modes of Pension Yearly, Half-Yearly, Quarterly and Monthly 

 

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