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LIC Jeevan Akshay VI Pension Plan | Pay-Once-Enjoy-Forever
LIC Jeevan Akshay VI is a single premium immediate annuity
plan which starts paying pension from the next month as per the mode of payment
chosen. LIC Jeevan Akshay VI can
be purchased by paying a lump sum amount. It is a non-linked and without-profit
pension plan. This pension plan provides for annuity payments of a fixed amount
throughout the lifetime of the annuitant.
There are various options available for the type and mode of payment of
annuities under this plan. This policy does not acquire any paid-up value. No
surrender value shall be payable and no loan will be available under this plan. LIC Jeevan Akshay VI can be purchased online from LIC website.
Features of LIC Jeevan Akshay VI
Following are the basic features of LIC Jeevan Akshay VI
1. Online Incentive: You
will get a rebate of 1% by way of increase in the basic annuity rate will be
available.
2. Immediate Annuity: Payment
of annuity starts as early as next month.
3. Single Premium: Pay premium
once and enjoy forever.
4. Purchase Limits: Minimum
purchase price is Rs.1,50,000/- but there is no maximum limits for the purchase
price, annuity etc.
5. Incentive for High Purchase Price: If your purchase price is Rs.
2,50,000/- or more, you will receive a higher
amount of annuity due to available incentives.
6. Age Limits: Minimum age
at entry is 30 years and maximum age at entry is 85 years.
7. Age Proof: Age proof is
necessary for purchasing this annuity plan.
8. Medical: No medical
examination is required to purchase this annuity plan.
9. Annuity Options: There
are 7 options of annuity to choose from.
10. Annuity Mode: You may
opt for monthly, quarterly, half yearly or yearly mode of payment of Annuity.
Also read: Benefits of SIP | Advantages of SIP
Also read: Benefits of SIP | Advantages of SIP
Annuity Options under LIC Jeevan Akshay VI
The following below
mentioned annuity options are available under LIC Jeevan Akshay VI plan
1. Annuity payable for life
at a uniform rate. The pension amount will remain same throughout your life.
2. Annuity payable for 5,
10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
The pension is paid for a certain period irrespective the purchaser is alive or
not and thereafter as long as the annuitant is alive.
3. Annuity for life with
return of purchase price on death of the annuitant. Annuity to the annuitant till
he/she is alive. Return of purchase price to the nominee on the death of the
annuitant.
4. Annuity payable for life
increasing at a simple rate of 3% p.a. The pension
will keep increasing at 3% every year.
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, and
then 100% of the annuity payable to the spouse during his/her lifetime. The
spouse will get 100% of the annuity after the death of the annuitant.
7. Annuity for life and then
100% of the annuity to the spouse during his/ her lifetime on the death of the annuitant. The purchase price will be returned
on the death of the last survivor.
You may opt any one option
for an annuity. Please note: Once chosen,
the option cannot be altered.
Annuity Rates under LIC Jeevan Akshay VI
For a purchase price of Rs.
1.5 lakh, the amount of annuity payable yearly under different options of
annuity is as shown in the below table:
Loan under LIC Jeevan Akshay VI
No loan will be available
under LIC Jeevan Akshay VI
policy.
Paid-up value under LIC Jeevan Akshay VI
LIC Jeevan Akshay VI policy does not acquire any paid-up
value.
Also, read: How to apply for loan against LIC policy online?
Also, read: Pay LIC premium online without registration
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LIC Jeevan Akshay VI Pension Plan | Pay-Once-Enjoy-Forever
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