LIC Jeevan Akshay 6 Plan Introduction
LIC Jeevan Akshay 6 plan is a retirement policy plan. LIC Jeevan Akshay 6 policy plan is an immediate annuity plan, which can be purchased by paying a lump sum amount as single Premium. In LIC Jeevan Akshay 6 Plan after buying the policy, pension will start immediately without delay.
In LIC Jeevan Akshay 6 plan annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. Policy receiver may choose any mode of payment of annuity. Once the payment is chosen, the option cannot be changed because the pension starts immediately after buying the LIC Jeevan Akshay 6 plan.
Terms and Eligibility Conditions of LIC Jeevan Akshay 6 Policy
| Entry Age |
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| Minimum Purchase Price |
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| Maximum Purchase Price |
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| Premium paying mode |
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| Mode of getting annuity (pension) |
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| Payment of Annuity or Pension to pensioner or policyholder |
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| Minimum annuity installment for Rs.1,00,000 purchase price |
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| Annuity guaranteed for certain periods |
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| Other features |
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LIC Jeevan Akshay 6 Policy Rebates
Rebates: Moreover if you purchase Jeevan Akshay VI plan in online form then rebate will be provided in form of increase in annuity rates. You can also get rebate if you opt for purchase price of Rs 2,50,000 or more.
Mode Rebate:
| Mode of Annuity | Purchase price (in Rs.) | |||
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2,50,000 to 4,99,999 |
5,00,000 to 7,49,999 |
7,50,000 to 9,99,999 |
10,00,000 & above |
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| Yearly | 3.75 | 4.00 | 4.30 |
4.35 |
| Half Yearly | 3.45 | 3.70 | 4.00 |
4.05 |
| Quarterly | 3.35 | 3.60 | 3.90 |
3.95 |
| Monthly | 2.90 | 3.50 | 3.80 |
3.90 |
Benefits of LIC Jeevan Akshay 6 Plan
Benefits covered under LIC Jeevan Akshay 6 plan are as follows
- Death Benefit: If in case of death of the Life Insured, then the pension completely depends on the pension option which is chosen by policyholder.
- Maturity Benefit: There is no maturity benefit under this LIC Jeevan Akshay 6 plan since this plan is to protect the risk of living too long and provided the pension immediately according to the selected option.
- Income Tax Benefit: Premiums paid under life insurance policy are exempted from tax. Pension which is received is taxable. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
Various Pension Options of LIC Jeevan Akshay 6 Plan
Under LIC Jeevan Akshay 6 policy there are various pension options. There are
Annuity for Life: Annuity payable for life at uniform rate till the life assured is alive and after the death of policyholder nothing is payable on his/her death.
Annuity Guaranteed for Certain Periods:
- During the Guaranteed Period – Pension is paid to the nominee till the end of the guaranteed period.
- After the Guaranteed Period- Pension stops when Annuitant dies and nothing is paid to the nominee after the death of policyholder.
Annuity with Return of Purchase Price on Death: Pension is paid till the life assured is alive and after the death of annuitant remaining amount will be paid to the nominee as death benefit.
Increasing Annuity: Pension is paid till the life assured is alive at an increasing rate of 3% p.a. and after the death of annuitant nothing is payable to nominee.
Joint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant: Pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse is alive.
Joint Life Last Survivor Annuity 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant: Pension is paid till the life assured is alive. On the death of the life insured, 100% of the pension continues to be payable to spouse as long as the spouse if alive.
Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of annuitant. The purchase price will be returned on the death of last survivor.
LIC Jeevan Akshay 6 Policy Buying procedure
- Decide the lump sum amount (also called purchase price) to buy the LIC Jeevan Akshay 6 Policy plan. There is no limit on maximum lump sum amount (purchase price).
- Decide the annuity option (any of the 7) and annuity mode (monthly, quarterly, half yearly or yearly).Once your option is selected there is no chance to change your option.
- Purchase directly at online or contact LIC representative or insurance agent. There is no need of medical tests.
Documents required for buying LIC Jeevan Akshay 6 policy are given below
- Application form/Proposal form along with photo
- Address proof
- Age proof
- Medical reports(if required)
Claim Procedure For LIC Jeevan Akshay 6 Policy
The documents required for claim procedure under LIC Jeevan Akshay 6 policy are given below
- NEFT form
- Discharge form
- Cancel check or Bank Pass book xerox
- Policy bond
- Death certificate
LIC Jeevan Akshay 6 Policy Premium Calculator
The required data for calculating the premium rates in LIC Jeevan Akshay 6 Policy
- Name :
- E-Mail ID :
- Mobile Number :
- Age :
- Type of Annuity :
- Purchase Annuity :
Additional Information of LIC Jeevan Akshay 6 Policy
- Loan facility: Loan facilities are not available
- Surrender value: No surrender value shall be payable under this LIC Jeevan Akshay 6 Policy
- Paid up value: The policy does not acquire any paid up value
- Proposal Forms: Proposal Form no. 440 (IA) will be used under this plan.
- Riders: Additional riders are not available
- Special incentives if you buy online: There is a special incentive offered to online buyers is the basic annuity rate is more by 1% when you buy Jeevan Akshay VI plan in online.
- The people getting 20% or 30% tax are not eligible to buy this LIC Jeevan Akshay 6 Policy.
- Cooling off period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the policy.
- Assignments/Nominations: No assignees and nominees are possible under this plan.
- Service tax: 12.09% service tax is applicable.
Example of LIC Jeevan Akshay 6 Policy
Akash Gupta had decided to take LIC Jeevan Akshay 6 Policy.Following details are as follows
Age: 30 years
Purchase annuity: 50,00,000
The annuity options and annuity rates per Rs 50,00,000 are described below:
Case 1: Annuity payable for life at a uniform rate. On death, annuity ceases
| Period | Yearly | Half-Yearly | Quarterly | Monthly |
| Annuity payable | 381250 | 186625 | 92313 | 30542 |
Case 2: Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive. Akash Gupta opted for 20 years guaranteed period. If death occurs during the guaranteed period, annuity is paid to nominee. After guaranteed period, annuity ceases.
| Period | Yearly | Half-Yearly | Quarterly | Monthly |
| Annuity payable | 379250 | 185375 | 91813 | 30417 |
Case 3: Annuity for life with return of purchase price on death of the annuitant. On death, annuity ceases and purchase price is paid to the nominee.
| Period | Yearly | Half-Yearly | Quarterly | Monthly |
| Annuity payable | 366250 | 179125 | 88688 | 29333 |
Case 4: Annuity payable for life increasing at a simple rate of 3% per annum. On death, annuity ceases.
| Period | Yearly | Half-Yearly | Quarterly | Monthly |
| Annuity payable | 284250 | 139625 | 69188 | 22958 |
Case 5: Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant. On death, annuity ceases but 50% of annuity becomes payable to spouse. If spouse death has occurred already, annuity ceases.
| Period | Yearly | Half-Yearly | Quarterly | Monthly |
| Annuity payable | 375750 | 183875 | 90938 | 30125 |
Case 6: Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant. On death, annuity ceases but 100% of annuity becomes payable to spouse. If spouse death has occurred already, annuity ceases.
| Period | Yearly | Half-Yearly | Quarterly | Monthly |
| Annuity payable | 370250 | 181375 | 89688 | 29708 |
Case 7:Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of annuitant. The purchase price will be returned on the death of last survivor.
| Period | Yearly | Half-Yearly | Quarterly | Monthly |
| Annuity payable | 364750 | 178625 | 88313 | 29250 |
FAQ’s of LIC Jeevan Akshay 6 Policy
Who is nominee?
Nominee is a person chosen by the policyholder to receive the benefits in case of death of the policy holder. The nominee should be a blood relation to the policyholder. The nominee can be changed by the policyholder at any time before policy maturity.
Is there any medical tests required?
No, there is no need of any medical tests.
Is any Loan Facility available in this plan?
There is no loan facility
LIC Jeevan Akshay 6 Policy Documents and forms
Lic Life Insurance Jeevan Akshay 6 policy neft form
Lic Life Insurance Jeevan Akshay 6 policy Discharge Form
Lic life insurance Jeevan Akshay 6 policy Maturity Claim Form
LIC Jeevan Akshay 6 policy circular
LIC Jeevan Akshay 6 policy circular 2