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  • LIC Jeevan Akshay VI Plan

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    Plan Benefits

    Payment Options

    Policy Coverage

    Customer Service

    Purchasing a good insurance plan today can be a time consuming venture, as there is a world of options, with policies that offer regular or staggered payouts, policies that pay a large benefit to your dependants in the event of your death, policies that promise a maturity benefit should you survive till the end of the term, Unit Linked Life Insurance Policies (ULIPs), etc. – and then there are policies like the LIC Jeevan Akshay VI Plan, which pays out benefits in the form Annuity payments, with the option to choose one of 7 ways in which you wish to be paid, in different circumstances and different situations.


    Eligibility Conditions of LIC Jeevan Akshay VI Plan

    Entry Age
    • Minimum: 30 years.
    • Maximum: 85 years.

    Features and Benefits of LIC Jeevan Akshay VI Plan

    Plan basis Individual.
    Premium paying mode One time lump sum premium is to be paid to activate the coverage under this insurance policy.
    Minimum purchase price
    • Rs.1,50,000 is the plan is purchased through an online distribution channel.
    • Rs.1,00,000 if the plan is purchased from other distribution channels.
    Benefits
    1. Annuity:
    The benefit in this plan is paid in the form of annuity, and the policyholder can choose how he / she wishes to be paid the annuity from these options:
    1. Option i: Annuity payable for life at a uniform rate.
    2. Option ii: Annuity payable for either 5 years, 10 years, 15 years, 20 years for certain, and then thereafter for as long as the policyholder (annuitant) is alive.
    3. Option iii: Annuity for life with the return of purchase price on the date of death of the annuitant.
    4. Option iv: Annuity payable for life, with an additional increase of 3% per annum (simple rate).
    5. Option v: Annuity for life, with a provision to ensure that 50% of the annuity will be paid to the spouse of the policyholder during his / her lifetime, on the death of the annuitant.
    6. Option vi: Annuity for life, with a provision to ensure that 100% of the annuity will be paid to the spouse of the policyholder during his / her lifetime, on the death of the annuitant.
    7. Option vii: Annuity for life, with a provision to ensure that 100% of the annuity will be paid to the spouse of the policyholder during his / her lifetime, on the death of the annuitant. With the purchase price being returned in the event of the death of the last survivor.
    Features of the annuity benefit:
    • Only one annuity option may be chosen, and this decision is final – the annuity option cannot be altered or changed after having being decided upon.
    • Annuity can be paid in the following frequency options:
    Monthly. Quarterly. Half Yearly. Yearly. And any mode of annuity payout frequency can be chosen. Payout of annuity: Depending on the annuity option (from above) that’s been chosen, the following effects will be applied to the annuity in case of the annuitant’s death:
    1. Under option i, annuity will cease.
    2. Under option ii, in the unfortunate event of the annuitant’s death during the policy guarantee period, annuity is paid out to the nominee until the end of the guarantee period, and will cease after the end of the guarantee period.
    3. Under option iii, the annuity will cease and the purchase price will be paid out to the nominee of the annuitant.
    4. Under option iv, the annuity will cease.
    5. Under option v, annuity will cease and 50% of the annuity will become payable to the surviving named spouse of the annuitant, but if the spouse dies before the annuitant dies, the annuity will cease.
    6. Under option vi, annuity will cease and 100% of the annuity will become payable to the surviving named spouse of the annuitant, but if the spouse dies before the annuitant dies, the annuity will cease.
    7. Under option vii, annuity will cease and 100% of the annuity will become payable to the surviving named spouse, and the nominee of the annuitant will receive a full refund of the purchase price after the death of the named spouse. If the spouse dies before the annuitant dies, then the full refund of the purchase price will be made to the nominee on the death of the annuitant.
    Free Look period The free look period for this LIC policy is called the “Cooling Off Period”. Policyholders who are not totally satisfied with the terms and conditions of the policy can return the policy documents to the company with a stated reason for the same within 15 days of receiving it. The LIC will then cancel the policy as it stands and refund an amount equal to: the single premium paid minus (-) stamp duty charges, etc.
    Surrender Value No surrender value applies for this insurance policy
    Tax
    • Taxes will be payable as per prevailing taxation laws.
    • The amount of tax paid will not be considered for the calculation of benefits payable.
    • Tax on premiums is deductible under Section 80C of the Income Tax Act, 1961.
    • Benefit amounts receivable are exempt from tax under Section 10(10D) of the Income Tax Act, 1961.
    Riders There are no riders available with this pension plan.
    Exclusions The policy shall be rendered void if:
    • The life insured commits suicide within 1 year from the commencement of risk, irrespective of whether he or she is sane or insane.
    • The only claim payable under this case will be a refund of 80% of the premiums paid minus taxes and extra premium paid.
    High purchase price incentives
    • If the purchase price is at least Rs.2,50,00o (or more), a higher amount of annuity will be payable to the annuitant because of incentives.
    • Policies sold online will benefit from a rebate of 1%.

    Features and Benefits:

    • Regular payout of annuity.
    • Flexibility to choose annuity payout from 7 options.
    • Benefits extend to the surviving named spouse / nominee after the death of the annuitant.
    • Excellent retirement solution.
    • Incentives for high purchase price.
    • No medical examinations of any kind are required before taking on this plan.
    • Annuity payouts can happen on a frequency scale that can be selected by the annuitant:
      • Monthly.
      • Quarterly.
      • Semi-annually.
      • Annually.
    • Tax benefits under Section 80C and Section 10(10D).

    How does this policy work?

    This LIC pension plan offers the choice between 7 options for receiving annuity. Once an option has been chosen, it cannot be changed.

    1. Option i: Annuity payable for life at a uniform rate.
    2. Option ii: Annuity payable for either 5 years, 10 years, 15 years, 20 years for certain, and then thereafter for as long as the policyholder (annuitant) is alive.
    3. Option iii: Annuity for life with the return of purchase price on the date of death of the annuitant.
    4. Option iv: Annuity payable for life, with an additional increase of 3% per annum (simple rate).
    5. Option v: Annuity for life, with a provision to ensure that 50% of the annuity will be paid to the spouse of the policyholder during his / her lifetime, on the death of the annuitant.
    6. Option vi: Annuity for life, with a provision to ensure that 100% of the annuity will be paid to the spouse of the policyholder during his / her lifetime, on the death of the annuitant.
    7. Option vii: Annuity for life, with a provision to ensure that 100% of the annuity will be paid to the spouse of the policyholder during his / her lifetime, on the death of the annuitant. With the purchase price being returned in the event of the death of the last survivor.

    In the event of the death of the annuitant:

    1. Under option i, annuity will cease.
    2. Under option ii, in the unfortunate event of the annuitant’s death during the policy guarantee period, annuity is paid out to the nominee until the end of the guarantee period, and will cease after the end of the guarantee period.
    3. Under option iii, the annuity will cease and the purchase price will be paid out to the nominee of the annuitant.
    4. Under option iv, the annuity will cease.
    5. Under option v, annuity will cease and 50% of the annuity will become payable to the surviving named spouse of the annuitant, but if the spouse dies before the annuitant dies, the annuity will cease.
    6. Under option vi, annuity will cease and 100% of the annuity will become payable to the surviving named spouse of the annuitant, but if the spouse dies before the annuitant dies, the annuity will cease.
    7. Under option vii, annuity will cease and 100% of the annuity will become payable to the surviving named spouse, and the nominee of the annuitant will receive a full refund of the purchase price after the death of the named spouse. If the spouse dies before the annuitant dies, then the full refund of the purchase price will be made to the nominee on the death of the annuitant.

    Riders

    There are no additional riders available with this policy.

    This Insurance Company has not partnered with BankBazaar.com. For more details, please visit its website/branch office. The trademarks, logos and other subject matters of intellectual property belong to their respective owners.

    GST of 18% is applicable on life insurance effective from the 1st of July, 2017

    LIC Jeevan Akshay VI Plan Reviews

  • Page 1 of 12 1 2 3 4 5
    • LIC Life Insurance
      "Best Policy"
      0.5 5.0/5 "Blown Away!"
      I have taken pension policy from the life insurance corporation of India . Am satisfied with the premium amount which am making the payment . This policy cover good benefits after the policy gets over . Its has good returns after the policy period . Their customer representative explained the policy very well. It has tenure period of 16 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 22, 2018
    • LIC Life Insurance
      "Above average service"
      0.5 3.5/5 "Pretty good"
      I've a life insurance policy with the LIC. I pay a premium of 18000 per year. I make payments through the LIC website. The tenure of the policy is 30 years. My children will be also eligible for pension benefits. The sum assured is 1 Crore.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jul 02, 2018
    • LIC Life Insurance
      "Good pension plan"
      0.5 5.0/5 "Blown Away!"
      My family members were recommended me about the LIC pension policy. Death coverage and risk coverage is there. I have been using this policy for 4 years. Total tenure of the policy is 16 years. I make the payment through online in their web portals.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 27, 2018
    • LIC Life Insurance
      "Pension plan with LIC"
      0.5 4.0/5 "Great!"
      From LIFE INSURANCE CORPORATION OF INDIA i have taken a life insurance policy. Its a pension plan and the yearly premium is 25000 for the maturity period of 25 years. After the maturity i will start getting the pension as monthly installment.
      Was this review helpful? 0
      , nagpur
      Reviewed on May 14, 2018
    • LIC Life Insurance
      "GOOD"
      0.5 4.0/5 "Great!"
      I am holding my pension plan with the LIC, it is almost going to complete 20 years and for 20 years 3 years to go. Once i get my money only i come to know completely about the LIC. As of now the customer service is good. My policy is long term policy, I am happy to have my plan with LIC.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 13, 2018
    • LIC Life Insurance
      "Good experience"
      0.5 4.0/5 "Great!"
      I have taken a life insurance policy with LIC. It is a pension plan. I need to pay a premium till the age of 55 years. After which I would start to get the pension. The premium is on a monthly basis. It get deducted on a ECS basis. The services are also good.
      Was this review helpful? 0
      , bilaspur
      Reviewed on Mar 23, 2018
    • LIC Life Insurance
      "Good insurance"
      0.5 5.0/5 "Blown Away!"
      I have taken a pension scheme policy which includes 10 policies. I am using the LIC service for last 5 years. The policy was recommended by my friend. The LIC office is near to my policy so I don't face any difficulties. I am paying quarterly 10,350 rupees directly to the office.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 06, 2018
    • LIC Life Insurance
      "Average service"
      0.5 2.0/5 "Expected more"
      I have taken a Life Insurance with LIC.I pay a premium amount of Rs 5000 every quarterly.I get a policy coverage of ten lakhs.The plan name is pension scheme policy.The online site is helpful to make payment and its easy to understand.I closed the policy because i didn't pay my premium they have to refund the the amount however same was not done till date. Its still an ongoing issue........
      Was this review helpful? 0
      , chennai
      Reviewed on Jan 12, 2018
    • LIC Life Insurance
      "Pension benifits with LIC"
      0.5 5.0/5 "Blown Away!"
      I have taken a life insurance from LIFE INSURANCE CORPORATION OF INDIA. Its a life time policy . This is a pension plan,were i get pension from the policy.the premium amount which i am paying yearly is 35000. After the maturity period i get some bonus with the total amount. I make my payment mostly through cheque.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jan 10, 2018
    • LIC Life Insurance
      "Good Savings"
      0.5 5.0/5 "Blown Away!"
      Before nine months I have taken LIC policy, I make the premium around Rs. 1.20 lakh on yearly. It has the tenure of 16 years, once my policy gets matured they give the sum assured around Rs. 47 lakhs and they provides pension on life time. If some thing happened to me, my dependants will get life cover with pension.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 21, 2017
    • LIC Life Insurance
      "Good Pension scheme"
      0.5 5.0/5 "Blown Away!"
      I have taken pension scheme policy with LIC, I should pay for 20 years then lump sum amount divided into another 20 + years. I have received the LIC bond on time, I paid the premium around Rs. 95,000 on yearly basis. It gives life cover and tax benefits too.
      Was this review helpful? 0
      , vadodara
      Reviewed on Dec 21, 2017
    • LIC Life Insurance
      "Average policy to use"
      0.5 4.0/5 "Great!"
      I have got the LIC life insurance policy around 7years ago. The customer support is good with the LIC. This pension plan has the tenure of 15years. I pay the premium of Rs,3557 every 3 months once. The plan benefits and the policy coverage is good with LIC.
      Was this review helpful? 0
      , mumbai
      Reviewed on Dec 06, 2017
    • LIC Life Insurance
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Apart from being a customer of LIC, I have taken it up as a part time job as well. I would say that this company provides what ever is promised, unlike the private companies who provides an insured amount as per the current market rate. The policy I have would serve my purpose as it gets matured nearing the time of my retirement. It is like a pension plan.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 17, 2017
    • LIC Life Insurance
      "Trustworthy"
      0.5 5.0/5 "Blown Away!"
      LIC has a lot of policies which is very much beneficial. I have taken a pension plan, since I have taken it at the age of 40, I would have to pay a premium for the next 15 years. It is a economical one and the benefits are decent too. The maturity is worthed.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 26, 2017
    • LIC Life Insurance
      "Good policy"
      0.5 5.0/5 "Blown Away!"
      I am using LIC for two years, every time I receive notification of premium I used to make the payment by visiting their office immediately and they provides the receipt copy. I am paying premium of Rs. 2700 on quarterly payment it has the tenure of 15 years. They offered me all the coverage including the plan benefits of Rs. 6 lakhs, After 20 years I will be getting pension amount Rs. 3000 to 4000 based on the range.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jul 05, 2017
    • LIC Life Insurance
      "Good Pension Scheme"
      0.5 5.0/5 "Blown Away!"
      I have taken the pension plan with LIC, now my age is 27 so I used to make the premium Rs. 1200 on monthly basis its for 25 years. Its gets complete in the age of 52, After 62 years I would be getting the monthly pension of Rs.15,000. If suppose something happen to me, my nominee get Rs.24 lakhs.
      Was this review helpful? 1
      , chennai
      Reviewed on Apr 03, 2017
    • LIC Life Insurance
      "Most trusted insurance company in India"
      0.5 4.5/5 "Excellent!"
      I have got my two life insurance policies with the LIC of India. One policy is pension based and the other is term insurance. The premium is around 60000 Rupees per annum for both the policies. Total tenure is around twenty years of time for pension plan. Customer service is really good like I used to dealt with an agent and he is really professional, also he took the responsiblity of my policy. There is a concern gap in the market among their competitors and they need to come up with it.
      Was this review helpful? 0
      , mumbai
      Reviewed on Feb 05, 2017
    • LIC Life Insurance
      "Trustworthy site"
      0.5 4.5/5 "Excellent!"
      Trust worthy and Government organization. I am holding this LIC Policy for the past 4 years. I normally pay the premium close around 12k per quarter. The major benefits are like life insurance cover where we get pension scheme and I had opted through the agent.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jan 12, 2017
    • LIC Life Insurance
      "The best"
      0.5 5.0/5 "Blown Away!"
      Apart from being a customer of LIC, I have taken it up as a part time job as well. I would say that this company provides what ever is promised, unlike the private companies who provides an insured amount as per the current market rate. The policy I have would serve my purpose as it gets matured nearing the time of my retirement. It is like a pension plan.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 08, 2016
    • LIC Life Insurance
      "Very good"
      0.5 5.0/5 "Blown Away!"
      LIC policy is really good. I am holding this LIC policy for more than 3 years. The most important about this policy . They will provide some pension amount after retirement. Another plus is. As I am a frequent traveler, as my life is prone to risk this policy is of great help.
      Was this review helpful? 0
      , mangalore
      Reviewed on Nov 29, 2016
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