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

1. Rs.1,50,000 is the plan is purchased through an online distribution channel.
2. Rs.1,00,000 if the plan is purchased from other distribution channels.

Benefits

• Annuity:

• Option i: Annuity payable for life at a uniform rate.
• 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.
• Option iii: Annuity for life with the return of purchase price on the date of death of the annuitant.
• Option iv: Annuity payable for life, with an additional increase of 3% per annum (simple rate).
• 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.
• 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.
• 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:

1. 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.
2. Annuity can be paid in the following frequency options:

Payout of annuity:

• Under option i, annuity will cease.
• 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.
• Under option iii, the annuity will cease and the purchase price will be paid out to the nominee of the annuitant.
• Under option iv, the annuity will cease.
• 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.
• 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.
• 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

1. Taxes will be payable as per prevailing taxation laws.
2. The amount of tax paid will not be considered for the calculation of benefits payable.
3. Tax on premiums is deductible under Section 80C of the Income Tax Act, 1961.
4. 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

1. The life insured commits suicide within 1 year from the commencement of risk, irrespective of whether he or she is sane or insane.
2. 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

1. 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.
2. Policies sold online will benefit from a rebate of 1%.