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LIC Jeevan Akshay VI Plan

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.

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

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LIC Jeevan Akshay VI Plan Reviews

Page 1 of 11 1 2 3 4 5
  • LIC Life Insurance
    "Good Pension Plan"
    0.5 5.0/5 "Blown Away!"
    I started one policy in the year of 2010, on monthly basis I used the pay the amount of Rs. 2500 I need to pay the premium upto 20 years. Then I get the monthly pension amount upto 2080 its really helpful for the all. Its a good plan which I have availed it.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Apr 11, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 3.0/5 "Satisfactory"
    I am very much fine with LIC, I have multiple policies including pension plan with them which was availed in the year of 2011. It has the tenure period of 30 years. Then I will be getting monthly pension and the sum assured value of Rs.3 lakhs . It would be nice if they improve the customer support and plan feature.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Its Average"
    0.5 3.0/5 "Satisfactory"
    LIC has the good Financial security for certain demise, I took pension plan from their end for the duration of 30 years then I will get the sum assured around Rs. 3 lakhs. They are reliable and it was taken for the tax benefits under 80c section but benefits are less.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 3.0/5 "Satisfactory"
    I have taken pension scheme from LIC on 2011, I am paying the premium of Rs. 2500 on annual basis. It has long tenure period, then I get less benefits from their end. This policy is good for the tax saving purpose and also the financial security is there.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Nice Platform for payment"
    0.5 3.0/5 "Satisfactory"
    LIC has nice payment gateway to make the policy premium, they are also sending the alert and other messages on time for my pension plan. Totally I have five policies, I used to pay Rs. 2500 per annum, the benefits are very less after long term investment.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Trust worthy"
    0.5 3.0/5 "Satisfactory"
    Before eight years, I have activated my pension plan with LIC, it has the duration period of 30 years. I would recommend this policy because they are trusted and reputed. I pay Rs. 2500 as a premium on yearly basis, it has the tenure of 30 years, then I would get the monthly pension amount.
    Was this review helpful? 0
    , mumbai
    Reviewed on Apr 10, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    This LIC Policy is a Pension Plan policy yearly premium is Rs. 27000 .This policy tenure is for 30years.This Pension plan premium is pretty high and the benefits are good that is the reason paying the premium and taken the policy as well .I have taken this policy through LIC agent since visited home .
    Was this review helpful? 0
    , bangalore
    Reviewed on Apr 01, 2019
  • LIC Life Insurance
    "Trust worthy and Good Pension Plan"
    0.5 5.0/5 "Blown Away!"
    I pay Rs. 30,000 per annum for my personal plan for the duration of 25 years, I need to pay upto 50 years of my age, finally the retirement fund and pension I will amount. LIC has the good tax benefits, and they do have life coverage. Agent are good, they have different payment option. I have activated this plan before five years.
    Was this review helpful? 0
    , bangalore
    Reviewed on Mar 17, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the pension plan with the LIFE INSURANCE CORPORATION OF INDIA, i have been using it since from last three years also the maturity period of this policy is of 30years with this policy. The premium i am paying for monthly once with this policy.
    Was this review helpful? 0
    , pune
    Reviewed on Mar 15, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    It is the PENSION plan that i have taken it with the LIFE INSURANCE CORPORATION OF INDIA and using it from last few years i pay the premium for this policy for yearly once through the online. It gives the policy coverage for self added on that life coverage is also provided.
    Was this review helpful? 0
    , noida
    Reviewed on Feb 24, 2019
  • LIC Life Insurance
    "Its Good"
    0.5 5.0/5 "Blown Away!"
    First time I took the endowment policy, I used to make the premium of Rs. 1 lakh for multiple policy, I need to pay for 20 years, then I get the maturity benefits. Its not a pension scheme and its a simply plan I get the maturity amount and bonus after the term.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 22, 2019
  • LIC Life Insurance
    "Good for insurer and nominees"
    0.5 4.0/5 "Great!"
    Jeevan Akshay has the life term until death, it has tenure of 35 years. I need to pay the premium for whole year around Rs.16,000 per year. After 35 years I get pension very from total sum assured from 8% to 10%. After death whole benefits will be provided to the nominees.
    Was this review helpful? 0
    , kolkata
    Reviewed on Feb 19, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA since from last many years also the maturity period of this policy is for long term and the premium i pay for yearly once with this insurance policy. It gives the life coverage also the accidental benefits.
    Was this review helpful? 0
    , bangalore
    Reviewed on Feb 02, 2019
  • LIC Life Insurance
    "Good"
    0.5 4.5/5 "Excellent!"
    I am having 2 pension plan, health insurance and life insurance policy totally more than 4 policies. It was taken through the agent. LIC is a trustworthy and the benefits are less compared to the private sectors. It is a long term policy. I make the premium through cheque.
    Was this review helpful? 0
    , kochi
    Reviewed on Jan 25, 2019
  • LIC Life Insurance
    "Good policy to use"
    0.5 5.0/5 "Blown Away!"
    In the year 2002, i have taken a pension policy. I have been paying the premium amount of Rs. 13000 on a yearly basis. This is a tax benefits policy. From my salary, the amount has has been deducted. After 16 years, i will be getting a pension from this plan.
    Was this review helpful? 0
    , coimbatore
    Reviewed on Dec 29, 2018
  • LIC Life Insurance
    "Good pension plan"
    0.5 4.0/5 "Great!"
    6 months before, i have purchased the pension plan. I pay the premium of Rs. 6000 per annum. Depends on the age eligibility criteria they have given the plan. I pay the premium through the agent for the first time and after that i pay through the online portal. I chosen LIC because of my mother has taken LIC policy. They have given good returns.
    Was this review helpful? 0
    , vellore
    Reviewed on Nov 16, 2018
  • LIC Life Insurance
    "Okay to have a policy with LIC"
    0.5 4.0/5 "Great!"
    For my family, i have taken the life insurance policy with LIC. Because of the available agents, i never interacted with customer care. The agent is providing very good information about the policy details. I have choosen the coverage value of Rs. 2 lakhs. 2 months back i have got this policy which is pension plan with a tenure period of 25 years. I have to pay the premium for 15 years. I have chosen the annual payment mode with the premium of Rs. 11000.
    Was this review helpful? 0
    , vellore
    Reviewed on Nov 16, 2018
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am having a life insurance policy with the LIFE INSURANCE CORPORATION OF INDIA where it gives the maturity period for 20 years and also for self. It is a good policy to use the name of the policy is PENSION plan it is a good plan to use. I am satisfied with this policy.
    Was this review helpful? 0
    , dindigul
    Reviewed on Oct 18, 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
    "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
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