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 12 1 2 3 4 5
  • LIC Life Insurance
    "GOOD"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA but after using for few years i have closed the plan because the premium has to be paid monthly once which is not convenient. The policy gives the coverage for self.
    Was this review helpful? 0
    , kolkata
    Reviewed on Jul 31, 2019
  • LIC
    LIC Life Insurance
    "Good insurer"
    0.5 5.0/5 "Blown Away!"
    I have taken a life insurance in LIC before 10 days. The policy is for 30 years and scheme of pension plan scheme. I am paying premium in the yearly package. While getting a policy my agent has given an information about the policy details. I use to provide cheque to an agent.
    Was this review helpful? 0
    , hyderabad
    Reviewed on Jul 06, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    The life insurance policy has been taken with LIFE INSURANCE CORPORATION OF INDIA and the policy has the maturity period of long term of 21 years added on that the premium paying for yearly once, i have purchased PENSION PLAN it give self coverage with good sum assured of pension as a regular income.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 30, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I am using the LIFE INSURANCE CORPORATION OF INDIA since from last 10 years and the name of the policy i am using is JEEVAN TARANG where the policy has the benefit of getting pension after the maturity and the maturity period of 20 years. The service is good.
    Was this review helpful? 0
    , bangalore
    Reviewed on Jun 22, 2019
  • LIC Life Insurance
    "Useful savings for a person"
    0.5 5.0/5 "Blown Away!"
    LIC is fine. Since its a big life insurance company of India and its undertaken by Government i have chosen the LIC company. This is a pension policy which will be useful for my future benefits. I have purchased this policy for my children and the premium is paying my children. After 60 years only, i get the benefits from this policy. Its a life assured policy.
    Was this review helpful? 0
    , ahmedabad
    Reviewed on Jun 11, 2019
  • LIC Life Insurance
    "Good"
    0.5 5.0/5 "Blown Away!"
    I have toot LIC pension plan premium annual they are charging Rs 24000 and maturity 25 years. amount will be detected from salary itself, its is monthly mode payment and customer service is good and responsive. i will recommended to my friends.
    Was this review helpful? 0
    , chennai
    Reviewed on Jun 08, 2019
  • LIC Life Insurance
    "Good Service"
    0.5 4.0/5 "Great!"
    I have taken Life Insurance policy which is Pension policy taken through LIC agent.This policy i have taken before 5 years and i am paying the premium for yearly mode and so far not faced any issues.This policy is still active and the premium is very nominal and got all the details through the agent ,The premium amount is also nominal not so high .
    Was this review helpful? 0
    , ghaziabad
    Reviewed on Jun 03, 2019
  • LIC Life Insurance
    "Excellent Service"
    0.5 5.0/5 "Blown Away!"
    I have Life Insurance policy which was taken directly by myself.Since i am working with LIC company i have taken this policy it is a Pension Plan for the tenure of 25 years and i am paying the premium on monthly basis through auto debit from my account .The policy features ,policy coverage ,plan and benefits are very good .This Insurance company is really doing an extraordinary service it is known by all .I have got all the details through the agent .I have got the policy documents on time .
    Was this review helpful? 0
    , chandigarh
    Reviewed on Jun 02, 2019
  • LIC Life Insurance
    "LIC is a super policy"
    0.5 5.0/5 "Blown Away!"
    Took my life insurance policy from LIC. I have selected the pension policy. Since the LIC is comfortable and the plans are transparent hence i have chosen this LIC. I have bought the policy through agent. I am paying the premium amount of Rs. 6000 three months once. I used to pay the premium for 15 years. 1 before i bought the policy.
    Was this review helpful? 0
    , chennai
    Reviewed on May 20, 2019
  • LIC Life Insurance
    "GOOD"
    0.5 4.0/5 "Great!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA where the policy has the maturity period of long term also the premium paying on time added on that the executive explained the details of the policy on time at the beginning.
    Was this review helpful? 0
    , thane
    Reviewed on May 11, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION PLAN with the LIFE INSURANCE CORPORATION OF INDIA where i am using its since from last many years and i get no issues with this insurance. The policy has the maturity period of long term and the premium paying for yearly once with this policy.
    Was this review helpful? 0
    , chennai
    Reviewed on May 10, 2019
  • LIC Life Insurance
    "Good Pension scheme after retirement"
    0.5 4.0/5 "Great!"
    I have insurance with LIC, I pay the premium of Rs.12,000 on quarterly basis, it has the term of 15 years. Till the maturity I need to pay the premium amount then after the term I would be getting the complete maturity benefits on pension basis.
    Was this review helpful? 0
    , mumbai
    Reviewed on May 02, 2019
  • LIC Life Insurance
    "Can do Better"
    0.5 3.5/5 "Pretty good"
    I generally pay the premium around Rs. 54,500 to jeevan umang policy it has term of 20 years. Actually it has life time cover and after 20 years I get the regular money back as a pension. I feel its not very good policy as others. The LIC agents are good.
    Was this review helpful? 0
    , kolkata
    Reviewed on Apr 27, 2019
  • LIC Life Insurance
    "EXCELLENT"
    0.5 5.0/5 "Blown Away!"
    I have purchased the PENSION plan with the LIFE INSURANCE CORPORATION OF INDIA where the maturity period of this policy is for long term also the premium paying for monthly once through the ECS from the salary. I am using from last 17 years it gives the coverage for disability, life coverage.
    Was this review helpful? 0
    , chennai
    Reviewed on Apr 23, 2019
  • 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
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