LIC Jeevan Akshay Plan

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LIC Jeevan Akshay 6 Plan Review

 

LIC Jeevan Akshay VI Plan is a Single Premium Immediate Pension Plan. This is a non unit-linked pension plan.

 

How it works –In this plan, a lumpsum amount of premium is paid to purchase annuity which starts immediately without any delay. All other deferred annuity plans of LIC purchase annuity from LIC Jeevan Akshay VI Plan and avails the pension options and rates provided here.

This plan has 6 pension options to choose from but once chosen, the option cannot be altered since pension starts immediately without delay. Annuity may be paid monthly, quarterly, half yearly or yearly intervals. It starts from the next possible interval as chosen.

 

Our Take – This plan is an immediate pension plan with varied pension options and is used to provide pension even to all deferred annuity plans. Hence this plan is a good choice if you have not planned your pension before but would like to avail it now by paying a lumpsum amount for lifelong security. Hence it is very suitable for people who have not bought a pension plan before and would like to buy one with retirement money.

 

This policy is recommended by us.

 

 

Key Features of LIC Jeevan Akshay VI Plan

 

This plan is an immediate pension plan

There are 6 options for Pension-

  1. Annuity for Life- where pension is paid till the life assured is alive and nothing is payable on death,
  2. Annuity Guaranteed for Certain Periods- where pension is definitely paid for 5/10/15 or 20 years as chosen whether the life assured is alive or not and is paid as long as annuitant is alive.
  3. Annuity with Return of Purchase Price on Death- pension is paid till the life assured is alive and the remaining amount of the corpus is paid to the nominee as death benefit ,
  4.  Increasing Annuity- pension is paid till the life assured is alive at an increasing rate of 3% p.a. and
  5. 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 if alive
  6. Joint Life Last Survivor Annuity 1000% 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, 1000% of the pension continues to be payable to spouse as long as the spouse if alive.

Annuity may be paid monthly, quarterly, half yearly or yearly intervals.

There is an incentive for purchase of Rs 1.5 lakhs of annuity or more.

 

 

Benefits you get from LIC Jeevan Akshay VI Plan

 

Death Benefit – In case of death of the Life Insured it entirely depends upon pension option chosen

  • Annuity for Life- Pension stops when Annuitant dies and nothing further would be payable to nominee.
  • Annuity Guaranteed for Certain Periods-
  • During the Guaranteed Period - Pension is paid to the nominee till the end of the guaranteed period after which it stops.
  • After the Guaranteed Period- Pension stops when Annuitant dies and nothing further would be payable to nominee.
  • Annuity with Return of Purchase Price on Death- Pension stops when Annuitant dies and the remaining amount is paid to nominee.
  • Increasing Annuity- Pension stops when Annuitant dies. Nothing further would be payable to nominee.
  • Joint Life Last Survivor Annuity with 50% pension for spouse- When Annuitant dies and Spouse survives, 50% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.
  • Joint Life Last Survivor Annuity with 100% pension for spouse- When Annuitant dies and Spouse survives, 100% of the Pension continues as long as spouse is alive and stops thereafter. Nothing further would be payable to nominee.

 

Maturity Benefit – There is no maturity benefit since this is a plan to protect the risk of living too long. Pension is provided immediately according to the option selected.

 

Income Tax Benefit – Premiums paid under life insurance policy are exempted from tax under Section 80 C. Pension that is received is taxable.

 

 

Eligibility conditions and other restrictions in LIC Jeevan Akshay VI Plan

 

 

Minimum

Maximum

Purchase Price of Annuity (in Rs.)

50,000

No Limit

 Annuity Payout (in Rs.)

3000 Annually, 2000 Half yearly, 1000 Quarterly and 500 Monthly

No Limit

Premium Payment Term (in years)

Single

Entry Age of Policyholder (in years)

40

79

Payment modes for Annuity

Yearly, Half-yearly, Quarterly or Monthly

 

 

Sample illustration of annuity payouts for LIC Jeevan Akshay VI Plan

 

The below illustration is for a healthy Male (non-tobacco user) opting for a Purchase Price= Rs 1,00,000

Annuity Option= Life Annuity

Annuity Mode= Yearly

LIC Jeevan Akshay 6 Sample Premium Values

 

Additional Features and Benefits of LIC Jeevan Akshay VI Plan

 

Riders- There are No Additional Rider available:

 

 

What happens if?

 

You stop paying the premium – This plan is a single premium plan and hence there is no question of stopping further premiums.

 

You want to surrender the policy – There is no Surrender Value for this plan and it cannot be paid up.

 

You want a loan against your policy – Loan facility is not available under this policy

 

 

Alternate immediate annuity plans from different insurance companies

 

Bharti AXA Life Immediate Annuity

ICICI Pru Immediate Annuity

Max New York Life-Immediate Annuity

 

 

Other pension plans from Life Insurance Corporation of India

 

LIC Pension Plus - ULIP

LIC New Jeevan Nidhi

LIC New Jeevan Dhara 1

LIC New Jeevan Suraksha 1
 

~ By Deepak Yohannan
Note: This is a statement of facts based on the information collected from the LIC Jeevan Akshay Plan brochure and insurance company's website. It should not be construed as a Critical or Favourable LIC Jeevan Akshay Plan Review, Analysis or Recommendation.
Insurance is a subject matter of the solicitation.


Leave a Comment

Hi,
i want to enroll my mother for a pension plan that starts giving her a sum of Rs. 10,000 p.m. Her age is around 50. What is the best plan and how much do i need to invest? Also please tell me, can i invest through a one-time payment or payments at regular intervals have to be made?

By Ankita Dubey on Aug 03, 2014 Reply

There are a few pension plans available in the market which you can consider.
You can see the list of few plans by visiting this page and entering the details -

http://www.myinsuranceclub.com/life-insurance/pension-plan

Many plans give you a choice to pay premiums every year or make a single payment. So you can choose whichever convenient to you.

Replied By Manoj Aswani (MIC Staff) on Aug 04, 2014 Reply

Dear Sir

I am 38 yrs old, don't have any PF/EPF contribution. I wish to buy LIC Jeevan Akshay 6 plan for Rs.5,00,000/- under option "Joint Life Last Survivor Annuity 1000% of the annuity payable to spouse during his/her lifetime on death of the annuitant" Will I get Rs.30000/- p.a. ( i.e Rs.2500/- p.m)
1) Is this scheme provides guaranteed payout every month for life long to the me and and to my spouse pls clarify ?
2) Schemes payout not affected performance of LIC ?
3) Will I get payout immediately from next month onwards or only after attaining certain age ?
4) Can I buy this scheme in my wife name she is 30 yrs old ? what do you suggest ?
I wish to achieve 2 objectives
1) Primarily the reason I wish to buy is to fund partly my 6 years old SON treatment who requires Rs.12000/-p.m. for his treatment to keep him healthy & alive. This reduces my
burden to some extent.
2) Secured investment which guarantees regular flow of funds every month for entire life of
myself and my spouse.
I look forward to hear your suggestion/advise pls mail me at - trsixxxx@rediffmail.com

By Suresh Sing on Aug 29, 2013 Reply

Hi Suresh, its great that you are thinking of retirment planning already.

Its 100% and not 1000% - I assume it is a typo. And yes the amount is more or less correct of what you will receive per month. It may be slightly more than what you have suggested as there are incentive for purchase price above Rs. 2.5 lakhs. The exact amount for age 38 will be slightly different.You can opt for a monthly or annual payout.

1) Yes, it is payable for lifetime to you and your spouse

2) No, there is no linkage to perfomance of LIC

3) This is an immediate annuity plan. The payout will be immediate.

4) You can buy in your wife's name if she is an earning member. I would recommend buying it in your name if you are the earning member.

Well it does guarantee a regular and secure flow of income, but it may not be the most suitable for the requirement which you are wanting it for. Since annuities are taxable, you may be better off investing in Fixed Deposits which offer you a greater rate of return. The flip side to an FD is that, you will withdraw it and use it for something in case of some urgent requiremnt. With annuities you will not have that option and hence will keep getting the amount. Plus the rate is guaranteed for life. So you will have to decide on it.

Do write back in case you need an further clarification.

Replied By Admin (MIC Staff) on Aug 29, 2013 Reply

if i invest 50000 for my child for2years so what is the monthly benefits for me

By Almas Ansari on Apr 17, 2013 Reply

Dear Almas Ansari, LIC Jeevan Akshay 6 is an annuity plan which is useful for getting regular income during your retirment period.

You will have to check some child plans in case you need to secure your child's future.

In case you are planning only for paying 2 years, we would not recommend that you go for any insurance plans. Insurance plans are long term commitment instruments and are not beneficial for 2 year periods.

Replied By Admin (MIC Staff) on Apr 17, 2013 Reply

I WANT TO SURRENDER MY POLICY JEEVAN AKSHAY 6.

By Akash Gupta on Mar 26, 2013 Reply

Dear Akash, LIC Jeevan Akshay 6 does not aquire any surreder value. Pls check with local LIC office and write to them with the reason and see if something can be worked out.

Replied By Admin (MIC Staff) on Mar 28, 2013 Reply

Purchase Price of Annuity (in Rs.)50,000 No Limit Annuity Payout (in Rs.)3000 Annually, 2000 Half yearly, 1000 Quarterly and 500 Monthly No Limit Premium Payment Term (in years)HERE I AM LOGGED ON TO LIC SIGHT .I AM GOING TO RETIRE NEXT YEAR.I AM IN PSU AND WE DONT GET PENSION LIKE CENTRAL GOVT EMPLOYEE .NOW AS PER YOUR TABLE AS MENTIONED IF IN INVEST 10 LACS WILL IT BE CORRECT TO SAY THAT I GET A PENSION OF RS 10,000/- PER MONTH AS FOR EVRY RS 50,000 U SAY U R GIVING RS 500/- PER MONTH I.E EVRY ONE LAC WILL FETCH ME 1000/- PER MONTH AND 10 LAC WILL FETCH ME RS 10,000/ = AM I CORRECT DO LET ME KNOW AT MY EMAIL ID utpal99@gmail.com .Be clear with what i want to know or I gonna shak your company well. Single

By Subash Das on Mar 17, 2013 Reply

Dear Sir, you will get a better idea if you refer to the chart in the page and not the table. The table provides only the minimum/maximum conditions. If you are purchasing at the age of 60 for Rs 10 lakhs, you can get annual payout of Rs. 93,500 every year - this is if you are not opting for return of pruchase price

Replied By Admin (MIC Staff) on Mar 18, 2013 Reply

i had purchased two such policies,in 2010, one for 2.5 lacs and other for 3 lacs. i am getting hardly any returns. (Rs 1440 PM for first one and Rs 1740 PM for second one). thats hardly anything.

i feel deuiped.

can anybody advise?

By Sushil Bhatia on Mar 04, 2013 Reply

Dear sir ,
If taken a policy jeevan Akshay and the insured person dies in the first year itself ,will the nominee get pension for his entire life ...

Thanks

By Adil on Feb 23, 2013 Reply

I am 32 yrs old
If I invest Rs. 50,000/- one time in this plan, Dear Sir,
How much I will get pension monthly? Can you share more details if possible?
Sent more deltails of this schemes

By Sydal on Feb 20, 2013 Reply

Dear Sir,

This is Gajendra,30 years old, from Chennai.
I would like to invest 2.5 lakhs in LIC Akshay 6 plan.
How much I will get pension monthly? Can you share more details if possible?

Thanks,
Gajendran

By Gajendran on Feb 11, 2013 Reply

i want to more information about this pln.

By Swapneel S Mahajan on Dec 05, 2012 Reply

Dear Lal Singh & Bikash Kar, for the option selected by you, the annual annuity payable would be Rs. 14,240 approximately. That would amount to Rs.1,186 monthly.
If your purchase price is Rs. 2.50 lakh or more, you will receive higher amount of annuity due to available incentives.
We have written a mail to both of you. Do check your mail box.

By Myinsuranceclub on Dec 05, 2012 Reply

Dear Bala Geetha, we will be glad to help you out. The amount you want to invest is completely upto you. It is great for retirement income and the larger the amount you invest, the bigger will be the regular payouts made to you.
We have dropped a mail to you regarding this. Please check your mail box.
Have a nice day!

By Myinsuranceclub on Dec 05, 2012 Reply

I am Bala Geetha I am working in a private College in trichy my age is 35 if i want to start this plane how many amount money i want to inverse in this plane.

By Bala Geetha, G. on Dec 05, 2012 Reply

Dear Akhilesh, must say it is a bit early to start investing in annuities! But why not? We have sent a mail to you. Please check your mail box.

By Myinsuranceclub.Com on Nov 27, 2012 Reply

Dear Devaraj, we have sent a mail to you. Pls revert to it.

By Myinsuranceclub.Com on Nov 27, 2012 Reply

Dear Syed Imran Hussain

For a detailed explanation, we recommend that you meet a LIC Direct representative who will help you out with all details. We have written a mail to you on this.

By Myinsuranceclub.Com on Nov 27, 2012 Reply

Dear Sir, LIC Jeevan Akshay VI does not acquire any Paid Up Value or Surrender Value. So it may not be possible to do it.
Please check the type of annuity chosen by. It is a very useful plan.

By Myinsuranceclub.Com on Nov 27, 2012 Reply

I am 30 years old, non tobacco user and i want to invest Rs.1,00,000 in jeevan akshay6 in Annuity option and annuity mode is monthly. How much i get monthly.

By Suresh Kumar on Nov 25, 2012 Reply

Dear Sandhya, we would be glad to help you out. We have written a mail to you on it. Please check your mail box.
Have a nice weekend!

By Myinsuranceclub.Com on Nov 23, 2012 Reply

sir, i want to guidance of this police, because i was investment on this policy

By Sandhya on Nov 23, 2012 Reply

Dear Mahesh Kumar, I suppose our representative has already got in touch with you. Hope you find our service useful.

By Myinsuranceclub.Com on Nov 22, 2012 Reply

I want to invest 100000 ... could anybody plz specify the amount of return I can get in monthly mode????

Replied By Debasish Chanda on Sep 12, 2013 Reply

Hi Debasish, you will need to specify your age and the option which you want to avail. As you can see in the link below, there are 7 options and the annuity rate will differ.

If you visit the link below you should get the exact amount of annuity which you wil get.

http://www.licindia.in/jeevan_akshay_plan_009_features.htm

If you let us know which option you want we can help you with it.

Replied By Deepak Yohannan (MIC Staff) on Sep 12, 2013

Dear Sir,

Greetings. Jeevan Akshay Policy has a negetive point that the policy holder cannot surrender the policy.


Therefore, in this policy, if the policy holder has deposited 10000000/- and he wants to take back the money for his urgent need, what is the way to get back the money by the policy holder ?

Let me have the possible way for this ?.

C N ANNADURAI

By C N Annnadurai on Sep 30, 2012 Reply

Dear Sir, but that is the nature of Annuities. It ensures that regular income is available to you during your retirement phase

Replied By Admin (MIC Staff) on Apr 10, 2013 Reply

looks like a fool's plan.

Better to go for FD@9%.

By Dushyant on Jun 24, 2012 Reply

Which is best and beneficial annuity plan for single payment for a person aged 60 and aged 50 and aged 24

By Sabapathy L on Jun 15, 2012 Reply

If this policy is bought by the hospital owner to give as a reward of Rs 1lakh for the employee, then can the owner get 100% tax benefit. Can you please clarity?

By Rohini Deshpande on Feb 22, 2012 Reply

my age is 28 and i wana pension at the age of 40.how much pension i get at the age of 40 /per year ,and what other benifit in this policy..........

By Yogesh Dubey on Feb 07, 2012 Reply

details of thish pol.

By Dilip K Patel on Jan 24, 2012 Reply

Know more about this policy

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