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 plan is an immediate pension plan
There are 6 options for Pension-
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.
Death Benefit – In case of death of the Life Insured it entirely depends upon pension option chosen
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.
Purchase Price of Annuity (in Rs.)
Annuity Payout (in Rs.)
3000 Annually, 2000 Half yearly, 1000 Quarterly and 500 Monthly
Premium Payment Term (in years)
Entry Age of Policyholder (in years)
Payment modes for Annuity
Yearly, Half-yearly, Quarterly or Monthly
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
Riders- There are No Additional Rider available:
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
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