Lic jeevan akshay pension plan 6 (189)- Benefits
Lic jeevan akshay pension plan 6 (189)- Benefits
You buy an annuity by paying a single premium and then LIC pays you a fixed amount regularly throughout your life. You can get this amount monthly, quarterly, half-yearly, or annually as per your wish. You have seven options to choose the amount and type of annuity in this plan(“Lic jeevan akshay pension plan 6”).
If you have taken any pension plan from LIC, then you will have to take an annuity from LIC.
As per the extant rules, you can withdraw up to the deposit amount and take an annuity from the same insurance company from the remaining amount.
Here you can decide out of 7 options which one is better for you. We have explained the details and benefits of all 7 options in detail below.
Of course, you can buy an annuity by investing a lump sum amount of your savings. After this, you will continue to receive a fixed amount regularly for as long as you are alive.
It is a good plan for those who need a fixed amount for the rest of their life and who do not look for risky options for much better returns.
For example- there may be a time when you can get better returns than annuity on fixed deposits but then in the very next year, the FD rates may also come down.
Annuity Options of Jeevan Akshay VI Plan:
There are 7 annuity options in this plan.
Option 1: Annuity for Life (Annuity):
Under this option, the annuity will be paid till the life of the policyholder. Annuity payment will stop on the death of the policyholder.
Example: The policyholder will get an annual pension of 48,750 till his/her survival.
Annuity (Annuity) for some time guaranteed:
Under this option, the policyholder paid an annuity as per the tenure chosen by him.
Four more options for this option are as follows,
5 Years Annuity Guarantee : Ex: Policyholder or in case of death of the nominee for 5 years Rs. 48,300 paid. If the policyholder survives even after 5 years, then Rs. 48,300 paid till alive.
Guaranteed 10 Years Annuity : Ex: For 10 years Rs. 47,300. If the policyholder survives 10 years, then he will get Rs. 47,300 paid till alive.
Guaranteed 15 Years Annuity : Ex: Policyholder or in case of death of the nominee for 15 years Rs. 45,950 paid. If the policyholder survives 15 years, then he will get Rs. 45,950 paid till alive.
20 Years Annuity Guarantee : Ex: Policyholder or in case of death of the nominee for 20 years Rs. 44,400 paid. If the policyholder survives 20 years, then he will get Rs. 44,400 paid till alive.
Lifetime Annuity (Annuity) with a return of purchase price: Under this option, the annuity (annuity) will be paid to the policyholder till he is alive. Annuity payments will stop after the death of the policyholder. The purchase price will be paid to the nominee as a death benefit.
Example: Lifetime Rs. 37,550 payable pensions. After the death, the nominee is given the purchase price of Rs.5,00000 and discontinued.
Option 4: Increasing Annuity @ 3%:
Under this option, the annuity will be paid till the life of the policyholder. The annuity will be increased every year at a simple rate of 3%.
Example: The policyholder will be paid Rs.39,650 annually in the first year. This payment will increase at the rate of 3% next year Rs. 1,190 (3% off Rs. 39,650) and continue to increase every year for life.
Option 5: Lifetime Annuity with 50% Annuity to Spouse on the death of the policyholder:
Under this option, the annuity will be paid till the life of the policyholder. After the death, 50% of the pension is paid to his spouse.
This payment will stop after the death of the spouse.
Example: Lifetime Rs. An annual pension of 45,200 paid.
After the death of the policyholder, his spouse will get Rs. 22,600 (50% off Rs. 45,200) will be paid.
Option 6: 100% Annuity (Annuity) to Spouse on the death of the policyholder along with Lifetime Annuity:
Under this option, the annuity will be paid till the life of the policyholder. After the death, a 100% pension is paid to his spouse. This payment will stop after the death of the spouse.
Example: Lifetime Rs. An annual pension paid Rs 42,150.
After the death of the policyholder, his spouse will get Rs. 42,150(100% off Rs. 45,200) paid.
With Lifelong Annuity Plan, 100% Annuity given to the spouse on the death of the policyholder, and the death of the spouse, the purchase amount given to the nominee:
Example: Lifetime Rs. 37,050 annual pension paid.
After the death of the policyholder, his spouse gets Rs. 37,050. The amount of Rs.5,00000 is paid to the nominee after the death.
Key Features of LIC Jeevan Akshay VI Plan:
- Premiums are paid in lump sum mode.
- If you buy online, then you pay a minimum of Rs.1,50,000. If you buy through another medium, then pay Rs. 100000.
- Based on your initial selection, you can decide whether to pay the annuity.
- How You Need (Monthly, Quarterly, Half Yearly, Yearly)
- The policyholder can choose from various annuity payment options for himself and his spouse(jointly).
- Annuity for paying a premium of 2,50,000 or more online calculated at higher rates.
- No medical examination is required under this scheme.
- There is no upper limit for a purchase price of annuity under this scheme.
Terms and Conditions of Participation:
Annuity Purchase Amount (Rs.)
1,50,000 (for online sales)
Entry Age (in years)
Annuity Payment Mode
Monthly, Quarterly, Half Yearly, Yearly
When start getting pension:
Date of purchase of annuity
3 months after buying annuity
Half year mode
6 months from the date of purchase of annuity
12 months from the date of purchase of annuity
To know in detail with examples:
If you choose any of the seven options on monthly mode, then from the next month start getting a pension.
If you have opted for quarterly mode, then you will start getting a pension after three months.
If you opted for half-yearly mode, then start getting pension after six months, and if you opted for yearly mode, then start getting pension after one year. It does not depend on your age, in how many years you have bought the Jeevan Akshay plan.
Tax Benefits in LIC Jeevan Akshay 6:
The premium paid by you is exempted under section 80C of Income Tax.
However, you will have to pay income tax on the pension you receive regularly.
You stop paying premiums – This plan is a single premium plan and has no question of withholding further premiums.
You want to surrender the policy – There is no surrender amount for this plan, and not paid up.
Do you want a loan under this scheme – A loan facility is not available in this policy(“Lic jeevan akshay pension plan 6”).