Product Summary :
LIC Jeevan Akshay VI (189) is an immediate annuity plan that can be bought by paying a lumpsum as Single Premium. Pension will start immediately after buying the policy.Various options are available for the type and mode of payment of annuities. But once chosen, it can not be changed.
Premium Payment Mode:
Single Premium
Annuity Mode:
• Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity
Minimum Entry Age :
30 Year Completed
Maximum Entry Age :
85 Year Completed
Minimum Sum Assured :
• Rs.1,00,000/- for all distribution channels except online.
• Rs.1,50,000/- for on line sale.
Maximum Sum Assured :
NO LIMIT
Annuity Option :
i) Annuity for life
ii) Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii) Annuity for life with return of purchase price on death
iv) Annuity for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant.
vi) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant.
vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her life time on death of annuitant with return of purchase price on the death of last survivor.
Policy Benefits :
On Death :
(a) Under option (i) – payment of annuity ceases.
(b) Under option (ii)
i. On death during the guarantee period – annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
ii. On death after the guarantee period – payment of annuity ceases.
(c) Under option (iii) – payment of annuity ceases and the purchase price is returned to the nominee.
(d) Under option (iv) – payment of annuity ceases.
(e) Under option (v) – payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.
(f) Under option (vi) – payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.
(g) Under option (vii) – payment of annuity ceases. 100% of the annuity is paid to the surviving named spouse during his/her life time and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price is paid to the nominee. The amount of annuity shall be assured throughout the period for which it is payable.
Surrendered Value :
No surrender value will be available under the policy.
Loan :
No loan will be available under the policy.
Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Pension that is received is taxable.
Proposal Form 440 (IA) shall be used under this plan.