LIC Jeevan Akshay VI is an Instantaneous Annuity plan that could be bought with the help of high monetary amount. With the aid of this policy, the annuitant would receive prefixed regular pension payments throughout his/her lifetime. Numerous choices are offered for the category and manner of annuities payment.
Jeevan Akshay VI plan is basically meant for retired people who want the convenience of a monthly income without worrying about the diminishing funds in the bank account. This plan could also be offered in a gift format to any person above the age of 30 years to aid in the monthly expenditures or maintenance of other personal expenses. The purchase just has to fund a onetime high-value monetary sum and enjoy the benefits throughout the lifetime.
Annuity Options
There are several options provided under Jeevan Akshay plan 810 and once a specific option is selected then the purchaser cannot transfer it to any other available choice. The numerous options available Jeevan Akshay is listed below.
- The annuity is paid throughout the life term at the uniform ratio.
- An annuity is paid for a certain number of years such as 5, 10, 15 or 20. Hence, depending on one’s age and other circumstances, the annuity could be chosen for a specific number of years.
- An annuity is paid throughout the lifetime of the purchaser and the purchase value is returned back to the nominee on the death of the annuitant.
- An annuity is paid throughout the lifetime of the purchaser. However, keeping in view the changing economic structure, the annuity rate would increase at 3 percent annually. Hence, every year the annuity amount will keep on increasing.
- The annuity would be paid throughout the lifetime of the purchaser and after his/her death, 50 percent of the annuity would be paid to the living spouse throughout her/his lifetime.
- The annuity would be paid throughout the lifetime of the purchaser and after his/her death, 100 percent of the annuity would be paid to the living spouse throughout her/his lifetime.
- The annuity would be paid throughout the lifetime of the purchaser and after his/her death, 100 percent of the annuity would be paid to the living spouse throughout her/his lifetime. Moreover, after the demise of the last survivor, the purchase amount would be returned back to the nominee.
Annuity Status in the Instant of Annuitant’s Demise
In the instance of the demise of an annuitant, the following conditions may arise if the annuitant had chosen option
- Then in the instance of his/her demise, the annuity would cease to exist
- Then the annuity would run the full course of the guaranteed duration and then after completion of this duration it would cease to exist. The annuity would also cease to exist if the annuitant dies before the expiry of the guaranteed duration.
- Then the annuity would cease on his/her demise and full purchase value is returned to the nominee.
- then in the instance of his/her demise, the annuity would cease to exist and 50 percent of the annuity value would be paid to the surviving spouse all through his/her lifetime. After the demise of the spouse, the annuity ceases. If the spouse dies before the annuitant then on the death of the annuitant the annuity ceases to exist.
- then in the instance of his/her demise, the annuity would cease to exist and equivalent annuity value would be paid to the surviving spouse all through his/her lifetime. After the demise of the spouse, the annuity ceases. If the spouse dies before the annuitant then on the death of the annuitant the annuity ceases to exist.
- then in the instance of his/her demise, the annuity would cease to exist and 50 percent of the annuity value would be paid to the surviving spouse all through his/her lifetime. After the demise of the spouse, the annuity ceases and the full purchase amount is delivered to the nominee.
If the spouse dies before the annuitant then on the death of the annuitant the annuity ceases to exist and the full purchase amount is delivered to the nominee.
Time of first Annuity Payment
The first annuity installment would be paid to the annuitant after one month, 3 months, 6 months or 12 months of the procurement date depending on the annuity mode selected by the annuitant.
Policy Loan
LIC Jeevan Akshay VI does not offer any loan provision.
Surrender Value
There is no provision of surrender value in LIC pension plan.
Paid Up Value
The Jeevan Akshay policy does not offer any provision of paid up value.
Significant features
- The policyholder has to pay a one-time big amount premium value.
- Smallest procurement amount: 1 lakh INR for all delivery networks with the exception of internet payment.
- Smallest procurement amount: 1.5 lakh INR for internet-based acquisition.
- The purchaser does not require any health check-ups for the acquisition of this plan.
- There is no upper boundary on purchase value, pension etc.
- Lower Eligibility Age: The person must have completed 30 years of age to be eligible for the plan.
- Upper Eligibility Age: The person should be equal to or less than 85 years of age to be eligible for the plan.
- The applicant must submit a proof of his/her age to be entitled to this plan.
- Annuity PaymentsThe policyholder could choose an annuity that would be delivered either on monthly, 3 monthly, six monthly, or 12 monthly bases. The mode of annuity payment would depend entirely on the policyholder.
Cooling Off Duration
In case the policy purchaser disagrees with the “Terms and Conditions” of the plan then he/she has the option to return the plan within a 15-day time frame known as the cooling off duration and get a refund on the money.
