LIC Jeevan Akshay VI Plan

LIC Jeevan Akshay VI Plan

1.Introduction: LIC Jeevan Akshay VI Plan is an Immediate Annuity plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the lifetime of the annuitant. Various options are available for the type and mode of payment of annuities.
2. Options Available
The following options are available under the LIC Jeevan Akshay VI Plan
A) Type of Annuity:
i) Annuity payable for life at a uniform rate.
ii) Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
iii) Annuity for life with return of purchase price on death of the annuitant.
iv) Annuity payable for life increasing at a simple rate of 3% p.a.
v) Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
vi) Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
vii) Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor.You may choose anyone. Once chosen, the option cannot be altered.
B) Mode:
The annuity may be paid either at monthly, quarterly, half-yearly or yearly intervals. You may opt any mode of
payment of Annuity under LIC Jeevan Akshay VI Plan.

3. Benefits
The amount of annuity is assured throughout the life of the annuitant.
What happens if the annuitant dies?
If the annuitant dies:
a) Under option (i) annuity ceases.
b) Under option (ii)
1. On death during the guaranteed period – the annuity is paid to the nominee till the end of the guaranteed
period after which the same ceases.
2. On death after the guaranteed period – annuity ceases.
c) Under option (iii) annuity ceases and the purchase price is paid to the nominee.
d) Under option (iv) annuity ceases.
e) Under option (v) annuity ceases and 50% of the annuity is payable to the surviving named spouse during
his/her lifetime. If the spouse predeceases the annuitant, the annuity ceases.
f) Under option (vi) annuity ceases and the full annuity is payable to the surviving named spouse during his/her
lifetime. If the spouse predeceases the annuitant, the annuity ceases.
g) Under option (vii) annuity ceases. The full annuity is payable to the surviving named spouse during his/ her lifetime
and purchase price is paid to the nominee after the death of the spouse. If the spouse predeceases
the annuitant, the annuity ceases and purchase price will be paid to the nominee.

When the first installment of annuity payable:
The first installment of annuity is payable after one month, three months, six months or one year from the date of
purchase of annuity depending on the mode chosen is monthly, quarterly, half yearly or yearly respectively.

4. Salient features
i) Premium is to be paid in a lump sum.
ii) Minimum purchase price: Rs.1,00,000/-.
iii) No medical examination is required under the plan.
iv) No maximum limits for purchase price, annuity etc.
v) Minimum age at entry: 30 years (completed).
vi) Maximum age at entry: 100 years (completed) for annuity option “Annuity with return of purchase price”. 85 years (completed) for all annuity options other than “Annuity with return of purchase price”.
vii) Age proof necessary.

LIC Jeevan Akshay VI Plan

LIC Jeevan Akshay VI Plan