LIC Jeevan Akshay VI plan details
LIC Jeevan Akshay VI Plan is single premium a immediate annuity plan which given pension from day one. In Jeevan Akshay plan LIC will pay the Policyholder a fixed amount at regular intervals starting up right after the policyholder pays a lump sum amount as single premium towards the purchase price of the annuity.
LIC Jeevan Akshay VI plan is suitable for all from 30 years onwards. Interest rates would be fix as per the date of buying the Policy. Higher the age, the interest would be more.
For example, A person aged 35 years, buys LIC Jeevan akshay for Rs. 10,00,000/-. The interest payable per annum to a 35 year old person under option “F” would be Rs.68,850 as on 15th June 2017. At the same time if he invests the same Rs, 10,00,000/- in his father’s name who at 65 years now may get Rs. 70,950/-
It means the interest payable is more for senior citizens. It is always recommended to invest in parents’ name or higher age for maximum benefits.
Key Features of Jeevan Akshay Pension
- Jeevan Akshay is an immediate annuity pension plan. Premium has to be paid in lumpsum.
- Minimum purchase price amount: Rs.1,00,000/- ( with service tax, if any )
- Jeevan Akshay requires NO medical checkup.
- No maximum limit on investment or annuity payable.
- No Loan available under this plan till maturity
- Surrender benefit is not available under this plan.
- Till life of the Policyholder, Pension as desired in the beginning would be payable.
Jeevan Akshay VI options for Annuity payments :
- Annuity for life- Pension is paid till the insured is alive.
- Annuity guaranteed for a certain period- In this option, the pension is paid for a certain period of time irrespective of whether the life assured is alive or not.
- Annuity with return of purchase price on death- Pension is paid till the life assured is alive and after the death of the assured the remaining amount will be paid to the nominee.
- Increasing Annuity- Pension is paid at an increasing rate of 3% p.a. till the assured is alive.
- Joint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant
- Joint Life Last Survivor Annuity – 100 % of the annuity payable to spouse during his/her lifetime on death of the annuitant
- Annuity for life with a provision of 100 % of the annuity payable to spouse during their lifetime on death of annuitant. The purchase price will be returned on the death of last survivor.
- The premiums paid are exempt from Income tax under Section 80 C.
- ( Kindly refer latest tax rules )