LIC Pension Plans
Jeevan Akshay VI Policy Details
LIC Jeevan Akshay is an Immediate Annuity plan offered by Indian insurance and investment company Life Insurance Corporation of India (LIC). It is a single premium policy and has to be purchased by paying a lumpsum amount at once. The annuity can be paid monthly, quarterly, biannually or annually as chosen. This pension plan has 10 options to choose from. Once the individual chooses an option, it can’t be changed during as the payout starts immediately with the plan.
Key Features of Jeevan Akshay plan :
- It is an annuity pension plan.
- Premium has to be paid in lumpsum.
- Annuity payment can be paid monthly, quarterly, annually, biannually as chosen.
- Medical examination is not required.
- The policy has a cooling off period of 15 days starting from the date of receipt of the policy.
Maturity Benefits :
There is no maturity benefit under this plan.
Death benefits :
Death benefit is paid depending on the plan option chosen by the assured.
Income Tax benefits :
The plan offers tax benefits. Premiums paid under this plan are exempted from tax under section 80C of the Income Tax Act.
Surrender of policy :
Allowed under option “F”, in case of medical emergency for self or spouse – 100 years (Only under option “F”)
|Eligibility Conditions & Restrictions|
|Minimum Age||30 years|
|Maximum age||(i) 100 years (Only under Option â€œFâ€)
(ii) 85 years (In all other Options)
|Premium mode||Single Premium|
|Annuity Mode||Yearly / Half yearly / Quarterly / Monthly|
|Premium||Min. Rs. 1,00,000
Max. No limit
|Surrender||Allowed after completion of 1 year, only under option â€œFâ€ on medical grounds|
|Income Tax Benefits||Premiums paid is eligible for Tax rebate u/s 80c
Pension is taxable
|ANNUITY OPTIONS:||A) Annuity for life
B) Annuity guaranteed for 5 years and for life thereafter
C) Annuity guaranteed for 10 years and for life thereafter
D) Annuity guaranteed for 15 years and for life thereafter
E) Annuity guaranteed for 20 years and for life thereafter
F) Annuity for life with return of purchase on death
G) Annuity for life with increasing at a simple rate of 3% p.a
H) Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant
I) Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant
J) 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.