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LIC Jeevan Akshay VI Plan

lic jeevan akshay for non-government pension seekers.

LIC Jeevan Akshay Plan is an Immediate Annuity Plan or Pension Plan securing your financial future with regular payouts. It is a onetime payment policy to be purchased by paying lump sum payment. There are 7 pension options under this plan and annuity can be paid monthly, quarterly, biannually or annually as chosen during the start of the plan.

LIC Jeevan Akshay Plan features:

  • Available for single and joint life.
  • Entry Age: 30-85 years.
  • Minimum Annuity Purchase Price is 1,00,000 for offline and 1,50,000 for online purchase.
  • The frequency of receiving a pension can be chosen between monthly, quarterly, half-yearly or yearly.

LIC Jeevan Akshay Plan Benefits are as under:

  • LIC Jeevan Akshay Tax Benefits as per Section 80C and 10(10D).
  • Lifetime Annuity Options basis purchase price and entry age.
  • OptionBenefit
    AAnnuity for life- Pension is paid till the insured is alive.
    BAnnuity 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.
    CAnnuity 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.
    DIncreasing Annuity- Pension is paid at an increasing rate of 3% p.a. till the assured is alive.
    EJoint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
    FJoint Life Last Survivor Annuity – 100 % of the annuity payable to spouse during his/her lifetime on death of the annuitant.
    GAnnuity 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.

    LIC Jeevan Akshay being a single investment plans, surrender is not possible. However, in case of illness as given below, this policy can be surrendered and LIC would decide on the surrender value.

    FAQs

    1. Can I surrender my LIC Jeevan Akshay Policy?

    Yes, but only after one year of policy term and only if policy holder is permanently shifting your residence to another country or if you have been diagnosed with certain critical illness.
    On the of below given illness treatment, LIC can accept surrender request. Please visit LIC Website at https://www.licindia.in/Products/Withdrawn-Plans/jeevan_akshay

    Cancer of specified severityPrimary(Idiopathic)Pulmonary HypertensionMyocardial infraction
    Open Chest CABGOpen Heart Replacement or Repair of Heart ValvesKidney Failure requiring regular dialysis
    Stroke resulting in Permanent SymptomsMajor Organ/Bone Marrow TransplantPermanent Paralysis of Limbs
    Motor Neurone Disease with Permanent SymptomsMultiple Sclerosis with Persisting SymptomsAngioplasty
    Benign Brain TumorBlindnessDeafness
    End stage Lung failureEnd stage liver failure
    Loss of LimbsMajor Head Trauma
    Third Degree BurnsLoss of speech

    2. When is a good age to register for Jeevan Akshay Policy?

    Pension plans should ideally be taken when you start earning. However, the older you start Jeevan Akshay, you get better returns since the company needs to pay for lesser time.

    3.Is the pension under Jeevan Akshay taxable?

    Yes, the pension is taxable; however, premiums are exempted from tax under Section 80C.

    4. Is GST applicable and what value?

    GST of 18% is available on the premium amount.

    5. Why LIC Jeevan Akshay is best than all other pension plans?

    The main advantage of LIC Jeevan Akshay is the interest rate fix while buying the plan remains same throughout the term of the policy and same pension would be paid till the end as per your choice of option.

    6. Options availed can be changed after start getting the annuity?

    No, Option cannot be changed once the pension had started.

    Eligibility Conditions & Restrictions 
    Minimum age30 years
    Maximum age85 years (In all other Options)
    Premium modeSingle Premium
    Annuity ModeYearly / Half yearly / Quarterly / Monthly
    PremiumMin. Rs. 1,00,000
    Max. No limit
    LoanNot allowed
    SurrenderAllowed after completion of 1 year, only under option on medical grounds
    Income Tax BenefitsPremiums paid is eligible for Tax rebate u/s 80c
    Pension is taxable
    Annuity optionsA) 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.

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