The Life Insurance Corporation of India is one of the country’s oldest insurance businesses. It is a government-owned business that was created in 1956 and provides insurance plans to people of all ages across the country. LIC Jeevan Akshay VI Pension Plan insurance products have low premiums and excellent benefits.
The LIC of India has a reputation for being the top insurance provider in terms of customer satisfaction. Furthermore, according to the Economic Times Brand Equity Survey, 2012, LIC is one of India’s most trusted service brands.
However, with so many policy options available, selecting a good insurance plan can be a time-consuming endeavor. So, in this piece, we discussed the LIC Jeevan Akshay VI Pension Plan, which provides rewards in the form of annuities. Let’s start with Jeevan Akshay VI policy details.
What is LIC Jeevan Akshay VI Pension Plan?
The LIC Jeevan Akshay VI Pension Plan is an immediate annuity pure pension plan for senior adults sponsored by the Life Insurance Corporation of India. You can buy this LIC Jeevan Akshay plan all at once by paying a flat fee. Furthermore, the Jeevan Akshay VI Pension Plan provides annuity payouts on a monthly, quarterly, half-yearly, or annual basis.
However, the payout amount is fixed and is determined by the amount invested at the time the policy is purchased. The Pension Plan is ideal for retirees who desire to maintain their independence and financial stability.
LIC Jeevan Akshay VI Pension Plan Features
Now, we will discuss jeevan akshay vi policy details further. The features and benefits of the LIC Jeevan Akshay VI Pension Plan are as follows
1. One-Time Payment
The most attractive element of the Plan is that you can invest the entire money at once. As a result, you don’t have to invest regularly and set aside money for it. This feature distinguishes as a one-of-a-kind policy given by the LIC of India.
2. No Medical Examination
Most insurance policies require buyers to pass a series of complex medical examinations before acquiring coverage. However, no medical tests are required while obtaining the LIC Jeevan Akshay Pension Plan. This feature of the LIC Jeevan Akshay pension plan makes it quicker and easier to purchase and use the policy’s benefits while suffering from a condition.
3. Buying Price
The LIC Jeevan Akshay Pension Plan has a minimum price of INR 1,000,000, but if the buyer wants to purchase the LIC Plan online, the minimum price is INR 1,50,000. However, there is no maximum limit on the LIC Jeevan Akshay plan purchase price. As a result, you can choose the investment amount based on your budget and other factors.
4. Age Limit
The minimum age to purchase this coverage is 30 years old, and the maximum age is 85 years old. The LIC Jeevan Akshay plan has a much greater upper-age restriction than other policies, which is a big plus for customers.
5. Annuity Rates
The annuity rates for this Pension Plan purchased online are greater than the annuity rates for plans purchased offline.
To purchase the Jeevan Akshay VI Pension Plan, minimal documentation is required. Furthermore, you can buy this LIC Jeevan Akshay plan online with a few clicks and submit the necessary paperwork online.
LIC Jeevan Akshay VI Pension Plan Tax Benefits
Aside from the goal of securing their future, most people purchase life insurance policies to save taxes. This is due to the Income Tax Act of 1961, which gives many tax breaks for insurance policies.
Furthermore, the LIC Jeevan Akshay Pension Plan is eligible for tax breaks under Section 80C of the Income Tax Act of 1961. However, the income tax benefit is limited to a total of INR 1,000,000 for any given year.
LIC Jeevan Akshay VI Pension Plan Eligibility
The following are the eligibility criteria for the LIC Jeevan Akshay VI Pension Plan.
|Entry Age||30-85 years|
|Purchase amount||Minimum 100,000 for distribution channels and 150,000 for online mode. No upper limit|
|Yearly Annuity Payout||As per purchase price and age of the entry|
|Annuity payout frequency||Per month, 3 months, 6 months, and 1 year|
|Age proof||Adhaar card, Voter ID, Birth certificate, etc.|
Annuity Options For LIC Jeevan Akshay VI Pension Plan
There are many types of annuity options available in the LIC Jeevan Akshay VI Pension Plan that you can choose from.
Annuity Option 1
LIC Jeevan Akshay pension plan is the first type of annuity in which the insured receives a pension for the rest of his life. Furthermore, the pension amount remains constant during the payment period.
Annuity Option 2
You will get the annuity sum as a guaranteed amount for 5, 10, 15, or 20 years, regardless of whether you are alive or not. And even after the payment period of LIC Jeevan Akshaypension plan has ended, you will continue to get the amount for the time you are still living.
Annuity Option 3
This LIC Jeevan Akshay pension plan option likewise pays the annuity amount only during the policyholder’s lifetime. And, if the policyholder dies, the purchase price or amount invested will be returned to the policyholder’s nominee. This option assures that the policyholder’s family does not suffer as a result of the policyholder’s untimely death.
Annuity Option 4
In this option of the LIC Jeevan Akshay pension plan, the company pays an increasing sum to the policyholder at a simple interest rate of 3% per year for the period of the policyholder’s life.
Annuity Option 5
Because the policyholder receives the annuity sum for the rest of his life, this option includes both the policyholder and their spouse. In addition, if the insured dies, his or her spouse receives half of the annuity value for life. However, if both the husband and wife die, the LIC Jeevan Akshay VI Pension benefits are terminated.
Annuity Option 6
This option pays the annuity sum to the insured for the rest of his or her life. When the insured dies, the spouse receives the full value of the annuity. The advantage of LIC Jeevan Akshay pension plan, however, ends when both the husband and wife die.
Annuity Option 7
This option is identical to the sixth option in that the amount invested is returned following the death of both the insured and the spouse. You can select any of these choices when purchasing the LIC Jeevan Akshay VI Pension Plan. However, once you’ve selected an option, you can’t change it, and it’s locked in for the duration.
Read More: LIC Jeevan Saral 165 Maturity Calculator
The LIC Jeevan Akshay VI Pension Plan is one of the best LIC investment plans. Also, post-retirement investment options because it provides annuity income for life. Furthermore, with the right option, you can return the money to your spouse after your death.
LIC Jeevan Akshay VI Pension Plan – FAQs
Can I change my annuity option after I purchase the policy?
Ans. No, you must select an annuity option when purchasing the coverage. The selection cannot be modified once the policy has been purchased.
When do annuity payments end?
Ans. Immediate annuity arrangements pay an annuity for the rest of your life. The annuity payments will end only after you die. Furthermore, if you chose the joint-life annuity option and your spouse is still alive, the annuity payments will continue even after your death. In that situation, the annuity would be given to your spouse for as long as they are living after your death.
How does an annuity work?
Ans. An annuity-specific policy guarantees annuity payments for a set number of years. You have the option of extending the period of the LIC Jeevan Akshay plan. Regardless of whether you live or die during this time, the annuity will be paid. Annuity payments would continue only if you were still living after the guaranteed term expired.
Is it possible to commutate an immediate annuity plan?
Ans. No, there is no opportunity to withdraw one-third of your corpus from an instant annuity plan. These plans are only intended to provide you with annuity income for the rest of your life.