Jeevan Akshay VI – Pension plan

Jeevan Akshay VI Table No. 189 Summary:

Jeevan Akshay VI plan no.189 is an Immediate Pension (Annuity) plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant (Policy holder). Various options are available for the type and mode of payment of annuities.

Options Available:
The following options are available under this pension plan.

Type of Annuity:

  1. Pension (Annuity) payable for life at a uniform rate.
  2. Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as long as you are alive.
  3. Pension (Annuity) for life with return of purchase price on death of the annuitant (Policyholder).
  4. Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
  5. Pension (Annuity) for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  6. Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.

You may choose any one option from the above list. However once chosen, the option cannot be altered.

Mode:

The annuity may be paid either at monthly, quarterly, half-yearly, or yearly intervals. You may opt for any mode of payment of Annuity.

Special Features:

  1. Premium is to be paid in a lump sum.
  2. Minimum purchase price: Rs.50,000/= or such amount which may secure a minimum annuity as under:
    ModeMinimum Annuity
    MonthlyRs. 500 per month
    QuarterlyRs. 1000 per quarter
    Half-yearlyRs. 2000 per half year
    YearlyRs. 3000 per year
  3. No medical examination is required under the plan.
  4. No maximum limits for the purchase price, annuity, etc.
  5. Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
  6. Age proof necessary.
Also Read  LIC - Life Insurance Corporation of India

Incentives for high purchase price:
If your purchase price is Rs. 1.50 lakh or more, you will receive a higher amount of annuity due to available incentives.

Annuity Rate:
The amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:

Age last birthdayYearly annuity amount under option
( i )( ii ) (15 years certain)( iii )( iv )( v )( vi )
40751074406930561073107120
45777076606960589075007240
50814079507000628077607420
55865083307050681081307670
60935087907110753086408030
651041093307180859094008570
70120809830726010220105609370
7514510102207360125901224010590

The Unique Identification Number (UIN) for LIC’s Jeevan Akshay VI plan is 512N234V03.

Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.

How to Apply for LIC Of India’s Amulya Jeevan 1?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent.

Note:
The above is the product summary giving the key features of the plan. This is for illustrative purposes only. This does not represent a contract and for details please refer to your policy document.

 

  1. WE AR WORKING IN A PRIVATE COMPANY AND OUR SALARAY IS RS 6,000/-PER MOTNH, WE WANT TO INVEST MONEY QUARTERLY
    IN LIC AND WANT OUR PAYMENT BACK IN 5 YEARS AND PLEASE
    LET US KNOW WHICH POLICY IS THE BEST AND IN WHICH WE CAN INVEST.

  2. mobile no:09885766510

    kakinada.

    andhrapradesh

    I want better tax plan for 2009-2010 financial year

    Thanks & regards,

    VBV RAMA SASTRY,
    Sr.Engineer-ELECTRICAL,
    L&T ECC(D).

  3. subhash chandra banerjee November 24, 2009 at 8:44 pm

    i am 62yrs.old. if ipay rs.1.5 lakh as single premium how much annuity i will get per year for whole life?

  4. subhash chandra banerjee November 24, 2009 at 8:40 pm

    my age is 62yrs. if i pay lumsump amount of rs.150000/ how much yearly annuity amount can be had till i attain age of 75yrs?

  5. Sir,
    Thank you for accepting comment in a sportive spirit as senior citizens we are asked by our childern of course busy with their working schedules to look in to the details of the scheme at they may ask to meet the personnel hence this comment
    Thankyou

  6. Sir,
    The details that are furnished not at all help full to the common man the blog is not rich with communicative skills it silent over the pension that is paid after completion of policy and amount that is assured present bonus you are paying
    Thank you

1 3 4 5
    Paisa Portal
    Logo