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  Life Insurance is Must

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. I have been working in Maldives as School supervisor for Ministry of Education Maldives since 19th March 2002.

    My date of birth: 05.01.1977 (33yrs)
    Salary : 925 USD (Rs36,000 per month)
    Saving Amount: 50%
    Expected age of retirement : 45 – 50 yrs

    I would like you to take a retirement / pension policy and its complete details, which suits me the best . Please advice me.

  2. Advocate Balwinder Singh Chehal June 28, 2010 at 8:38 pm

    whether Jiwan Akshay VI can be surrender as per new ordinance/rule?

  3. Dear sir/Madam,

    I am working in factory,my monthly salary approx15000/month.My date of birth is 07/04/1975.I want to invest pension plan.Please suggest me which plan is sutable accourding to me and how much i will invest/anume.

    • Since you are 35 yrs old, you can go for New Jeevan Suraksha 1 or Jeevan dhara plan. Premium depends on how much pension you would need and term.

  4. Rajendra B. Sawant June 8, 2010 at 3:28 pm

    Sir, I wish to purchase Jeevan Akshay – VI pension plan. Let me know the annuity amount I will receive if I invest Rs.1 lacs and Rs.1.50 lacs and opt for 1,3 & 6 option.

    Thanks

  5. priyatosh kr dey May 28, 2010 at 12:05 am

    dear sir,
    could u please tell me if this scheme is qrop approved
    regards
    p.k.dey

  6. Hello,

    I have one query regarding Jeevan Akshay VI. Query is as follows:

    I want to invest 1.5L of my mother aged 62 in Jeevan Ashay IV against postal MIS.

    In MIS, if invest 1.5L, monthly 1K (12Kpa) is returned. for 6yrs.

    IN JA6, approx ~1200 monthly for life under option (i- annutiy for life).

    In case of death, Will 1.5L will be given to nominee? Or it is over up on death wihtout original investment?

    My LIC agent is saying upon death, policy is over wihtout 1.5L in return.

    I doubt it.

    Please give favorable reply ASAP.

    jrc.

  7. Balwinder Singh Chehal March 18, 2010 at 8:19 pm

    whether jiwan akshay-vi policy can be surrender due to unavoidable financal circumstances?

  8. gd evng,
    you replied to my queries dated 5th and 6th that policy Jeevan Akshay VI can be surrendered and for that i hv to contact nearest branch. Now to my query dated 8th, you replied that no surrender value for Jeevan Akshay VI. pl guide me what to do to surrender Jeevan Akshay VI and get Beema Bachat of same value.
    thanks,
    with high regards,
    Shobha.

  9. Gd Morning,
    pl mention the name of the websight to know about surrender of Jeevan Akshay VI. or can you mail the copy of LIC of India regarding surrender of Jeevan Akshay VI?
    Thanks,
    with regards,
    Shobha.

  10. Gd Evening,
    Regarding surrender of Jeevan Akshay VI, our branch denied. But I want to surrender to purchase beema bachat. what to do?

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