LIC has customized traditional Jeevan Akshay VI the only immediate pension plan to sell it online due to the huge demand for online LIC policy. Jeevan Akshay VI is the single premium pension plan.

Features:

  • It’s a single premium pension plan with a minimum purchase price of Rs.1,00,000/- (except online.)
  • If you want to buy it online the minimum purchase would be Rs.1,50,000/-
  • No maximum purchase price limit or pension.
  • Minimum entry age: 30 years (completed)
  • Maximum entry age: 85 years (completed).
  • No medical examination is needed in this plan.
  • Age proof must be produced.

New Jeevan Akshay VI can be bought online and offline with these 7 pension Options:

  1. Annuity payable for life at a fixed rate.
  2. Annuity payable for 5, 10, 15, or 20 years certain and thereafter as long as the annuitant is alive. (4 Options)
  3. Annuity for life with return of purchase price on death of the annuitant.
  4. Annuity payable for life increasing at a simple rate of 3% p.a.
  5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
  7. Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of the annuitant. The purchase price will be returned on the death of the last survivor.

Anyone who is eligible for the above plan can buy it online or contact their LIC agent to enroll it offline.

Flexible Pension option:
Receive pension monthly, quarterly, half-yearly, or yearly.

Surrender value:
There is no surrender value for this policy, hence you can not surrender.

Loan:
No loan available under this plan.

Service tax:
Service tax shall be payable by the policyholder along with the purchase price.

Also Read  LIC Jeevan Sugam

Which Proposal form?
Proposal Form 440 (IA) should be used under this plan for the offline policy.

Example:  If Mr. Rakesh (Age 40 ) buys an online pension plan with the minimum purchase price of Rs.1.5 lac He will need to pay Rs.1,50,000/- plus Rs.4635/- service tax (This may change as service tax change) total: Rs.1,54,635/- Depending on 7 options chosen Mr. Rakesh will get approx. 10,000 to 11,200/- annual pension. for more details click her