Jeevan Akshay VI

Age between 40 to 79 can apply for Jeevan Akshay Pension Plan with minimum 50,000/- Sum Assured. 
Premium Ceasing Age : 79            Premium Ceasing Term : 0 
Plan Highlights  
LIC ‘s Jeevan Akshay-VI (Plan-189) is a Immediate Annuity plan. Type of annuities available Various annuity options available under the Plan are as under: 1.Annuity for life 2.Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter 3.Annuity with return of purchase price 4.Annuity for life increasing at a simple rate of 3% p.a. 5.Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant. 6.Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant. Benefits The first installment of annuity shall be paid one year, six months, three months or one month after the date of purchase of the annuity depending on whether the mode of annuity payment is yearly, half-yearly, quarterly or monthly respectively. Further, annuity shall be paid during the life time of the annuitant with following provisions on death of the annuitant for different options as follows: (a) Under option (1) – payment of annuity ceases. (b) Under option (2) i. On death during the guarantee period – annuity is paid to the nominee till the end of the guaranteed period after which the same ceases. ii. On death after the guarantee period – payment of annuity ceases. (c) Under option (3) – payment of annuity ceases and the purchase price is returned to the nominee. (d) Under option (4) – payment of annuity ceases. (e) Under option (5) – payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant. (f) Under option (6) – payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant. 
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7 Comments

• 

  By HARIKRISHNA RAO, January 6, 2010 @ 11:18 am

  Details given are most useful. Taking an example, Can you provide a model calculation for all the options described above? Common man may not understand which option is most beneficial. If sample is given, one can compare easily, and exercise his option.
  Kindly describe the annuity .. i.e.rate at which annuity is paid. Does it vary every year? On what basis LIC decides the Rate for annuity? etc.
• 

  By Asit Kumar Paul, February 3, 2010 @ 2:42 pm

  Please give the details of annuity in a comparable statement.
• 

  By Ravi Kumar Sharma, February 17, 2010 @ 4:30 pm

  Hi,
  I have 2 lac rupees. Want pension plan for a 60+ old man. What should I choose between Jeevan Akshay VI and Post Office Monthly Income Plan.
  Kindly advice urgently.
  Best regards.
• 

  By Sameer Trivedi, February 25, 2010 @ 8:05 pm

  Both are Good Options. U have to choose any one because money is yours.
• 

  By anil arya, March 31, 2010 @ 7:43 pm

  i want to invest in monthly incom scheemeof lic .what isthe rate of interst if i invest lumpsump amount of rs3.00lac.show calculation
• 

  By GN RAO, September 26, 2010 @ 7:38 am

  i want to invest in jeevan akshay. i would like to know the returns on this.
• 

  By Dr. K. C. Goel, October 2, 2010 @ 2:10 am

  Joint Jeevan Akshay Immediate Annuity: Surviving spouce gets same monthly payment per month; DOB July 12, 1937 and wife Sept 9, 1943. Assume one payment of 1 crore.
  No residual value upon second death.
  What would be the monthly payment to us.

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