The LIC JEEVAN AKSHAY VI is an immediate annuity plan that can be easily bought by paying the premium in a lump sum. With the help of this annuity policy from LIC, an annuitant will be able to get a regular prefixed pension for the entire post-retirement life. The plan offers numerous choices for mode of payment of annuities and categories of the annuities.
LIC JEEVAN AKSHAY VI is actually for the people who want to have a secured monthly income in their post-retirement life. After retirement, everybody wants to live happily and peacefully thus having a secured monthly income is a must necessity. This plan helps the annuitants to receive fixed pensions every month so that they can spend their retired life happily without having to be worried about the diminishing capital. The policy can also be given to someone above 30 years of age in the form of a gift to help them in the monthly personal expenditures or other unavoidable expenses. All that needs to be done by the purchaser of this policy is to invest a large amount of money at a time so that the benefits can be enjoyed for the rest of the life.
- The purchaser of LIC JEEVAN AKSHAY VI policy has to pay a one-time big amount of money so that the benefits can be enjoyed throughout the life.
- The smallest amount of procurement for all delivery networks except the online acquisition of the policy is 1 lakh.
- The smallest amount of procurement for online based acquisition of the plan is 1.5 lakh.
- The policyholder does not need to go for any medical checkups for getting your hands on the plan.
- There is no upper limit or restriction for investing in this policy. More an individual invests on this policy, more will be the pension received.
- For entering the JEEVAN AKSHAY VI policy the policy holder must have to be at least 30 years of age.
- Similarly, the applicant for this annuity plan of LIC must not exceed the 85 years of age to enter the policy.
- The applicant for this policy will have to submit a valid age proof before the authorities to avail the benefits of this plan.
There are several policy options available for the LIC JEEVAN AKSHAY VI and the purchaser need to choose one from these options which suit their needs perfectly. The choice has to be made very carefully since once the decision is made, the policy cannot be transferred to any other option. Here are the options available for the JEEVAN AKSHAY VI plan:
- The annuity will be paid throughout the life span of the annuitant at a ratio uniformly.
- For the second option, the policyholder can choose the annuity to be paid for a certain number of years like 5,10,15, 20 or 25 etc. Given the life expectancy of the annuitant, the number of years for receiving the annuity can be fixed.
- Annuity will be paid for the entire life span of the purchaser whereas the value of purchase will return to the nominee on the demise of the policy holder.
- The purchaser will receive the payment of annuity throughout the life but given the economic conditions, the rate of annuity will increase by 3 percent every year.
- For this option, the annuitant will receive the annuity for his/her entire lifetime but after the policyholder’s death, the widowed spouse or wife will receive 50% off the annuity.
- For the sixth option, the annuitant will receive the annuity for his/her entire lifetime but after the policyholder’s death , the widowed spouse or wife will receive 100% from the annuity.
- For the last option, the annuitant will receive the annuity for his/her entire lifetime but after the policyholder’s death, the widowed spouse or wife will receive 100% from the annuity and the nominee will get the remaining purchase amount of the policy after last survivor dies.
Benefits of the LIC JEEVAN AKSHAY VI Policy
Since it is an annuity plan, the main benefit it offers is to provide a secure post-retirement life to the policyholder by providing a steady monthly pension. Here are some major benefits of the JEEVAN AKSHAY VI policy:
- The annuity will be received by the annuitant as per given the option was chosen after paying the premium.
- The policyholder will be able to get tax exemption on the lump sum paid as the one time payable premium for this policy under the clauses of Section 80 C of the Income Tax Act.
First Annuity Payment
The first annuity will be paid after 3, 6 or 12 months after procuring the JEEVAN AKSHAY VI policy as per given the annuity option is chosen by the concerned policyholder.
LIC JEEVAN AKSHAY VI has no provision of providing any policy loan.
Generally, the JEEVAN AKSHAY VI plan does not provide any surrender value but there are two clauses in this policy under which the policyholder can surrender the policy to get the compensation.
- The annuitant if suffering from some or any terminal or critical disease. Here is a list where all the diseases for which this benefit can be gained are mentioned:
- Cancer of specified severity
- Myocardial infarction
- Open Chest CABG
- Open Heart Replacement or the Repairing of Heart Valves
- Kidney Failure which requires regular dialysis
- Stroke which will result in Permanent Symptoms
- Major Organ or the Transplantation Bone Marrow
- Permanent Paralysis of Limbs
- Motor Neurone Disease that has Permanent Symptoms
- Multiple Sclerosis that has Persisting Symptoms
- Benign Brain Tumour
- End-stage Lung failure
- End stage liver failure
- Loss of speech
- Loss of Limbs
- Major Head Trauma
- Primary(Idiopathic)Pulmonary Hypertension
- Third Degree Burns
- If the policyholder is moving to a foreign country permanently then on proper submission of the documents the surrender of the policy will be allowed and the surrender value will depend on the age of the policyholder.
Cooling off Duration
If the policy does not suit the requirements of the policyholders then they can apply for cancelling the plan on receiving the policy documents from the insurer.
Review of LIC JEEVAN AKSHAY VI
LIC JEEVAN AKSHAY VI is a very good plan for the investors who want to receive a proper and stable income for the rest of their life without having to get worried about the Income tax and the rate of inflation in the Indian economy. The interest of return for the plan from LIC is very good and you will be able to get your annuity along with a fixed rate of interest irrespective of the market conditions. So the verdict is that if you are looking for a happy life with stable income then you must go for it.