LIC Jeevan Akshay Policy Details| Features & Benefits | Review
LIC Jeevan Akshay VI Plan is Best Pension policy in LIC in which any one can start Immeaidiate Pension. For this you have to pay lump sum amount to LIC and start pension for life.
Features Benefits of LIC Jeevan Akshay-VI
There are Seven options with this Policy.
- Pension for Whole Life - Pension will be paid till annuitant Alive.
- Pension for Period - Pensioner has option 5, 10, 15 or 20 years for choose pension, thereafter as long as pensioner is alive.
- Pension with return of Annuity Price - Pension will continue till annuitant is Alive.
- Annuity Increase - Annuity will increase 3% per year till Annuitant is Alive.
- Joint Life Annuity Option with 50% to Spouse- in this option Annuitant will get whole life Pension but after his death spouse will get only 50% of Annuitant Pension.
- Joint Life Annuity option with 100% to Spouse- in this option Spouse will get 100% pension till alive.
- Joint Life Annuity option with 100% to Spouse with Return of Purchase Price- in this option, Spouse will get 100% Pension but after her death Purchase price return to Last Survivor.
Death Benefits from LIC Jeevan Akshay VI Plan
Death Benefit - In case Death of Pensioner Following Benefits available for Nominee.
- Pension for Whole Life- After death of Annuitant Pension Stop. Nominee will get Nothing.
- Pension for Period (a) Death during Purchase Period, Nominee will get annuity till purchase period. (b) Death after Purchase Price Annuity Stop, Nnominee will not get Anything.
- Pension with return of Annuity Price After Death of Annuitant, purchase price of Annuity return to Nominee.
- Annuity Increase - After death of annuitant, Annuity stop, Nominee will not get Anything.
- Joint Life Annuity Option with 50% to Spouse- in case, Death of Annuitant, 50% pension of Annuitant will provide to Spouse till Whole Life.
- Joint Life Annuity option with 100% to Spouse- in case, Death of Annuitant, 100% Pension of Annuitant will Provide to Spouse till Whole Life.
- Joint Life Annuity option with 100% to Spouse with Return of Purchase Price- in case Death of Annuitant, Spouse will get Pension and after Spouse Death, Annuity Amount Returned to Last Survivor.
Maturity Benefit: Maturity Benefits Option not available with LIC Jeevan Akshay-VI.
Income tax Benefit :Income Tax Benefits available under section 80C on Paid Premium.
Pension Mode of LIC Jeevan Akshay-VI
When you purchase annuity , you have option to select annuity mode , which will be Monthly, Quarterly, Half yearly & Yearly.
Eligibility conditions and other restrictions in LIC Jeevan Akshay VI Plan
Age: Age should be Minimum 30 years and Maximum 85 years. Age Proof Required for this Policy.
Medical: No Medical check-up required for this Policy.
Annuity Limit:No any annuity limit for LIC Jeevan Akashay-VI, But minimum will be 1 Lakh .
Loan Option with LIC Jeevan Akshay-VI: No any Loan Option available with Policy.
Surrender Value: No, any surrender Value with this Policy.
Cooling Off Period: You can cancel this policy within 15 days, after receiving of bond if not satisfied with Terms. LIC will charge only stamp duty & return all amount and cancel this policy.
When we Receive First Pension in Jeevan Akshay-VI ?
You can Receive Pension from Next Month, Quarterly, Half-Yearly or Yearly.Its depend on mode you Select.