Lic Jeevan Akshay vi pension plan is a famous plan of the LIC insurance company. It is a pension plan that provides you with a particular amount of money after you retire from the job. People opt for the LIC Jeevan Akshay vi pension plan to help support the insured during their retirement. This plan provides life assurance, starting right after you purchase this policy. This plan offers various benefits with various services. In this article, we will give brief information about this plan, its key features, and other parameters. Let’s talk about the LIC Jeevan Akshay VI Plan details.
Key Features of LIC Jeevan Akshay VI Pension Plan
Here are some critical features of this plan, which will help you later. Let’s proceed with LIC Jeevan Akshay VI Plan details.
- The plan provides attractive price premiums and starts immediately after the buying process.
- Plan provides ten ways to get a pension in this plan.
- Plan also supports the partner of the insured after the policyholder’s demise.
- LIC Jeevan Akshay VI Plan ensures the easy and permanent provision of pensions for a particular period.
Benefits of LIC Jeevan Akshay VI Pension Plan
The plan provides a range of options to its customers. However, some of the benefits of this plan are
1. Annuity for Life
In this benefit, an annuity is provided to the policyholder till they are alive. The premium period of the annuity remains constant and is offered to the insured till their life span.
2. An Annuity is Guaranteed for a Certain Period
Once you opt for the LIC Jeevan Akshay vi pension plan, you must choose the particular policy period until you want your pension to be paid. However, if the insured dies during the policy period, all the money will be provided to the policy nominee.
3. Annuity with Return of Purchase Price of Death
In this benefit, all the assured money is provided to the insured in particular installments till they are alive. However, if the insured dies, the cash is offered to the nominee and the purchase price.
Parameters of LIC Jeevan Akshay VI Pension Plan
Here, we have talked about the basic parameters of the LIC Jeevan Akshay VI Plan details.
| Minimum age of the entry | After 30 years |
| Maximum age of the entry | Till 85 years |
| Minimum single premium | 1,00,000 – unlimited |
| Medical requirement | Not required |
| Mode of pension | Monthly, quarterly, half-yearly, yearly |
Pension Options
LIC Jeevan Akshay plan is quite a considerate and successful one that helps meet the needs of the people after the insured’s retirement. However, the LIC Jeevan Akshay pension plan provides various options you can select according to your will while buying the plan. However, some of the standard pension options are:
Option |
Ways to receive a pension |
What will be the situation if the insured dies before the plan’s maturity? |
1 |
Pension is payable at a uniform rate for the rest of the life | Pension stops. |
2 |
The policy will provide a pension for around five years or till the insured is alive. | – |
3 |
Pension will be provided to the insured for ten years or till the policyholder is alive. | If the death occurs during the policy period, all the money will be provided to the insured’s or the nominee’s family. |
4 |
In this option, the pension is provided to them for around 15 years or until the policy insured is alive. | Once the policy is insured, the policy pension payment ends. |
5 |
In this option, a pension is provided to the insured for 20 years or till the insured is alive. | – |
6 |
In this option, a pension is provided for the rest of the life of the insured with all possible returns. | Once the insured dies, all the expected amount is paid to the nominee. After that, however, the policy period stops. |
7 |
In this option, the pension is payable to the insured at a simple rate of 3% p.a. | When the insured dies, the pension payment is right after that. |
8 |
The insured is provided with a fixed pension till their survival. However, after the insured’s death, the 50% provision is offered to the family and nominee of the plan. | 50% of the pension is provided to the spouse the easy survival. |
9 |
The policyholder of LIC Jeevan Akshay Plan is provided with the 100% provision. However, after the insured’s death, all the money will be paid to the insured’s nominee in a lumpsum way or installment for a lifetime. | All the pension is provided to the nominee after the death of the insured. |
10 |
The policyholder of LIC Jeevan Akshay pension plan will be provided with 100% provision. However, if the sure dies between the policy, all the money will be provided to the spouse. | All the pension amount is provided to the nominee of the policy plan. |
What is the Annuity in LIC Jeevan Akshay VI Pension Plan?
An annuity LIC Jeevan Akshay pension plan refers to the payments which are made to the insured at a particular period. However, every policy has different payment periods such as monthly, quarterly, half-yearly, and yearly. An annuity can be recognized as a pension. The plan contains mainly two types of annuity
1. Immediate Annuity
An immediate annuity is an annuity in which once you pay for the first premium period, your annuity starts right after that.
2. Deferred annuity
This type of annuity will start after the deferment period of the policy. It is a less favorable annuity for most people.
Surrender Facility of LIC Jeevan Akshay VI Pension Plan
LIC Jeevan Akshaypension plan contains a surrender facility. Here we will tell you about the LIC Jeevan Akshay Plan details of the surrender facility. If the insured has any significant disease, a surrender facility is applied to the policy in this facility. LIC Akshay pension plan is a great plan which serves this facility. It is an excellent option recently included in the LIC Jeevan Akshay pension plan. However, some of the significant diseases included in the surrender facility are:
- Loss of speech
- Third-degree burns
- Angioplasty
- Blindness
- Deafness
- Primary pulmonary hypertension
- Cancer
- Open chest CABG
- Kidney failure
- Major organ/ bone marrow transplant
- Benign brain tumor
- The end stage of liver failure
- Loss of limbs
- Major head trauma
- Permanent paralysis of limbs
- Open heart replacement or mending of heart valves
- The end stage of lung failure
- Multiple sclerosis with persisting symptoms
- Permanent paralysis of limbs
- Motor neuron disease with permanent symptoms
Who can Buy the LIC Jeevan Akshay VI Pension Plan?
There is no such specification for buying the LIC Jeevan Akshay pension plan. Anyone can buy it from the age of 30 – 85 years. It is a very healthy plan for those who want support after their retirement. LIC Jeevan Akshay’s pension plan is recognized for its various benefits. If you are confused about any payment rate, you can use the LIC Jeevan Akshay pension plan calculator, which will provide quick results.
LIC Jeevan Akshay VI Pension Plan Benefit and Premium Calculator
LIC Jeevan Akshay pension plan is a famous one with many features and benefits. The program provides the pension amount according to your choice for a particular period. You have to choose the payment mode, and your annuity starts right after the premium payment. However, Jeevan Akshay plan has launched a premium and benefit calculator which helps its customer to calculate quick payment rates in a small point of time.
How does LI C Jeevan Akshay VI Pension Plan work?
LIC Jeevan Akshay plan provides the feature of a single premium. And once you pay the premium, the annuity starts right after that. Then after that, the LIC Jeevan Akshay VI Plan will start, and you will be provided with a regular pension amount. Moreover, the LIC Jeevan Akshay VI Plan provides some specific options in case of the insured’s death. Such as, if the insured dies in between policies, all the premium amount will be provided to the spouse or nominee of the insured. It even allows you to choose the premium type you want your money to be paid.
Read More: LIC Jeevan Anand Plan 149 Maturity Calculator
Conclusion
LIC Jeevan Akshay vi pension plan is a famous and reliable plan for those who want a particular amount of money after retirement. This plan is for all pensioners. It provides you with money installments for the decided time. This article provides all the essential information you need to apply for the LIC Jeevan Akshay vi pension plan.
LIC Jeevan Akshay VI Pension Plan – Frequently Asked Questions
Is Jeevan Akshay VI pension taxable?
Ans. Yes, Jeevan Akshay is a taxable plan. However, some amount of tax is deducted from the pension under section 80 C of income tax, 1961.
Is LICs Jeevan Akshay vi a single premium pension plan?
Ans. Yes, the LIC Jeevan Akshay vi pension plan is a single premium plan, and all the payment money is provided in lumpsum amount or regular basis.
Is Jeevan Akshay VI closed?
Ans. Yes, LIC Jeevan Akshay’s vi pension plan is closed now. It was applicable till 1 December 2017.
What is the maximum tenure of LIC Jeevan Akshay vi pension plan?
Ans. The maximum tenure is 30 years. And once it ends, you can even renew it.
