Life Insurance Corporation of India (LIC), the country's largest life insurance company, offers pension plans besides providing term insurance and endowment insurance plans. LIC's Jeevan Akshay-VI is one of the pension plans among others like LIC Jeevan Shanti plan. LIC's Jeevan Akshay-VI is an immediate annuity plan (pension plan), which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant, according to LIC's website - licindia.in.
Here is all you need to know about LIC Jeevan Akshay-VI plan:
LIC Jeevan Akshay-VI pension plan can be purchased by any individual between the minimum age of 30 years and up to maximum age of 85 years by paying a single lump sum premium of Rs 1 lakh for all distribution channels except online or by paying Rs 1.5 lakh or above via online sale, LIC noted on its website.
The subscribers of the LIC Jeevan Akshay-VI are entitled to earn pension or annuity either at monthly, quarterly, half-yearly or yearly intervals as the subscriber chooses.
Given below are the amount of annuity payable at yearly intervals which can be purchased for Rs 1 lakh under different options:
|Age last birthday||Yearly annuity amount under option|
|( i )||( ii ) (15 years certain)||( iii )||( iv )||( v )||( vi )||(vii)||(viii)|
LIC also gives various options of pensions to its subscribers which range from pension payable for life at a uniform rate to a provision of 100 per cent of the pension payable to spouse during his/ her life time on death of annuitant, LIC said on its website.
These are the following pension options available under the LIC Jeevan Akshay-VI:
- Annuity payable for life at a uniform rate.
- Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
- Annuity for life with return of purchase price on death of the annuitant.
- Annuity payable for life increasing at a simple rate of 3 per cent per annum
- Annuity for life with a provision of 50 per cent of the annuity payable to spouse during his/her lifetime on death of the annuitant.
- Annuity for life with a provision of 100 per cent of the annuity payable to spouse during his/her lifetime on death of the annuitant.
- Annuity for life with a provision of 100 per cent of the annuity payable to spouse during his/ her life time on death of annuitant. The purchase price will be returned on the death of last survivor.