LIC Jeevan Akshay-VI: Pensions, Premium, Benefits And Other Details Here

LIC's Jeevan Akshay-VI is one of the pension plans among others like LIC Jeevan Shanti plan being offered by the LIC.

LIC Jeevan Akshay-VI: Pensions, Premium, Benefits And Other Details Here

LIC Jeevan Akshay-VI pension plan can be purchased by paying a single lump-sum premium.

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.

Also Read: All You Need To Know About LIC Pradhan Mantri Vaya Vandana Yojana

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.

Also Read: LIC Jeevan Pragati Policy: Sum Assured, Premium, Other Details Here

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.

Also Read: LIC Jeevan Shanti Versus LIC Jeevan Akshay-VI: Which One To Choose

Given below are the amount of annuity payable at yearly intervals which can be purchased for Rs 1 lakh under different options:

Age last birthdayYearly annuity amount under option
( i )( ii ) (15 years certain)( iii )( iv )( v )( vi )(vii)(viii)
306750673064304870664065306410
407080702064705230687066806430
507710753065205900733069906470
608930839066007140822076206530
70116509460673098201013089706620
80174101008069201544014170119406760
licindia.in

Source: LIC

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.

Also Read: LIC Jeevan Labh Policy: Premium, Benefits, Sum Assured And Other Details Here

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.