LIC Jeevan Akshay VI is an immediate Annuity plan which can be purchased by a Lump sum amount. This plan provides pension to the policy holder throughout his life time. Once if you had paid the purchase price of this annuity plan, then the pension starts immediately after a month or quarter or half year or a year according to the mode of pension you had chosen.
Age Factors considered: This plan provides all the 7 types of Annuity. You can see the details below. NOTE: Once Annuity option chosen, the option cannot be altered. This table is calculated at Purchase Price of Rs.100000 for easy understanding. Yearly annuity amount under option ( i ) ( ii ) (15 years certain) ( iii ) ( iv ) ( v ) ( vi ) (vii) 30 7190 7160 6890 5250 7080 6970 6860 40 7510 7440 6930 5610 7310 7120 6890 50 8140 7950 7000 6280 7760 7420 6930 60 9350 8790 7110 7530 8640 8030 7010 70 12080 9830 7260 10220 10560 9370 7130 80 17880 10440 7480 15890 14600 12340 7290Age last
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LIC Jeevan Akshay VI – Review
This is the best Immediate Annuity plan you can find among the Life Insurance companies in India. Since LIC is an Government of India enterprise, many of us choose LIC as their preferred choice of company while choosing Annuity. But you have to analyse the Annuity rates from other companies also. 
What You Pay and What You get
We had analysed the Annuity rates for different age and had found the below points for your reference,
- Annuity Rate increases as the age at entry increases.
- Option iv (Annuity payable for life increasing at a simple rate of 3% p.a.) has the lowest rate of Annuity. At age 30 age at entry, it provides only 5.25% as Annuity Rate.
- Option i(Annuity payable for life at a uniform rate) with Age at entry at 80 gives more than 17% Return(17.885) which is very rare in equity nowadays.
- 1% increase in annuity rate if the purchase price is above Rs 2.5 Lakhs
Liquidity-LIC Jeevan Akshay VI Plan
No liquidity as the policy can be neither be surrendered or discontinued.
Loans under LIC Jeevan Akshay VI Plan
Not available
If You want to surrender LIC Jeevan Akshay VI
You cannot surrender the policy at any point of time.
For more details on LIC Jeevan Akshay VI plan please go through the product benefit illustration.
LIC Jeevan Akshay VI
All the above details are for education purpose only. This post mainly aims at providing the unbiased review about this product. We the waytoinsurance.com are not in favor or against any individual company nor its products. And we are not into any insurance sales, so you can rely on our reviews with guarantee of transparency and maximum benefits to the customers
I had taken one kotak deferred annuity plan which is likely to mature in november when i shall be 46 yrs old, can anyone tell me which the best annuity plan for me now? is LIC would be the best rate?
Dear Reader,
HDFC life offers very attractive annuity rates.
Thanks