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LIC Jeevan Akshay VI – Review

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.


    • Premium is to be paid only in a lump sum.
    • Minimum purchase price :
      • Rs.100,000/- for all distribution channels except online.
      • Rs.150,000/- for on line sale.
    • No medical examination is required under the plan
    • No maximum limits for purchase price and annuity 
    • Annuity can be received in Monthly/Quarterly/Half yearly and Annual Mode

           Age Factors considered:

    • Minimum allowed age at entry is 30 years (completed)
    • Maximum allowed age at entry is 85 years (completed).
    • Age proof Mandatory

  • This plan provides all the 7 types of Annuity. You can see the details below.

      1. Annuity payable for life at a uniform rate
      2. Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive.
      3. Annuity for life with return of purchase price on death of the annuitant.
      4. Annuity payable for life increasing at a simple rate of 3% p.a.
      5. Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
      6. Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
      7. Annuity for life with a provision of 100% 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.

    NOTE: Once  Annuity option chosen, the option cannot be altered.

  • This table is calculated at Purchase Price of Rs.100000 for easy understanding.

    Age last
    birthday

    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

    7290


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.   Annuity for life Joint Life Annuity Annuity IncreasingAnnuity with return of Purchase Price


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

 

2 Comments

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  1. 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?

    1. Dear Reader,

      HDFC life offers very attractive annuity rates.

      Thanks

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