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LIC Jeevan Akshay 6 Policy Review

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LIC Jeevan Akshay VI Review

Lic Jeevan akshay 6 Review

Lic jeevan akshay vi table no 810 is a retirement policy plan. LIC Jeevan Akshay 6 policy is an immediate annuity plan, which can be purchased by paying a lump sum amount as single Premium. In lic jeevan akshay vi plan after buying the policy, pension will start immediately without delay.

In LIC Jeevan Akshay 6 plan annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. Policy receiver may choose any mode of payment of annuity. Once the payment is chosen, the option cannot be changed because the pension starts immediately after buying the lic jeevan akshay policy.

You can calculate the lic jeevan akshay policy Premium amount with lic jeevan akshay premium calculator that has to be paid to get all the benefits available under this policy by using lic jeevan akshay 6 plan calculator. 

Terms and Eligibility Conditions of LIC Jeevan Akshay 6 Policy

Entry Age
  • Minimum- 30 years(last birthday)
  • Maximum-85 years(last birthday)
Minimum Purchase Price
  • Rs.1,00,000 (Offline mode)
  • Rs.1,50,000 (Online mode)
Maximum Purchase Price
  • No limit
Premium paying mode
  • Single premium
Mode of getting annuity (pension)
  • Monthly, Quarterly, Half Yearly, Yearly
Payment of Annuity or Pension to pensioner or policyholder
  • Starts Immediately
Minimum annuity installment for Rs.1,00,000 purchase price
  • Rs.500 per month
  • Rs.1000 per quarter
  • Rs.2000 per half-year
  • Rs.3000 per year
Annuity guaranteed for certain periods
  • 5,10,15 and 20 years and as long as annuitant is alive
Other features
  • No medical examination is required
  • Age proof necessary

LIC Jeevan Akshay 6 Policy Rebates

Rebates: Moreover if you purchase Jeevan Akshay VI plan in online form then rebate will be provided in form of increase in annuity rates. You can also get rebate if you opt for purchase price of Rs 2,50,000 or more.

Mode Rebate:

Mode of Annuity Purchase price (in Rs.)

2,50,000   to

4,99,999

5,00,000 to

7,49,999

7,50,000   to

9,99,999

10,00,000  &

above
Yearly 3.75 4.00 4.30

4.35
Half Yearly 3.45 3.70 4.00

4.05
Quarterly 3.35 3.60 3.90

3.95
Monthly 2.90 3.50 3.80

3.90

Benefits of LIC Jeevan Akshay 6 Plan

Benefits covered under LIC Jeevan Akshay 6 plan are as follows

  • Death Benefit: If in case of death of the Life Insured, then the pension completely depends on the pension option which is chosen by policyholder.
  • Maturity Benefit: There is no maturity benefit under this LIC Jeevan Akshay 6 plan.
  • Income Tax Benefit: Premiums paid under life insurance policy are exempted from tax. Pension which is received is taxable.

Various Pension Options of LIC Jeevan Akshay 6 Plan

Under LIC Jeevan Akshay 6 policy there are various pension options. There are

Annuity for Life: Annuity payable for life at uniform rate till the life assured is alive and after the death of policyholder nothing is payable on his/her death.

Annuity Guaranteed for Certain Periods:

  • During the Guaranteed Period – Pension is paid to the nominee till the end of the guaranteed period.
  • After the Guaranteed Period- Pension stops when Annuitant dies and nothing is paid to the nominee after the death of policyholder.

Annuity with Return of Purchase Price on Death: Pension is paid till the life assured is alive and after the death of annuitant remaining amount will be paid to the nominee as death benefit.

Increasing Annuity: Pension is paid till the life assured is alive at an increasing rate of 3% p.a. and after the death of annuitant nothing is payable to nominee.

Joint Life Last Survivor Annuity 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant: Pension is paid till the life assured is alive. On the death of the life insured, 50% of the pension is payable to spouse as long as the spouse is alive.

Joint Life Last Survivor Annuity 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant: Pension is paid till the life assured is alive. On the death of the life insured, 100% of the pension continues to be payable to spouse as long as the spouse if alive.

Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of annuitant. The purchase price will be returned on the death of last survivor.

LIC Jeevan Akshay 6 Policy Buying procedure

Here these are some Lic jeevan akshay policy details for the people who wants to buy the policy.

  • Decide the lump sum amount (also called purchase price) to buy the LIC Jeevan Akshay 6 Policy plan. There is no limit on maximum lump sum amount (purchase price).
  • Decide the annuity option (any of the 7) and annuity mode (monthly, quarterly, half yearly or yearly).Once your option is selected there is no chance to change your option.
  • Purchase directly at online or contact LIC representative or insurance agent. There is no need of medical tests.

Documents required for buying lic jeevan akshay vi table no 810 are given below

  • Application form/Proposal form along with photo
  • Address proof
  • Age proof
  • Medical reports(if required)

Claim Procedure For LIC Jeevan Akshay 6 Policy

The documents required for claim procedure under LIC Jeevan Akshay 6 policy are given below

  • NEFT form
  • Discharge form
  • Cancel check or Bank Pass book xerox
  • Policy bond
  • Death certificate

LIC Jeevan Akshay 6 Policy Premium Calculator

Lic jeevan akshay plan calculator is very useful to the policy holder, they can easily calculate their premium with lic jeevan akshay vi premium calculator when ever they need.

The required data for lic jeevan akshay vi calculator to calculate the premium rates in  LIC Jeevan Akshay 6  Policy are:

  • Name :
  • E-Mail ID :
  • Mobile Number :
  • Age :
  • Type of Annuity :
  • Purchase Annuity :

By giving this details in Lic jeevan akshay 6 calculator you can get get your premium rates easily.

Additional Information of  lic jeevan akshay 6 plan

  • Loan facility: Loan facilities are not available
  • Surrender value: No surrender value shall be payable under this LIC Jeevan Akshay 6 Policy
  • Paid up value: The policy does not acquire any paid up value
  • Proposal Forms: Proposal Form no. 440  (IA) will be used under this plan.
  • Riders: Additional riders are not available
  • Special incentives if you buy online: There is a special incentive offered to online buyers is the basic annuity rate is more by 1% when you buy Jeevan Akshay VI plan in online.
  • The people getting 20% or 30% tax are not eligible to buy this LIC Jeevan Akshay 6 Policy.
  • Cooling off period: If you are not satisfied with this policy term you may return the policy within 15 days from the date of receipt of the policy.
  • Assignments/Nominations: No assignees and nominees are possible under this plan.
  • Service tax: 12.09% service tax is applicable.

Example of LIC Jeevan Akshay 6 Policy

Akash Gupta had decided to take LIC Jeevan Akshay 6 Policy.Following details are as follows

Age: 30 years

Purchase annuity: 50,00,000

The annuity options and annuity rates per Rs 50,00,000 are described below:

Case 1: Annuity payable for life at a uniform rate. On death, annuity ceases

Period Yearly Half-Yearly Quarterly Monthly
Annuity payable 381250 186625 92313 30542

Case 2: Annuity payable for 5, 10, 15 or 20 years certain and thereafter as long as the annuitant is alive. Akash Gupta opted for 20 years guaranteed period. If death occurs during the guaranteed period, annuity is paid to nominee. After guaranteed period, annuity ceases.

Period Yearly Half-Yearly Quarterly Monthly
Annuity payable 379250 185375 91813 30417

Case 3: Annuity for life with return of purchase price on death of the annuitant. On death, annuity ceases and purchase price is paid to the nominee.

Period Yearly Half-Yearly Quarterly Monthly
Annuity payable 366250 179125 88688 29333

Case 4: Annuity payable for life increasing at a simple rate of 3% per annum. On death, annuity ceases.

Period Yearly Half-Yearly Quarterly Monthly
Annuity payable 284250 139625 69188 22958

Case 5: Annuity for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.  On death, annuity ceases but 50% of annuity becomes payable to spouse. If spouse death has occurred already, annuity ceases.

Period Yearly Half-Yearly Quarterly Monthly
Annuity payable 375750 183875 90938 30125

Case 6: Annuity for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant. On death, annuity ceases but 100% of annuity becomes payable to spouse. If spouse death has occurred already, annuity ceases.

Period Yearly Half-Yearly Quarterly Monthly
Annuity payable 370250 181375 89688 29708

Case 7:Annuity for life with a provision of 100% of the annuity payable to spouse during his/ her lifetime on death of annuitant. The purchase price will be returned on the death of last survivor.

Period Yearly Half-Yearly Quarterly Monthly
Annuity payable 364750 178625 88313 29250

FAQ’s of LIC Jeevan Akshay 6 Policy

Who is nominee?

Nominee is a person chosen by the policyholder to receive the benefits in case of death of the policy holder. The nominee should be a blood relation to the policyholder. The nominee can be changed by the policyholder at any time before policy maturity.

Is there any medical tests required?

No, there is no need of any medical tests.

Is any Loan Facility available in this plan?

There is no loan facility.

For more details please refer the given below official link,

Click here for LIC Jeevan Akshay VI Policy

Related Lic Pension Plans

LIC Varishtha Pension Bima Yojana Policy

LIC New Jeevan Nidhi Policy

Comments

  1. age proof are not available,in age proof :20rs.stamp paper sogandhnamu available,so policy are available or not?

    Reply

  3. dear sir, my age is now 51 running . and at a time i want to invest RS. 1.,50.000 (one lakh fifty thousant only) . after sixty year how much i have to get penction per month in this jeevan akshay 6 policy. give me reply through my email address . thank , sumit . k. s. a.

    Reply

    • Kindly I`m praying to you Sir,. please don`t for these kind of third rate policies or pension schemes. Please go with any Nationalised / Scheduled bank…

      Reply

  5. I am 49 years old. I want to invest Rs.500000. I opt for option 7. As per LIC calculator I get Rs.2929 monthly pension. Now if I go for online purchase can get 2929 plus 1% i.e., 2958.29. OR for investment of 4950000 I get annuity of Rs.2929/- which is correct.
    kindly explain in detail.
    Thanks

    Reply

  6. Dear Sir
    I am 49 years old. I want to take Jeevan Akshay 6 policy. I want invest Rs.500000/-. opted for case 7.
    According to LIC Calculator monthly annuity works out to Rs. 2929/-. I would like to know whether it is net payment to me or any deductions will be there from LIC.. pl clarify.
    Further if I take policy through online, as per LIC document I am supposed to get annuity Rs.2929 + 1% (29.29) = Rs.. 2958.29/- OR I get annuity of Rs.2929/- only for premium of Rs. 495000/- Kindly explain in detail.
    Thanks
    Manjunatha C

    Reply

  7. I have ICICI Pru life insurance policy.I will get about Rs 600000/-Out of this ammount I will
    get 1/3 ammount i.e Rs 200000/- in cash & remaining ammount about Rs 400000/-as
    annuity.Iwant to buy annuity from LIC.S0 you are requested to in form how much ammount
    I will get as pesion at prenst rate.I want to choose the plan Annuity for life with return of purchase price on death of the annuitant.. What is the procedure to purchase annuity &
    what documents required
    Thanking you
    Warm Regards,
    Parmanan N Jethani

    Reply

    • Sir,
      I am waiting your reply Please send reply on my email address.
      Thankig you.
      Warm regards,
      Parmanand Jethani

      Reply

  8. I am 58, superannuation at 60 i:e 31/12/2017,I want to invest in 50,00,000 in Jeevan Akshay VI. How much I will get per month

    Reply

  9. when annuity rates of Jeevan Akshay 6 immediate annuity plan.are revised.please send
    revised rates.Thanks
    Regards
    Parmanand Jethani

    Reply

  10. My age is 49 year. If I invest 100000 in jeevan akshay Vl.
    At the age of 59 What will be pension per month

    Reply

  11. I want to invest Rs 10,00,000 in the jeevan Aksay. What will be the monthly return I’ll get. I am 68 years old. Kindly reply.

    Reply

  12. If i invest 500,000. Lacs as lumpsum, then what will be my Pension Amount & from when will it start.
    If i want to start getting Pension after 5 years till that Amount what ever is collected should be added to my this policy.
    So is this possible & then what will be the Amount i receive after 5 years.

    Reply

  13. I am 58 yrs old . I want to deposit Rs 2,00,000 owards pension fund for 5 yrs . How much I will get monthly , Qtrly , half yrly & Annualy . Pl advise .

    Reply

  14. Under LIC Jeevan Akshay 6 plan, if i want a Monthly Pension of Rs. 35,000/- what would be the purchase price, assuming after my death, my nominee continues to get pension throughout her life time.
    My age is 54 yrs. and email id is, nrjayant@yahoo.co.in

    Kindly revert at the earliest.

    Reply

  15. Sir is it possible for u to share bonus rates table for LICs Jeevan Akshay Policy (with Bonus) taken on. The effective end of the policy was in Sept 2015
    30/6/2000
    26/3/1992
    27/02/1991
    21/10/2003
    Thanks in advance.

    Reply

  16. sir
    I am retiring from service in Feb 2017, can I invest in Jeevan Akshaya . As on today I am in tax bracket 20%
    can I invest now or only after retirement feb. 2017
    pl. clrarify the doubt.

    Regard
    GR
    Chennai,.

    Reply

  19. sumit sharma
    March 26 2016 at 11:41 am

    dear sir, my age is now 33 running . and at a time i want to invest RS. 2000 monthy only) . after20 years how much i have to get penction per month in this jeevan akshay 6 policy. give me reply through my email address . thank , sumit . k. s. a.

    Reply

    Reply

  20. V r getting 8% on fd means rs. 4,00,000/-.p.y. For rs. 50 lacs.
    Why should i invest in pension plan to get 3,60,000/- p.y. for 50 lacs.

    Pl. Elaborate to greed me.

    Reply

  21. If the son wants to invest in his parents’ name whether he can claim IT benefit? His parents are not IT assesse

    Reply

  22. UNDER WHICH SECTION THE TAX BENEFIT COMES &WHAT IS THE LIMIT? IS IT FOR THE
    FIRST YEAR ONLY? IS THE PENSION TAXABLE? PLEASE REPLY TO MY EMAIL ADDRESS

    Reply

  23. If i invest 1 lakh in the jeevan akshay 6 policy, can i claim the total 1 lakh premium as tax exemption under 80C in the first year?

    Reply

  24. My age is 51 years and I plan to invest 3.50 lac on a yearly basis. After 10 years I would like to understand :
    a) Monthly pension and till what year
    b) Lump sum benefit on Maturity
    c) Policy continuation benefit
    d) Incase of any eventuality

    Benefit of tax rebate under Sec80c, and maturity payout benefit under Sec 10

    Reply

  26. Annuity with return of purchase price on death. Pl clarify the following points ===1) What is the remaining amount. 2) nominee in case of death –spouse, children

    Reply

  27. I am 39 yrs old, like to invest Rs 500000 now. How much pension per month I shall get at 60yrs till my death under jeevan akshayVI?

    Reply

  28. My age is 63 and would like to invest Rs 5 lac please tell me half yearly plan how much I will ger and after the principal to be get back to nominee

    Reply

  29. Hi, my age is 58… if I invest 2 lakhs, I want annuity to start at age 60… how much I’ll get per month… how long I will get?

    Reply

  30. I want to invest 2. Lakhs twenty five thousand as single premium. I am 52 years old .how much pension will I get for 20 years…

    Reply

  32. What is the difference between Varishtha Pension Bima Yojana and Jeevan Akshay IV. Which is best.

    What I understood after googling, that VPBY is eligible only when one attains 60 Years age, whereas Jeevan Akshay IV has no restrictions.

    Apart from that any other benefits.

    Reply

  33. I am 61 years and my spouse is 57 years. I would like to invest say, Rs 40lacs in the Jeevan akshay scheme, preferably in my wifes name. As per each option, how much will I get on monthly, qtrly and annual annuity. I didn’t find any calculator in the site to do my own working. Pl advise.
    What about Varishta Yojana scheme, will it suit us and what s the difference.

    Reply

  34. i bought a policy jeevan akshay 6 in 17/3/2008 for 10 year, Rs.20000,(twenty thousands) how many rupees return per month penson? maturity 17/3/2018

    Reply

  35. I am 50 years old and I wants to invest 20 lacs of Rs and I wants to get pension from next mounth . Is there any policy ? And how much pension I will get pm.and I wants to put my wife name as a nominee.I am working abroad and soon I am planning to back my country india.

    Reply

  37. If opted for 50,00,000 for 25 years , after 25 years how much amount will be refunded

    pl. respond to E mail only and mention contact number(Email provided below)

    Reply

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