LIC Jeevan Akshay VI Plan

• Immediate annuity for life
• Multiple annuity options
• Flexible annuity payment options
• Premiums paid in a lump sum
• Incentives for high purchase price
• No medical examination
• Option to buy policy online
• Tax benefits

Annuity Options

Option A- Annuity for life: Under this option, the annuity payments till survival of the annuitant. No annuity payments will be available on the death of the Annuitant.

Option B- Annuity guaranteed for 5 years and for life thereafter: The annuity payments are made till the annuitant is alive or until the end of the first 5 years, whichever is later.

Option C- Annuity guaranteed for 10 years and for life thereafter: the annuity payments are made as long as the annuitant is alive or until the end of the first 10 years, whichever is later.

Option D- Annuity guaranteed for 15 years and for life thereafter: Under this option, the annuity payments are made till the annuitant is alive or until the end of the first 15 years, whichever is later.

Option E- Annuity Guaranteed for 20 years and for life thereafter: This annuity option provides the annuity payments till the annuitant is alive or until the end of the first 20 years, whichever is later.

Option F- Annuity for life with return of purchase price: This option provides the annuity payments as long as the annuitant is alive. The annuity payments will stop on the death of the Annuitant and the Purchase Price is payable to the nominee.

Option G- Annuity for life increasing at a simple rate of 3% p.a.: This option provides the annuity payments as long as the annuitant is alive. This payout is increased at a 3% per annum (simple rate) for each policy year. The annuity payments will cease on the death of the Annuitant.

Option H- Annuity for life with a provision for 50% of the annuity to the spouse on death of the annuitant: The annuity payouts are made till the annuitant is alive. On the death of the annuitant, 50% of the annuity amount is payable to the surviving spouse. The annuity payments stop on the death of the spouse. If the spouse dies before the annuitant, the annuity payments will cease upon the death of the annuitant.

Option I- Annuity for life with a provision for 100% of the annuity to the spouse on death of the annuitant: The annuity payments are made till the survival of the annuitant. On the death of the annuitant, 100% of the annuity amount is payable to the surviving spouse. The annuity payments will cease on the subsequent death of the spouse. If the spouse predeceases the annuitant, the annuity payments will stop on death of the annuitant.

Option J- Annuity for life with a provision for 100% of the annuity to the spouse on death of the annuitant with return of purchase price on the death of last survivor: This option provides the annuity payments as long as the annuitant is alive. On the death of the annuitant, 100% of the annuity amount is payable to the surviving spouse. The annuity payments will cease on the death of the spouse and the purchase price will be payable to the nominee. If the spouse dies before the annuitant, the annuity payments will cease upon death of the annuitant and the purchase price will be payable to the nominee.

Death Benefit

The death benefit depends on the annuity option chosen.

Under annuity option B, in the event of death of the annuitant during the Guaranteed Period of 5 years, the annuity is payable to the nominee till the end of this Guaranteed period.

Under annuity option C, on the death of the annuitant during the first 10 years, the annuity is payable to the nominee till the expiry of this period.

Upon choosing annuity option D, on the death of the annuitant during the guaranteed period of 15 years, the annuity is payable to the nominee till the expiry of this period.

Upon choosing annuity option E, the annuity is payable for a guaranteed period of 20 years, in case of death of the annuitant.

Under annuity option F, the purchase price is payable to the nominee and the policy will terminate.

Upon choosing annuity option H, 50% of the annuity amount is payable to the surviving spouse till his/her survival.

Upon choosing annuity option I, 100% of the annuity amount is payable to the surviving spouse as long as he/she is alive.

Upon choosing annuity option J, 100% of the annuity amount is payable to the surviving spouse till /her survival.

The annuity payments will stop immediately on the death of the spouse and purchase price is payable to the nominee.

Bonus

No bonuses are applicable under this plan.

Loan Benefit

No loan is payable under this plan.

Surrender Value

If the chosen Annuity Option is ‘Annuity for life with return of purchase price’, surrender shall be allowed after completion of at least one policy year, if the annuitant is diagnosed as suffering from any of the specified critical illnesses or the annuitant is shifting to another country permanently as evidenced in their visa or citizenship documents.

For other annuity options, no surrender value is allowed under this plan.

No rider can be opted under this plan.

This plan offers tax benefits under section 80CCC of the Income Tax Act, 1961. The applicable tax benefits are subject to change in tax laws.

Rohit Sharma at 30 years of age is looking for a plan that can ensure an immediate regular annuity for the entire life. He buys Jeevan Akshay-VI for the purchase price of Rs 2 Lacs with ‘Annuity for life with return of purchase price’ annuity option.

Scenario I: On survival of Rohit

In case of survival of Rohit, the annuity payments are made throughout his life. This regular payout helps him to take care of his expenses.

Scenario II: On demise of Rohit

In the event of the demise of Rohit, the purchase price is payable to the nominee.