LIC Jeevan Akshay 6 Policy Review

By | April 25, 2016
Share this article : Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInEmail this to someone

jeevan-akshay-viLIC Jeevan akshay 6

An introduction to the LIC Jeevan akshay 6 :

LIC jeevan akshay vi table no 810 is majorly a retirement policy plan. LIC Jeevan Akshay 6 policy is an instant annuity plan, which can be bought by paying a lump sum amount as single Premium. In lic jeevan akshay vi plan after purchasing the policy, pension will commence right away without any delay.

Advertisement

In LIC Jeevan Akshay 6 plan annuity may be paid either at monthly, quarterly, half annually or annually. Policy receiver may opt for any mode of payment of annuity. Once the payment is selected, the option cannot be changed because the pension starts right away after purchasing the lic jeevan akshay policy.

Also, one can very easily calculate the lic jeevan akshay policy Premium amount with lic jeevan akshay premium calculator that has to be paid to get all the advantages obtainable under this policy by using lic jeevan akshay 6 plan calculator. 

Terms & 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 – Annually, Annually
Payment of Annuity or Pension to pensioner or policy holder : ·         Starts Immediately
Minimum annuity instalment for Rs.1,00,000 purchase price : ·         Rs. 5, 00 per month

·         Rs. 1, 000 per quarter

·         Rs. 2, 000 per half-year

·         Rs. 3, 000 per year

Annuity guaranteed for certain periods : ·         5, 10, 15 & 20 years & as long as annuitant is alive
Other features : ·         No medical examination is required

·         Age proof necessary

 

Rebates under the LIC Jeevan Akshay 6 Policy :

Rebates : Furthermore if you buy the Jeevan Akshay VI plan in online form then rebate will be given in the form of hike in annuity rates. You can also get rebate if you chose the buying 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

Annually 3.75 4.00 4.30 4.35
Half Annually 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

 

Advantages of the LIC Jeevan Akshay 6 Plan :

Advantages covered under the LIC Jeevan Akshay 6 plan are mentioned under :

  • Demise Advantage : If in the case of demise of the Life Insured, then the pension completely depends on the pension choice which is selected by policy holder.
  • Maturity Advantage : There is no maturity advantage under this LIC Jeevan Akshay 6 plan.
  • Income Tax Advantage : Premiums paid under life insurance policy are exempted from tax. Pension which is inward bound is taxable.

A variety of Pension alternatives of LIC Jeevan Akshay 6 Plan

Under LIC Jeevan Akshay 6 policy there are a variety of pension options, which are as under :

Annuity for Life : Annuity payable for life at a consistent rate till the life assured is alive & post the demise of policy holder nothing is payable on his / her demise.

Annuity Guaranteed for Certain Periods :

  • At some stage in the Guaranteed Period – Pension is paid to the nominee till the end of the guaranteed period.
  • Subsequent to the Guaranteed Period – Pension stops when Annuitant dies & nothing is paid to the nominee after the demise of policy holder.

Annuity with Return of Purchase Price on Demise : Pension is paid till the life assured is alive & after the demise of annuitant remaining amount will be paid to the nominee as demise advantage.

Increasing Annuity : Pension is paid till the life assured is living at an hiking rate of 3 percent p.a. & after the demise of annuitant nothing is payable to nominee.

Joint Life Last Survivor Annuity 50 percent of the annuity payable to spouse at some point in his / her lifetime on demise of the annuitant : Pension is paid till the life assured is alive. On the demise of the life insured, 50 percent of the pension is payable to spouse as long as the spouse is living.

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

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

The Purchasing procedure of the LIC Jeevan Akshay 6 Policy :

Given below are some Lic jeevan akshay policy details for the people who wish to purchase the policy :

  • Choose the lump sum amount (also called buying price) to purchase the LIC Jeevan Akshay 6 Policy plan. There is no limit on maximum lump sum amount (buying price).
  • Choose the annuity option (any of the 7) & annuity mode (monthly, quarterly, half – annually or annually).Once your alternative is selected there is no chance to modify your alternative.
  • Buy directly at online or contact LIC representative or insurance agent. There is no need of medical tests.

The necessary Documents needed for purchasing the LIC jeevan akshay vi table no 810 are mentioned as under :

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

Claim Procedure For the LIC Jeevan Akshay 6 Policy

The main documents needed for claim procedure under LIC Jeevan Akshay 6 policy are mentioned below :

  • NEFT form :
  • Discharge form :
  • Cancel check or Bank Pass book Xerox :
  • Policy bond :
  • Demise certificate :

LIC Jeevan Akshay 6 Policy Premium Calculator

Lic jeevan akshay plan calculator is extremely helpful to the policy holder as he / she can easily calculate their premium with lic jeevan akshay vi premium calculator whenever need be.

The necessary data for lic jeevan akshay vi calculator to calculate the premium rates in  LIC Jeevan Akshay 6  Policy is given below :

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

By providing these details in Lic jeevan akshay 6 calculator you can get your premium rates very easily.

Added Information of the LIC jeevan akshay 6 plan

  • Loan facility : Loan facilities are not obtainable
  • Surrender value : No surrender value shall be payable under this LIC Jeevan Akshay 6 Policy
  • Paid up value : The policy does not obtain any paid up value
  • Proposal Forms : Proposal Form no. 440  (IA) will be used under this plan.
  • Riders : Additional riders are not obtainable
  • Special incentives if you buy online : There is a special incentive obtainable to online buyers is the basic annuity rate is more by 1 percent when you buy Jeevan Akshay VI plan in online.
  • The people getting 20 percent or 30 percent tax are not entitled to purchase this LIC Jeevan Akshay 6 Policy.
  • Cooling – off period :If you are not content with this policy tenure you may return the policy within 15 days from the date of receiving of the policy.
  • Assignments / Nominations :No assignees & nominees are possible under this plan.
  • Service tax:09 percent service tax is applicable.

An illustration of the LIC Jeevan Akshay 6 Policy :

Praveen Roy had determined to take LIC Jeevan Akshay 6 Policy. Subsequent details are as follows :

Age : 30 years

Acquired annuity: 50, 00, 000

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

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

Period Annually Half – Annually Quarterly Monthly
Annuity payable 3, 81, 250 1, 86, 625 92, 313 30, 542

 

Case 2 : Annuity payable for 5, 10, 15 or 20 years certain & thereafter as long as the annuitant is alive. Praveen Roy selected 20 years guaranteed period. If demise occurs during the guaranteed period, annuity is paid to nominee. Post guaranteed period, annuity ceases.

Period Annually Half-Annually Quarterly Monthly
Annuity payable 3, 79, 250 1, 85, 375 91, 813 30, 417

 

Case 3: Annuity for life with return of buying price on demise of the annuitant. On demise, annuity ceases & buying price is paid to the nominee.

Period Annually Half-Annually Quarterly Monthly
Annuity payable 3, 66, 250 1, 79, 125 88, 688 29, 333

 

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

Period Annually Half-Annually Quarterly Monthly
Annuity payable 2, 84, 250 1, 39, 625 69, 188 22, 958

 

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

Period Annually Half-Annually Quarterly Monthly
Annuity payable 3, 75, 750 1, 83, 875 90, 938 30, 125

 

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

Period Annually Half-Annually Quarterly Monthly
Annuity payable 3, 70, 250 1, 81, 375 89, 688 29, 708

 

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

Period Annually Half-Annually Quarterly Monthly
Annuity payable 3, 64, 750 1, 78, 625 88, 313 29, 250

 

Frequently asked questions under the LIC Jeevan Akshay 6 Policy

Q1. Who is a nominee?

A1. Nominee is a person selected by the policy holder to be given the advantages in case of demise of the policy holder. The nominee should be a blood relation to the policy holder. The nominee can be changed by the policy holder at any time before policy maturity.

Q2. Are there any medical tests necessary?

A2. No, there is no requirement of any medical tests.

Q3. Is any Loan Facility obtainable in this plan?

A3. There is no loan facility obtainable.

For further details please refer the mentioned below official link :

Click here for LIC Jeevan Akshay VI Policy

 

4 thoughts on “LIC Jeevan Akshay 6 Policy Review

  1. Shashi Ramakrishnan

    Greetings

    We are not able to download the Jeevan Akshay 6 proposal form from your site.

    Please look into it.

    Reply
  2. Naren

    Can we cancell this policy after recived it ? If yes then please tell me procidure and rules. We have taken 20 lacks rupees policy jivan akshay 6 policy. Plz rply

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *