LIC Jeevan Akshay VI Plan 810 is the first online policy launched by LIC of India. This is the only pension plan which is available online to purchase. LIC Jeevan Akshay VI is an immediate annuity plan which means you will start getting pension benefit immediately after purchasing the annuity. In this article you can know about lic jeevan akshay vi calculator, lic jeevan akshay vi premium calculator, lic jeevan akshay vi review,
lic jeevan akshay vi proposal form, lic jeevan akshay vi buy online guide and many more stuffs.
What is Annuity & Types of Annuity Plan in India
Annuity means a type of pension where you have to pay a lump-sum to buy that annuity and then get regular pension amount till a certain period.
Generally annuity can be divided into 2 types
Immediate Annuity – That means you will start getting pension immediately after purchasing the annuity.
Deferred Annuity – In this case one can buy the annuity now and the get the pension after a period.
LIC Jeevan akshay vi Plan Key Features, Details
- LIC Jeevan Akshay VI plan is a single premium immediate annuity plan
- One have to pay min premium of Rs 100,000 in case purchased offline from any LIC agent and Rs 150,000 for plans purchased online. Remember that this is the first LIC online pension plan.
- You can choose the option of annuity payment from monthly, quarterly, half yearly or yearly intervals depending on how you choose initially.
- Annuity will be calculated at higher rates for plan purchased online and lump sum premium (or purchase price) of Rs 250,000 or higher.
- No medical examination is required
- No upper limit for purchase price or annuity under the plan
- There is no concept of paid up value under this policy
- No surrender value and no concept of loan also.
When will you start getting your pension
Depending the Payment mode selected you will receive your payments are follows:
||1 month after purchase of Annuity
||3 months after purchase of Annuity
|Half Yearly Mode
||6 month after purchase of Annuity
||1 year after purchase of Annuity
Tax Benefits in LIC Jeevan Akshay VI
The premiums paid by you are exempt from Income tax under Section 80 C. The regular pension received by you is however taxable.
Terms and Eligibility Conditions of LIC Jeevan Akshay 6 Policy
- 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
|Premium paying mode
|Mode of getting annuity (pension)
- Monthly, Quarterly, Half Yearly, Yearly
|Payment of Annuity or Pension to pensioner or policyholder
|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
- No medical examination is required
- Age proof necessary
Benefits of LIC Jeevan Akshay 6 Plan
Checl out the benefits of LIC Jeevan Akshay 6 plan properly if you are really looking to buy this plan as your first pension plan.
- Death Benefit: whatever types of pension option you are going to choose at the time of purchase will decide what kind of death benefit your family or nominee will get.
- 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.
LIC Jeevan Akshay VI Policy Premium Calculator
Lic jeevan akshay plan calculator is the most important tool to check how much premium you have to pay to get the desired pension amount. Use the lic jeevan akshay vi premium calculator by visiting the lic of India official website and do your calculation.
Types of annuities
i. Annuity for life
ii. Annuity guaranteed for 5, 10, 15 or 20 years and for life thereafter
iii. Annuity for life with return of purchase price on death
iv. Annuity for life increasing at simple rate of 3% p.a.
v. Annuity for life with a provision for 50% of the annuity to the spouse of the annuitant for life on death of the annuitant
vi. Annuity for life with a provision for 100% of the annuity to the spouse of the annuitant for life on death of the annuitant
vii. Annuity for life with a provision for 100% of the annuity payable to the spouse of the annuitant for life on death of the annuitant, with return of purchase price on the death of last survivor.
For more details please Visit LIC Jeevan Akshay VI Plan Official page.