Jeevan Akshay VI Table No. 189 Summary:
Jeevan Akshay VI plan no.189 is an Immediate Pension (Annuity) plan, which can be purchased by paying a lump sum amount. The plan provides for annuity payments of a stated amount throughout the life time of the annuitant (Policy holder). Various options are available for the type and mode of payment of annuities.
Options Available:
The following options are available under this pension plan.
Type of Annuity:
- Pension (Annuity) payable for life at a uniform rate.
- Pension (Annuity) payable for 5, 10, 15 or 20 years certain and thereafter as long as you are alive.
- Pension (Annuity) for life with return of purchase price on death of the annuitant (Policyholder).
- Pension (Annuity) payable for life increasing at a simple rate of 3% p.a.
- Pension (Annuity) for life with a provision of 50% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
- Pension (Annuity) for life with a provision of 100% of the annuity payable to spouse during his/her lifetime on death of the annuitant.
You may choose any one option from above list. However once chosen, the option cannot be altered.
Mode:
Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity.
Special Features:
- Premium is to be paid in a lump sum.
- Minimum purchase price : Rs.50,000/= or such amount which may secure a minimum annuity as under:
Mode Minimum Annuity Monthly Rs. 500 per month Quarterly Rs. 1000 per quarter Half-yearly Rs. 2000 per half year Yearly Rs. 3000 per year - No medical examination is required under the plan.
- No maximum limits for purchase price, annuity etc.
- Minimum age at entry 40 years last birthday and Maximum age at entry 79 years last birthday.
- Age proof necessary.
Incentives for high purchase price:
If your purchase price is Rs. 1.50 lakh or more, you will receive higher amount of annuity due to available incentives.
Annuity Rate:
Amount of annuity payable at yearly intervals which can be purchased for Rs. 1 lakh under different options is as under:
| Age last birthday | Yearly annuity amount under option | |||||
| ( i ) | ( ii ) (15 years certain) | ( iii ) | ( iv ) | ( v ) | ( vi ) | |
| 40 | 7510 | 7440 | 6930 | 5610 | 7310 | 7120 |
| 45 | 7770 | 7660 | 6960 | 5890 | 7500 | 7240 |
| 50 | 8140 | 7950 | 7000 | 6280 | 7760 | 7420 |
| 55 | 8650 | 8330 | 7050 | 6810 | 8130 | 7670 |
| 60 | 9350 | 8790 | 7110 | 7530 | 8640 | 8030 |
| 65 | 10410 | 9330 | 7180 | 8590 | 9400 | 8570 |
| 70 | 12080 | 9830 | 7260 | 10220 | 10560 | 9370 |
| 75 | 14510 | 10220 | 7360 | 12590 | 12240 | 10590 |
The Unique Identification Number (UIN) for LIC’s Jeevan Akshay VI plan is 512N234V03.
Cooling off period:
If you are not satisfied with the “Terms and Conditions” of the policy, you may return the policy to Life Insurance Corporation Of India within 15 days.
How to Apply for LIC Of India’s Amulya Jeevan 1?
Contact your nearest Life Insurance Corporation Of India (LIC of India) Branch/ LIC Agent. Or
Fill the Application form to apply online. (Mumbai only)
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Note:
The above is the product summary giving the key features of the plan. This is for illustrative purpose only. This does not represent a contract and for details please refer to your policy document.
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whether jiwan akshay-vi policy can be surrender due to unavoidable financal circumstances?
Reply
Tabrej Reply:
March 19th, 2010 at 10:06 pm
No, there is no surrender value in the plan.
Reply
gd evng,
you replied to my queries dated 5th and 6th that policy Jeevan Akshay VI can be surrendered and for that i hv to contact nearest branch. Now to my query dated 8th, you replied that no surrender value for Jeevan Akshay VI. pl guide me what to do to surrender Jeevan Akshay VI and get Beema Bachat of same value.
thanks,
with high regards,
Shobha.
Reply
Gd Morning,
pl mention the name of the websight to know about surrender of Jeevan Akshay VI. or can you mail the copy of LIC of India regarding surrender of Jeevan Akshay VI?
Thanks,
with regards,
Shobha.
Reply
Tabrej Reply:
March 8th, 2010 at 12:13 pm
Oops!! there is No surrender value under Jeevan Akshay VI.
Reply
Gd Evening,
Regarding surrender of Jeevan Akshay VI, our branch denied. But I want to surrender to purchase beema bachat. what to do?
Reply
Tabrej Reply:
March 7th, 2010 at 1:12 pm
If your branch denied, they should have given you a reason. Did they?
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i want to surrender jeevan akshay VI to purchase Beema Bachat. what should i do? pl guide at the earliest.
Reply
Gd Evng,
i want to convert my Jeevan Akshay VI policy into Beema Bachat. what to do? pl reply at the earliest.
Reply
Thanks tabrej,
By the way since it is a “pension scheme” can anyone purchase Rs 1 lakh policy and claim deduction of Rs 1 lakh under 80C
Reply
Hi tabrej you are doing good work
I have some queries regarding jeevan akshay vi
I want to know that for example if one pays a single premium of Rs 1 lakh what will be the sum assured in all the 6 different options in case of death of the person
will the nominee not get anything in option 1,2,4 – i mean to ask that will he not even get the 1 lakh that was invested
Reply
Tabrej Reply:
February 19th, 2010 at 4:19 pm
Thanks Asaf.
Your nominee will get back the sum assured amount (Your own investment)
Reply
My father-inlaw was having a jeevan akshay policy. 26 days before he was expired. please guide me on the maturity of the policy and about the repayment of the amount
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My grandfather was having a jeevan akshay policy. 20 days before he was expired. please guide me on the maturity of the policy and about the repayment of the amount
Reply
Tabrej Reply:
January 29th, 2010 at 4:37 pm
Contact your LIC Branch. Maturity will be the risk cover that your grandfather opted for.
Reply