LIC Jeevan Akshay VI table no 810 policy is one of the popular pension plan from LIC of India. LIC Jeevan Akshay 6 is an Immediate Annuity Plan under which insurer can start getting pension from the next month of policy purchase. This is the retirement plan from LIC of India.
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In this article we will discuss more on LIC Jeevan Akshay VI Review, how to calculate the retirement pension amount, key features and more information. One can choose from various annuity options while buying LIC Jeevan Akshay 6 policy and accordingly pension amount will be credited to bank account.
Want to calculate lic jeevan akshay policy Premium amount without wasting much time? Then use lic jeevan akshay 6 premium calculator directly visiting to LIC of India website and find out how much premium you have to pay or how much pension you are going to get by using lic jeevan akshay 6 plan calculator.
Terms and Eligibility Conditions of LIC Jeevan Akshay 6 Policy
Check out the basic eligibility conditions of lic jeevan akshay pension plan from LIC of India.
|Entry Age|| |
|Minimum Purchase Price|| |
|Maximum Purchase Price|| |
|Premium paying mode|| |
|Mode of getting annuity (pension)|| |
|Payment of Annuity or Pension to pensioner or policyholder|| |
|Minimum annuity installment for Rs.1,00,000 purchase price|| |
|Annuity guaranteed for certain periods|| |
|Other features|| |
Different Pension Options of LIC Jeevan Akshay 6 Plan
Generally if you visit LIC India website you can find out the annuity chart like below where different amounts are listed based on entry age of insurer for a lump-sum investment of Rs 1 lakh. But the types are not mentioned clearly here.
If you try to buy the policy online via LIC Portal you will get these 7 option to choose from based on your current situation and requirement. According to that your annuity amount will be determined.
- Annuity during the life time of the annuitant (without any guaranteed period)
- Annuity for a guaranteed term of years and during subsequent lifetime of the annuitant
- Annuity during the life time of the annuitant with return of purchase price on death of the annuitant
- Life annuity with annuities increasing at 3% per annum simple
- Joint life and last survival annuity with reducing to 50% payable to spouse on death of annuitant
- Joint life and last survival annuity with 100% payable to spouse on death of annuitant
- Joint-life and 100% of annuity to spouse on death of the annuitant with return of purchase price on death of last survivor.
Benefits of LIC Jeevan Akshay 6 Plan and Other features
LIC Jeevan Akshay VI policy is a pension plan, so the major benefit is to provide pension on maturity. But as this is an insurance policy as well, you will get death benefit as well.
Death Benefit: In case of your death during the policy tenure, your family will get the pension amount as per the annuity selected.
Maturity Benefit: There is no maturity benefit under this LIC Jeevan Akshay 6 plan.
Income Tax Benefit:Income tax rules are similar for other LIC policies. Here the pension amount received will be taxable.
Loan facility is not available under this plan.
As Jeevan Akshay 6 is an annuity plan, there is no Surrender value or Paid up value concept for this policy.
LIC Jeevan Akshay 6 Policy Rebates
In case you buy LIC Jeevan Akshay VI plan online, then you will get very good rebate on premium payment. You can also get rebate if you opt for purchase price of Rs 2,50,000 or more.
|Mode of Annuity||Purchase price (in Rs.)|
|Half Yearly||3.45||3.70||4.00|| |
LIC Jeevan Akshay VI Return Calculation
Let’s say Sharmaji a 32 year old male has invested Rs 10 lakh under this policy. Now he has to pay approx Rs 30,900 as Service tax. So total amount invested = 10,00,000 + 30,9000 = 10,30,900/-.
As per LIC Jeevan Akshay VI he can earn a monthly pension of Rs 6014.00 or a yearly pension of 75,050.00. So let’s calculate the return by % here.
Considering the Monthly pension = ( 6014 X 12 ) / 10,30,900 = 7%
Considering the Yearly pension = 75,050.00 / 10,30,900 = 7.2%
How to buy LIC Jeevan Akshay 6 pension plan online
LIC Jeevan Akshay VI Plan table no 810 is one of the online policy launched by LIC of India. You can simply visit to LIC India Online website and provide necessary details and buy the policy online.
Don’t forget to provide the below documents while sending the printed form submitted online.
Application form/Proposal form along with photo
Medical reports(if required)
To know more about Lic jeevan akshay 6 calculator and Lic jeevan akshay VI policy details, visit lic website.