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Jeevan Akshay VI (189)


Product Summary :
LIC Jeevan Akshay VI (189) is an immediate annuity plan that can be bought by paying a lumpsum as Single Premium. Pension will start immediately after buying the policy.Various options are available for the type and mode of payment of annuities. But once chosen, it can not be changed.

Premium Payment Mode:
Single Premium

Annuity Mode:
• Annuity may be paid either at monthly, quarterly, half yearly or yearly intervals. You may opt any mode of payment of Annuity

Minimum Entry Age :
30 Year Completed

Maximum Entry Age :
85 Year Completed

Minimum Sum Assured :
• Rs.1,00,000/- for all distribution channels except online.
• Rs.1,50,000/- for on line sale.

Maximum Sum Assured :
NO LIMIT

Annuity Option :
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 a 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 of 100% of the annuity payable to spouse during his/her life time on death of annuitant with return of purchase price on the death of last survivor.

Policy Benefits :

On Death :
(a) Under option (i) – payment of annuity ceases.

(b) Under option (ii)
i. On death during the guarantee period – annuity is paid to the nominee till the end of the guaranteed period after which the same ceases.
ii. On death after the guarantee period – payment of annuity ceases.

(c) Under option (iii) – payment of annuity ceases and the purchase price is returned to the nominee.

(d) Under option (iv) – payment of annuity ceases.

(e) Under option (v) – payment of annuity ceases and 50% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

(f) Under option (vi) – payment of annuity ceases and 100% of the annuity is paid to the surviving named spouse during his/her life time. If the spouse predeceases the annuitant, nothing is payable after the death of the annuitant.

(g) Under option (vii) – payment of annuity ceases. 100% of the annuity is paid to the surviving named spouse during his/her life time and purchase price is returned to the nominee after the death of the spouse. If the spouse predeceases the annuitant, the annuity ceases and purchase price is paid to the nominee. The amount of annuity shall be assured throughout the period for which it is payable.

Surrendered Value :
No surrender value will be available under the policy.

Loan :
No loan will be available under the policy.

Income Tax Benefit :
• Premium paid under this plan is eligible for TAX rebate under section 80c.
• Pension that is received is taxable.

Proposal Form 440 (IA) shall be used under this plan.

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Jeevan Akshay VI (189)

4 thoughts on “Jeevan Akshay VI (189)”

  1. Zion says:

    Even after implementation of the DTC, Jeevan Vriddhi’s rteruns(those who invested in this plan on or before 31 March 2012) would not be taxable, as The Principle of Estapol applies in here .So the maturity is definitely tax free under Section 10 (10)(D) and not 80C.VA:F [1.9.20_1166]please wait…VA:F [1.9.20_1166](from 0 votes) Reply

  2. Rajesh says:

    Jeevan Akshay VI 189 is a good policy but all are not aware of its consequences later in case he requires the money urgently. So I do not advise any body buy this policy unless you study it in case you do not have access money in hand for any urgent need. I had no idea of this policy except it is a pension policy and you will get pension every year. Correct. Then he also says, you are getting less. That is also correct, why? If I had deposited in the bank, I would have got Rs.above 40,000/- but LIC paid around 30,000/-!!!!!. See the vast difference. People invest in LIC just blindly but workout if it is OK. There is too much fuss and lengthy time, may be six or months to withdraw the money as no body is bothered after you invest. When you invest no fuss, you deposit eagerly but when you withdraw 100 times fuss and you will faint. So be careful. I do not advise to invest in LIC unless you are aware of it. Read 100 times.

  3. S.Ravikumar says:

    please let me know the death claim paid under jeevan akshay 6 is taxable. Also if it is not taxable let me have supporting evidence for that.
    Thankyou

    1. jeevan akhya just pension plan, nominee get only purchase price…not any death claim.

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